Strive, the Nasdaq-listed bitcoin treasury company, had its biggest buying week yet: 4,045 BTC between October 12 and 16, 2026, at an average of about $82,803 per coin including fees, according to its October 19 Form 8-K. Holdings jumped from 32,773 to 36,818 BTC, and the company’s CEO Matt Cole has been hinting at more.
The headline number is the coins. The number shareholders own is something else: bitcoin per share. On that measure, the same filing shows a week of standing still.
The per-share math from the filing
Strive’s coin count rose 12.34%. Its effective common shares (Class A plus Class B) rose from 110,387,204 to 124,064,126, up 12.39%. The new shares came mainly from warrant holders, who exercised warrants for 13,674,703 Class A shares and paid roughly $369.2 million, about $27 a share.
| As per the 8-K | Oct 9, 2026 | Oct 16, 2026 | Change |
|---|---|---|---|
| Bitcoin held | 32,773 | 36,818 | +12.34% |
| Effective common shares | 110,387,204 | 124,064,126 | +12.39% |
| Sats per effective share | 29,689 | 29,677 | −0.04% |
| Fully diluted shares incl. warrants | 128,371,998 | 126,790,020 | −1.2% |
| Sats per fully diluted share | 25,530 | 29,039 | +13.7% |
BtcMedia calculation. 1 BTC = 100 million sats. The Oct 9 fully diluted figure adds the 15,255,900 shares then underlying traditional warrants to the filing’s 113,116,098 assumed fully diluted shares.
Read the third row and the week looks like a wash: each share owned about 12 fewer sats afterward. Read the last row and it looks like a 13.7% gain.
Why both rows are true
The warrants were a claim on new shares that already hung over the stock. Before October 12, anyone counting them would have spread Strive’s bitcoin across about 128.4 million shares. The filing says those warrants were then either exercised or left to expire on October 13, and none remain. Some of that overhang simply disappeared, and the cash from the rest went into bitcoin.
So the honest reading is this. For someone who counted only shares already issued, Strive’s biggest week added nothing per share. For someone who already priced in the warrants, the week removed a dilution risk and lifted bitcoin per share sharply. Which view fits depends on how you valued the stock before the exercise, not on the coins bought.
Bought above today’s price
The 4,045 coins cost about $334.9 million at the stated average. With bitcoin near $80,132 on the morning of October 26 (CoinGecko), they are worth about $324.1 million, a paper loss of roughly $10.8 million, or 3.2%. The later batch of 1,223 BTC, bought October 14 to 16 at about $81,734, is closer to water than the first.
A week of price moves says little about a long-term treasury. It does show that “buys more bitcoin” and “makes holders richer per share” are separate claims.
The next claim on the bitcoin
The same filing notes Strive priced 7 million shares of its 15% SATS perpetual preferred ($700 million stated amount) at $90 each, settling October 20. Fifteen percent of $700 million is $105 million a year in dividends ranking ahead of common shareholders. We walked through how that gets paid in our SATS dividend explainer and the original offering story. Preferred money adds coins without new common shares, but it adds a fixed bill.
What it means for Indian investors
At about ₹95.1 per dollar on October 26, Strive’s average cost works out to about ₹78.7 lakh per BTC, against a live price near ₹76.2 lakh. Buying bitcoin directly in India means 30% tax plus cess on gains, 1% TDS on sales, and no set-off for losses. A US-listed share like ASST, bought through the Liberalised Remittance Scheme, falls under foreign-share tax rules instead, but it carries the dilution and preferred-dividend layers shown above. Use our free crypto tools to run the direct-holding numbers.
BtcMedia verdict: Watch sats per share, not coin totals. Strive’s record week held that number flat on issued shares; the gain came only from retiring a warrant overhang, which is a one-time event.
How we calculated this: bitcoin held and share counts from Strive’s October 19, 2026 Form 8-K; BTC price and INR rate from CoinGecko at about 11:00 AM IST on October 26, 2026.
FAQ
How much bitcoin does Strive hold? 36,818 BTC as of October 16, 2026, per its SEC filing.
What is “sats per share”? A company’s bitcoin divided by its share count, shown in satoshis (one hundred-millionth of a bitcoin). It shows how much bitcoin each share represents.
Did Strive’s purchase make each share hold more bitcoin? On issued shares, no: it slipped from about 29,689 to 29,677 sats. Counting the old warrants as shares, it rose about 13.7%.
This article is for information only and is not financial advice.