Strive, the Nasdaq-listed bitcoin treasury company (ticker ASST), bought 6,182 BTC between October 17 and 23, 2026 at an average of about $82,732 per coin including fees, according to its October 26 Form 8-K. Holdings went from 36,818 to 43,000 BTC. That is about $511.4 million, the company’s largest purchase to date per Bitcoin Treasuries, beating the 4,045 BTC week we covered on Monday.
Most coverage stopped at the coin count. The more useful number is what happened to each common share, and who is paying for it.
Last week the share count kept pace. This week it didn’t
On Monday we showed that Strive’s previous record week did nothing for its shareholders on a per-share basis: new shares from warrant exercises grew as fast as the bitcoin pile, and sats per effective share slipped from about 29,689 to 29,677.
This week is different. The same 8-K table shows effective common shares (Class A plus Class B) rising only from 124,064,126 to 127,328,346, up 2.6%, while bitcoin held rose 16.8%. The new line in the table explains why: 7,000,000 SATS preferred shares, which did not exist on October 16.
| As of | Bitcoin held | Effective common shares | Sats per share |
|---|---|---|---|
| October 16, 2026 | 36,818 | 124,064,126 | 29,677 |
| October 23, 2026 | 43,000 | 127,328,346 | 33,771 |
| Change | +16.8% | +2.6% | +13.8% |
Sats per share is our calculation: bitcoin held × 100 million ÷ effective common shares. On the 8-K’s fully diluted count (130,044,690 shares), the figure rose from about 29,039 to 33,066 sats.
At $79,700 per BTC, 33,771 sats is worth about $26.90 per common share.
The bill: about 1,317 bitcoin a year
Preferred money is not free. As we explained in our SATS explainer, SATS accrues a cumulative 15% a year on a $100 stated amount, paid every business day from November 9, 2026, if declared. Seven million shares means:
- $105 million a year in SATS dividends (7,000,000 × $15).
- About 1,317 BTC a year at today’s $79,700, or 3.1% of the 43,000 BTC stack.
- About ₹1,000 crore a year at roughly ₹95.2 per dollar.
So the 13.8% jump in sats per share is real, but it is not a gift. If bitcoin goes nowhere, roughly 3% of the treasury’s value goes to SATS holders every year. SATA preferred, with 14,030,176 shares outstanding, has its own dividends on top. How the daily payments work is in our follow-up on how SATS gets paid.
Strive does have cash. The 8-K lists $504.4 million in cash and equivalents on October 23, up from $317.5 million. That alone covers about 57 months of SATS dividends, before counting SATA. CEO Matt Cole also said on X that Strive set up a $1 billion SATS at-the-market program, as reported by Crypto Briefing, which suggests more preferred sales and more dividend obligations ahead.
The new coins are already under water
Bitcoin traded around $79,700 on October 27, about 3.7% below the $82,732 Strive paid last week, a paper loss of roughly $18.7 million on this batch. Across the whole stack, Bitcoin Treasuries cites a prospectus supplement putting total cost at $3.8 billion (about $87,785 per coin) against a fair value of $3.5 billion.
What it means for Indian investors
Strive’s average buy of $82,732 equals about ₹78.8 lakh per BTC at the day’s rate, against a bitcoin price in rupees near ₹75.9 lakh. Buying ASST under the Liberalised Remittance Scheme gives you bitcoin exposure plus company debt-like obligations and dilution risk, and it is taxed as a foreign share. Holding bitcoin directly means 30% tax plus cess on gains and 1% TDS on sales, with no loss set-off. Our crypto tools let you run the rupee numbers for a direct purchase.
BtcMedia verdict: This was Strive’s best week for common shareholders so far, because preferred buyers funded it. The trade-off is a fixed 15% claim that bitcoin has to outrun. Watch two numbers from here: sats per share, and how fast the SATS share count grows under the new $1 billion program.
How we calculated this: share and bitcoin counts from Strive’s October 26 8-K; BTC at $79,700 and ₹75.87 lakh from our October 27 price post (implied ₹95.2 per dollar), checked at 10:57 AM IST.
FAQ
Did Strive’s bitcoin per share go up this week? Yes. On effective common shares it rose from about 29,677 to 33,771 sats, roughly 13.8%, because most of the money came from SATS preferred stock rather than new common shares.
How much does SATS cost Strive each year? At 15% on a $100 stated amount, 7 million SATS shares accrue about $105 million a year, roughly 1,317 BTC at $79,700.
Is Strive’s new bitcoin in profit? Not yet. It paid about $82,732 per coin, while bitcoin was near $79,700 on October 27.
This article is for information only and is not financial advice. Crypto assets are volatile; do your own research.