Strive's Bitcoin Buying Slows for a Third Week as Weekly Purchase Falls to Just 29 BTC

Strive bought 29 bitcoin in the week to Nov. 6. That is its third straight week of smaller purchases. The buy lifted its treasury to 43,153 BTC, from 43,124 a week earlier. The change appears in the Form 8-K the company filed on Monday.

The 29 coins cost about $2.2 million. That works out to an average of $75,721 each, including fees. Strive chairman and CEO Matthew Cole posted those figures on X: "Strive acquired 29 $BTC for $2.2M at an average cost of $75,721 per bitcoin, bringing total holdings to ₿43,153."

• Strive's weekly bitcoin buy fell to 29 BTC in the week to Nov. 6, from 124 BTC a week earlier and 6,182 BTC in the week to Oct. 23.
• The average price it paid was about $75,721 a coin in the week to Nov. 6, from about $80,526 a week earlier and $82,732 in the week to Oct. 23, roughly 8% lower across the three weeks.
• Holdings now stand at 43,153 BTC, and the next weekly filing will show whether the slowdown holds, with a $1.0 billion at-the-market program still open to fund more.

A Third Smaller Week, and a Lower Average Price

Strive's bitcoin buying has shrunk each week since mid-October. It bought 6,182 BTC in the week to Oct. 23, 124 BTC in the week to Oct. 30 and 29 BTC in the week to Nov. 6.

The average price it paid fell over the same stretch, from about $82,732 to $80,526 to $75,721. That is a decline of roughly 8%. Those averages include fees and expenses. They run a little above the raw price Strive paid on the market.

Bitcoin trades near $74,650. At that price the 43,153-coin treasury is worth roughly $3.22 billion on paper, about 1.4% below the $75,721 average the latest purchase cost.

Cash Down $2.8 Million, STRC Stake Up

Cash and cash equivalents fell to $487.6 million as of Nov. 6, from $490.4 million a week earlier. That is a $2.8 million drop, the filing shows. The filing does not say how the week's 29 bitcoin were funded.

Strive still holds 505,000 shares of Strategy's variable-rate STRC preferred stock. They were marked at a fair value of $50.4 million as of Nov. 6, up from $50.1 million. Its 15% Series A preferred stock (SATS) rose by 33,141 shares, to 7,036,559. The variable-rate Series A stock (SATA) was unchanged at 14,030,176.

The $1.0 Billion SATS Program Is Still Open

Strive lined up a $1.0 billion at-the-market program for its SATS preferred stock in October, a step we covered at the time. The program lets Strive sell preferred shares over time at market prices. It does not have to sell them in one block.

The company said it intends to use the net proceeds for general corporate purposes. Those include buying bitcoin and bitcoin-related products, working capital and repurchases of its Class A common stock, according to its announcement of the program.

An earlier registered offering of 7 million SATS shares closed on Oct. 20 for about $609 million in net proceeds. Strive describes itself as a structured finance company. It has adopted bitcoin as its "hurdle rate" for capital deployment, the return a project has to beat to get funded. Its SEC-registered subsidiary, Strive Asset Management, manages over $2.8 billion in assets.

How the Week Compares With Strategy

Strategy, the largest corporate bitcoin holder, added 1,036 bitcoin on the same Monday, for $81.9 million. That is an average of $79,012, lifting its holdings to 850,364 BTC. Strive's 29 coins are tiny beside that.

The two average purchase prices sit close together, though. Strategy's whole stack averages $75,456, against $75,721 for Strive's latest week. Strive's Class A stock, ASST, closed Friday at $21.45, up from Thursday's $20.59. It sits below an Oct. 21 high near $30.75, with a 52-week range of $7.02 to $34.40.

What the Filing Leaves Out

Nothing in the filing commits Strive to keep buying. It also does not say how the 29 coins were paid for.

The next weekly filing is the test. Another week in the tens of coins would make the slowdown the pace. A jump back into the hundreds would make this one a pause.