Strive Acquires More Bitcoin While Strategy Focuses on Preferred Share Buybacks
In the week ending September 4, Strive (NASDAQ:ASST) purchased an additional 1,375 Bitcoin at an average price of $79,281 per coin for a total cost of approximately $109 million. This increased its holdings to 24,531 BTC. In contrast, Strategy (NASDAQ:MSTR) did not acquire any new Bitcoin during the same period and instead spent $176.3 million repurchasing preferred shares at around $98 per share. Strive's funding for these purchases came largely from its perpetual preferred stock SATA, which trades near its $100 par value with a 13% annualized dividend rate. The company raised about $999 million through this instrument last week alone. Strategy’s STRC shares traded below their $100 par value, making buybacks more attractive than issuing new shares. Both companies use variable-rate perpetual preferred stock to fund Bitcoin strategies but are taking divergent paths due to market conditions and capital structure differences.
Topics: Bitcoin buybacks preferred stock Strategy Strive