- Strategy (MSTR) rose more than 7% and Strive (ASST) jumped over 13% on Wednesday as bitcoin recovered toward $85,000.
- Strategy bought 267 BTC last week, lifting its holdings to 848,517 BTC, while Strive reached 36,818 BTC after a 4,045 BTC purchase.
- Strive raised $630 million through a new 15% dividend preferred stock, which began trading under the ticker SATS.
Shares of two of the largest publicly traded bitcoin treasury companies climbed sharply on Wednesday as the cryptocurrency regained ground. Both firms have continued to add to their bitcoin holdings, and Strive has also launched a new preferred stock to raise additional capital.
What Happened
Strategy, which trades on the Nasdaq under MSTR, is the largest corporate holder of bitcoin, with holdings worth more than $71 billion. Its stock rose more than 7% to close at $153.48 on Wednesday. Strive, listed on the Nasdaq as ASST, climbed more than 13% to finish at $30.75, according to Yahoo Finance data.
The move extended a short run of gains. Strategy rose nearly 5% on Tuesday, and Strive advanced nearly 6%. Strive had also gained 6% on Monday, marking three consecutive positive sessions for the company that week.
The broader catalyst was bitcoin itself. The cryptocurrency climbed more than 2% to trade near $84,500 and reached as high as $84,807 on Wednesday afternoon Eastern Time. That was its highest level since October 7, and it was approaching the $85,000 level.
Strategy disclosed on Monday that it had bought 267 BTC for roughly $22.1 million between October 12 and October 18. That brought its total holdings to 848,517 BTC. The company paid an average of $82,900 per coin and funded the purchase mainly through the sale of 140,872 common shares. It also repurchased about $193.1 million of its STRC preferred shares and raised its digital credit securities repurchase authorization from $2 billion to $3 billion. The company reported roughly $5.28 billion in dollar-denominated assets, including reserves meant to cover preferred dividends and debt interest payments.
Strive, which is based in Dallas, acquired 4,045 BTC between October 12 and October 16. Its total holdings now stand at 36,818 BTC, valued at about $3.1 billion at recent market prices. On Tuesday, the company launched its Series A Perpetual Preferred Stock under the ticker SATS. It raised $630 million through an upsized offering of 7 million shares priced at $90 each.
The securities carry a 15% annual dividend on a $100 stated value. At the $90 offering price, that works out to an effective yield of about 16.7%. Strive plans to pay cash dividends every business day beginning November 9, subject to board approval and available funds. The company has said the proceeds may be used for further bitcoin purchases, working capital, income-producing investments, and share repurchases.
Why It Matters
For investors, the rally shows renewed interest in publicly traded bitcoin treasury companies. These firms offer stock market exposure to bitcoin without requiring investors to hold the asset directly. They also carry additional risks, including those tied to corporate financing, ongoing dividend obligations, and the possibility of shareholder dilution when new shares are issued.
The companies’ share prices are closely tied to bitcoin’s price. When the cryptocurrency rises, the market value of their holdings increases, which can make their fundraising strategies more attractive. The same linkage works in reverse. A decline in bitcoin can magnify losses for shareholders, exposing them to volatility beyond the movements of bitcoin alone.
For the broader crypto market, the activity is a sign that large corporate holders are still accumulating bitcoin even as prices move sharply. Strategy’s purchases, financed partly through equity sales, and Strive’s preferred stock offering both show that capital-raising tools are being used to fund bitcoin acquisitions.
Market Context
Strategy’s stock has had a volatile year. It fell to about $82 earlier in the summer, when its treasury holdings were trading below their cost basis and investor concerns over its continuous accumulation strategy intensified. Since then, the shares have recovered. The company has erased its earlier losses for the year and is now showing a gain of roughly 1% since the start of 2026.
Strive’s approach differs. Rather than relying mainly on common share sales, it has introduced a preferred security with a fixed, high dividend rate. Preferred stock generally sits ahead of common shares in claims on a company’s assets and earnings, but the dividend obligation is a recurring cost that the company must meet from its available funds and capital.
Both companies have pursued bitcoin accumulation while managing their balance sheets in different ways, which makes them useful case studies for how the treasury model is evolving.
What to Watch Next
- Bitcoin’s price action near $85,000: Whether the cryptocurrency can sustain a move above that level will likely influence the share prices of both companies.
- Strive’s dividend schedule: Readers should watch for board announcements regarding the daily cash dividends on SATS, which are set to begin November 9 and remain subject to board approval and available funds.
- Further holdings disclosures: Both Strategy and Strive have been reporting bitcoin purchases on a regular basis, and updated totals will show how quickly their holdings are growing.
- Strategy’s capital management: The company’s preferred share repurchases and the expanded $3 billion repurchase authorization may signal how it plans to manage its obligations going forward.
Source: original report