Strive (NASDAQ:ASST) is raising up to $1 billion through its SATS preferred stock, while Strategy (NASDAQ:MSTR) left its Bitcoin (CRYPTO: BTC) holdings unchanged last week.
What Strive Plans to Do With the $1 Billion
Strive announced Monday that it can issue and sell shares of its 15.00% Series A Perpetual SATS Preferred Stock through an at-the-market program with an aggregate offering price of up to $1 billion.
The company said net proceeds will go toward general corporate purposes, including Bitcoin purchases, working capital, other income-generating assets, and potential repurchases of its Class A common stock or its separate SATA preferred stock.
Strive said it may also use the funds for acquisitions that complement its existing business, dividend payments on outstanding preferred stock, or repayment of future debt.
The offering runs under Strive’s existing shelf registration statement, which became effective in September 2025.
Why Strategy Paused Bitcoin Buying This Week
Strategy disclosed in an Oct. 26 filing that it spent $204.9 million repurchasing 2,068,459 shares of its (NASDAQ:STRC) preferred stock, while buying zero additional Bitcoin and selling no shares through its at-the-market common stock program.
The company’s Bitcoin holdings remained flat at 848,517 BTC, acquired for roughly $64.02 billion at an average cost of $75,446 per coin.
Strategy funded the STRC buyback using its USD Cash balance, which sits separately from its USD Reserve, a pool meant to cover preferred-stock dividends and debt interest payments.
Here’s where things stand after the week’s activity:
- Remaining preferred-stock buyback authorization: $956.8 million
- Remaining MSTR common stock buyback authorization: $1 billion
- USD Reserve: $4.83 billion
- Separate USD Cash balance: $242.4 million
The filing gave no timeline for when Strategy might resume Bitcoin purchases, marking a shift from its usual weekly buying pattern toward prioritizing preferred stock repurchases instead.
What This Signals for Bitcoin Treasury Strategies
Strive’s move to raise fresh capital specifically earmarked for Bitcoin purchases contrasts with Strategy’s current approach of redirecting cash toward shoring up its own preferred stock.
Both companies continue building out their capital structures around Bitcoin exposure, but this week’s filings show them taking different paths: Strive expanding its fundraising capacity to buy more BTC, while Strategy uses available cash to manage its existing share structure rather than add to its already substantial Bitcoin position.
Where MSTR and ASST Stand Technically?
MSTR fell 5% Monday, opening at $141.67 and sliding to a low of $137.32, trading below its 20-day, 50-day and 200-day EMAs.
Meanwhile, ASST dropped 6.5% Monday, pulling back from an intraday high of $27.83 while still holding above its 50-day, 100-day and 200-day EMAs.
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