Strive would need about 14 years at its current pace to catch Strategy's bitcoin stack

Take the warrant money at its word. If preferred and warrants are the only two channels, then $21.2 million standing in for 42.3% of the total puts the whole raise near $50.1 million, with SATA's 57.7% share at about $28.9 million ^[7]. Monday's coins cost $107.7 million ^[1], so on those two channels alone the raise covers less than half the purchase ^[8]. Cryptopolitan's account does not say which period the percentages cover. A week earlier, the 469-coin buy was funded entirely by SATA ^[9].

Strive paid an average of $79,475 a coin, according to Cole ^[3]. Strategy's 950 coins for nearly $76 million works out near $80,000 each ^[6], about $500 a coin more on the same day ^[6]. Strategy's $71.9 billion across 846,000 coins comes to roughly $85,000 a coin ^[5], which is the level bitcoin touched on Monday ^[14], so the headline figure is the stack valued at spot.

By stack size Strive is fifth, with Twenty One Capital the closest company to Strategy at 43,514 coins ^[6]. Strive's 26,355 coins are 3.1% of Strategy's holding ^[10]. By the size of the cheque it writes each week it is ahead: 1,800 coins in late August, 1,375 the week after, 469 to cross 25,000, and 1,355 on Monday, which is 4,999 coins in four weeks ^[7][2]. Strive started buying after its September 2025 merger ^[18].

For a common holder the relevant comparison is what the preferred costs against what it holds. A 13% rate on the $1 billion of SATA notional runs to about $130 million a year ^[9], or roughly 6% of the coin stack annually ^[12]. With bitcoin at its highest since January ^[14], that is small against the coins' move. If coin prices go sideways, it is the largest recurring line in the structure.

This is the part I would not press too hard: an ASST holder is long bitcoin and long Strive's ability to keep issuing preferred and warrants above the value of the coins, and only the first of those has a public price. The counter-case is simple enough. At a rising bitcoin price the premium tends to widen on its own, the at-the-market program stays open, and the daily dividend gets paid out of appreciation nobody has to raise. ASST is up roughly 90% year to date, has cleared Wall Street's year-end targets ^[11][17], and added more than 6% pre-market on Monday's disclosure ^[16].