STRIVE BOUGHT 124 BITCOIN FOR ABOUT $10 MILLION — ITS CASH FELL $14 MILLION — THE 8-K DOESN’T SAY WHERE THE OTHER $4 MILLION WENT, AND NAMES A SATA DIVIDEND CHANGE WITHOUT DETAILS

Strive’s 8-K, accepted at 7:49 AM ET on November 2, 2026, says it bought 124 bitcoin from October 24 to October 30 at about $80,526 each, fees included. That’s about $9.99 million, and it takes holdings from 43,000 to 43,124. No stock-sale proceeds are listed. The Class A increase of 3,976 shares is matched by 2,763 fewer options and 1,213 fewer Class B shares, so this looks like cash buying coins.

But cash fell more than the coins cost. It went from $504.4 million to $490.4 million, down $14.0 million. That leaves about $4.0 million the filing doesn’t explain. It could be ordinary spending, since this is a weekly update and not a cash flow statement, but the 8-K doesn’t say. The STRC stake stayed at 505,000 shares. The perpetual preferred SATS rose by 3,418 shares, which is about $341,800 at the $100 stated value and points the other way if those were sold for cash.

Shareholders got more bitcoin per share and less cushion. Bitcoin per effective common share rose from 33,771 sats to 33,868, up 0.29%. Spending cash moves dollars out of the pile that sits against $2.10 billion of preferred, so net claims rose about $14.5 million. Run at one bitcoin price for both weeks, senior claims go from 46.42% to 46.72% and value per share after those claims falls from 18,094 sats to 18,045, using CEBE Tracker’s method. The coins cost more than the live price in that math, which is part of the drop.

One more line to watch. The filing’s forward-looking section lists “Strive’s intentions with respect to adjusting the SATA Stock dividend rate.” Item 8.01 gives no detail, and no press release is attached. SATA is the larger preferred, 14,030,176 shares. What Strive pays on it decides how fast the cash goes. At the time of this writing, bitcoin was $77,890.