STRIVE BOUGHT 6,182 BITCOIN WITH 15% PREFERRED MONEY — BITCOIN PER SHARE ROSE 13.8% — AFTER THE PREFERRED, EACH SHARE’S CLAIM FELL 3.45% — AND IT LINED UP $1 BILLION MORE

Strive's 8-K, filed at 7:59 AM ET on October 26, 2026, says it bought 6,182 bitcoin from October 17 to 23 at about $82,732 each. That is about $511.4 million. Holdings went from 36,818 to 43,000. Cash went up too, from $317.5 million to $504.4 million, and Class A shares rose by 3,266,034. The big money came from SATS, its new 15% preferred: 7,000,000 shares sold October 20 at $90, about $608.15 million kept after the underwriters, per its prospectus. The 8-K does not say what paid for the bitcoin or what the new common shares brought in.

Run the cash. $317.5 million, plus $608.15 million from SATS, minus $511.4 million of bitcoin, leaves $414.2 million. Strive reports $504.4 million. That is about $90.2 million the filing does not explain. Its share table counts shares "sold through 4:00pm" but gives no dollar figure for them.

Now the question that matters to the person holding the common stock. Raw bitcoin per share went from 29,677 sats to 33,771, up 13.8%. But SATS puts $700 million of stated value ahead of the common, at $105 million a year. CEBE Tracker (cebetracker.io), which takes the preferred out after cash and Strive's STRC, has Strive at 44.99% senior claims and 18,579 sats a share at $80,049 bitcoin. The same formula on the October 16 balances, at the same price, gives 35.16% and 19,243 sats. After the preferred, each share's claim on bitcoin fell 3.45%.

The same morning Strive signed up seven banks to sell up to $1 billion more SATS over time, for a commission of up to 2%. Every SATS share sold at $90 brings in less than $90 and owes $15 a year. The first 18 months of SATS dividends sit in a $157.5 million reserve. After that, the common holders pay, out of new stock or out of the bitcoin. At the time of this writing, bitcoin was $80,314.