STRIVE’S WARRANTS RAN OUT WITH $369.2 MILLION RAISED — $235 MILLION WENT INTO BITCOIN — THE 8-K IS SILENT ON THE OTHER $134 MILLION

Strive filed an 8-K at 7:59 AM ET on October 14, 2026 saying holders exercised 273,493,909 traditional warrants on October 12 and 13 for 13,674,703 Class A shares, with expected gross proceeds of $369.2 million. That is $27.00 a share, the split-adjusted strike in Strive's last 10-Q. The same filing says Strive bought 2,822 bitcoin over those two days at about $83,266 each, about $235.0 million, and that no PIPE traditional warrants remain outstanding. The Block and CEBE Tracker both put Strive at 35,595 bitcoin.

A deadline did the raising. Unchained reported that CEO Matt Cole posted on October 13 that about 15.3 million warrant shares remained and would expire at 5 PM ET that day. Strive's October 13 8-K counted 15,255,900 warrant shares as of October 9. The October 12 and 13 exercises cover 13,674,703 of them. That leaves 1,581,197, about 10.4%, that the filings don't show as exercised. At $27.00 a share, that is about $42.7 million Strive won't collect.

The 8-K puts $235.0 million of the $369.2 million into bitcoin and says nothing about the other $134.2 million. It gives no cash balance. CEBE Tracker carries cash at $444.5 million, which is the October 9 balance plus the warrant money minus the purchase. Until that cash buys coins, plain bitcoin per share went down: 35,595 bitcoin over 124,061,907 common shares is 28,691 sats, down 3.4% from 29,689 on October 9. CEBE, which counts cash against the $1.4 billion of SATA preferred, shows 19,884 sats, up from 18,252.

Warrant money came with no dividend attached. With the warrants gone, new money comes from selling common at market price, from SATA at 13% a year, or from the 15% SATS Strive plans to sell. Every one of those either adds shares or adds a bill. At the time of this writing, bitcoin was $81,892.