Strive purchases $169M in bitcoin — nearly 6 times more than Strategy's recent buy

Strive expands Bitcoin holdings with 2,000 Bitcoin purchase.

So Strive purchased 2,000 Bitcoin for approximately $169 million, which is nearly six times strategies 334 Bitcoin purchase that they announced yesterday.

Now, Strive holds 29,462 Bitcoin, which is within 6,000 Bitcoin or so of Marathon, which is the next largest holder of Bitcoin in the Treasury space.

Marathon, of course, is a Bitcoin miner that is pivoted to becoming an AI data center, so likely will be reducing their Bitcoin exposure while Strive increases theirs, so they will likely catch up very quickly if you are keeping track.

Uh this week they paid an average of $84,422 per Bitcoin.

Now, according to CEO Matt Cole, who, you know, we've had on my shows many, many times, Seta, which is their STRC competitor, the Seta preferred stock sales accounted for 61.5% of the capital raised and warrant exercises generated another 56.7 million to buy all of this Bitcoin.

So Strive now has approximately 1.29 billion of preferred stock in Seta, carrying around 168 million in annual dividend obligations.

So what's interesting here once again to reiterate is that strategy started as a company that simply found creative ways to take on debt, using preferreds and convertible notes, etc, so that they could just raise capital and buy Bitcoin.

Strive and their CEO Matt Cole had the luxury of watching everything that strategy did and avoiding a lot of the pitfalls that strategy fell into by naturally being first.

Strategy did nothing wrong to be very, very clear. They tried a lot of things and they finally found one that stuck with STRC.

Well, Strive was able to basically look at that playbook, say, we just want to copy the STRC part and none of the other parts and use that.

And so Seta for them has been trading at or above par for quite a while. They've been able to use issuance of that preferred to continue to buy Bitcoin at a faster rate than strategy.

And they obviously continue to say that they will remain debt-free. They don't have the convertible notes or any of the other drags that strategy might have, but it's important to remember that debt-free does not mean obligation-free.

Preferred shareholders still get paid before common shareholders and they still have the obligations to pay out that 12% plus dividend which they do on a daily basis.

I think it's very clear though that with the publicly traded Bitcoin Treasury companies, we've come to a world of have and have nots. We can really just watch Strive and strategy, they seem to have largely figured it out.

The Bitcoin miners are a entire world of their own and then there's the everybody else in the Bitcoin Treasury space all trying to figure out what to do next.