Strive's live SATS preferred has raised $630m, advancing its Bitcoin accumulation case and making Strive shares super, super bullish. It offers a 15% annualized return paid daily. Strive is most likely now the world's second-largest corporate Bitcoin holder, though that has not yet been announced. x.com 

Strive's bitcoin treasury is scaling at a striking pace. It bought 6,182 BTC in a week to reach 43,000, up 17%; holdings are up 54% less than a month into the quarter and 5.6 times since the start of the year. Effective common shares outstanding also rose from 124.1 million to 127.3 million during the week. x.com  x.com 

Bitcoin treasury companies will and should trade at a discount to NAV, since money in a double-tax structure has no reason to trade at a premium to money. Participants are harvesting the premium against each other in a zero-sum game until it flips to a discount, in bull or bear markets. Since tracking began, bitcoin rose 4.9% and Strive's bitcoin holdings 4.7%, yet Strive shares fell 14.8%, leaving bitcoin 19.7% ahead. x.com  x.com 

Strive's new preferred and warrant proceeds give it capital to expand its bitcoin treasury. Holdings rose from 27,462 to 36,818 BTC in three weeks; the upsized $630M SATS IPO, its second preferred with a 15% coupon paid every business day, and another $369M from warrants are not in that count yet. The bullish case is 100,000 BTC by summer 2027. x.com 

Heavy inflows could lift Strive's mNAV above Strategy's for periods because they have more impact on the smaller company. Strive could do even better than 6x versus Strategy's 4x, as investors seek the faster Bitcoin treasury stock. x.com  x.com  x.com 

Bitcoin treasury company equity like Strive's should trade at a discount to NAV, so its 59% premium is mispriced and declining as shareholders realize they pay up to take on lots of incremental risk. Only a rising bitcoin price increases bitcoin per share. Shareholders can collapse the premium by doing what the company does: sell the stock and buy bitcoin directly. x.com  x.com 

Strive's completed $630 million perpetual preferred IPO gives it capital to add more Bitcoin to its reserves. The preferred traded $89 million on day one and pays a 15% dividend in daily installments; expect more Bitcoin in Strive's corporate reserves. x.com 

Strive's Bitcoin holdings now roughly match its market cap, leaving room for the treasury's value to rise with Bitcoin and further purchases. Its 43,000 BTC are worth about $3.455 billion; at $100,000 per coin, they would be worth $4.3 billion before this week's expected purchases. Holdings are on track for 50,000 by next week or early November and could reach 100,000 by spring 2027. x.com 

Strive is a high-risk leveraged crypto bet that is hard to justify over owning the assets in its treasury directly. Leveraged bitcoin exposure through bitcoin call options has a calculable, measurable level of leverage, whereas these treasury companies carry a lot of unknown risk. Any treasury play would have to follow the leader, Strategy. If bitcoin finally pumps, Strive should rise with it. x.com 

Strive's common ATM can lift long-run returns by funding bitcoin purchases at a share premium. Bitcoin is historically cheap; stacking in a bear market or before the bull market begins drives the biggest gains later. But too much weekly issuance can blunt upside, exhaust investors and cap mNAV expansion; share scarcity matters. The ATM is crucial, but caution is preferable. Cole Macro said preferreds should help keep dilution below Strategy's levels on the way up. x.com  x.com  x.com