Strive closed its upsized SATS preferred-stock IPO at $630 million gross, creating one of the largest fresh Bitcoin-buying war chests in the market. The catch: management has not disclosed how much will actually flow into BTC.

  • Net proceeds are estimated at $608.15 million after fees.
  • At $82,500 per Bitcoin, the full allocation could buy roughly 7,372 BTC.
  • Holdings could rise from 36,818 BTC to about 44,190 BTC, potentially overtaking Metaplanet.

This is a major supply-side catalyst, but not yet a confirmed purchase. Traders should watch SEC filings, treasury updates and wallet movements; any full allocation would intensify the corporate Bitcoin arms race.