Strive bought $280 million in Bitcoin, but Bitcoin per common share rose just 1.72%

Strive, a Bitcoin treasury company, bought roughly $280 million of Bitcoin during Oct. 5–9 while increasing its cash balance, even as Strategy directed far more capital toward preferred-share repurchases than new coins. The divergence shows why Strategy’s weekly purchases provide only part of the picture of corporate Bitcoin demand.For Strive’s common shareholders, the purchase delivered a smaller change than the headline amount suggests. Bitcoin holdings grew 11.24%, but effective common shares expanded 9.36%. Gross Bitcoin per effective common share increased about 1.72%, before accounting for preferred claims.The Bitcoin treasury company’s Oct. 13 SEC disclosure reported purchases of 3,311 BTC at an average of approximately $84,500, including fees and expenses. Multiplying that rounded average by the coins acquired implies spending of about $279.8 million.Strategy’s Oct. 12 update covered Oct. 5–11, two days beyond Strive’s reporting window. It reported 250 BTC purchased for $21.5 million and $192.4 million spent repurchasing STRC preferred shares.Strive’s larger treasury translated into a modest per-share gainStrive’s Bitcoin holdings rose from 29,462 on Oct. 2 to 32,773 on Oct...