Bitcoin Treasuries Evolve as Companies Diversify Funding Models

Strategy and Strive, two companies with significant Bitcoin treasuries, have made their latest purchases using different capital models. Strategy used its MSTR ATM program to acquire 1,665 BTC at an average price of $85,681 per coin, while Strive purchased 1,107 BTC at $85,396 per coin.

Strive's CEO, Matt Cole, revealed that SATA supplied 85% of the capital raised when warrant proceeds are included. The company used Variable Rate Series A Perpetual Preferred Stock (SATA) to fund its Bitcoin purchases, which carries a 13.00% dividend rate.

In contrast, Strategy is raising common equity and using part of it to retire preferred shares. The company has $18.84 billion of remaining MSTR issuance capacity and $723.5 million under its preferred-stock repurchase authorization.