One Bitcoin Treasury Is Winning This Cycle: Why Strive ($ASST) Leads on Bitcoin per Share

One bitcoin treasury is winning this cycle, and it isn’t the one with the most coins.

Objectively, by the metrics the category itself uses, it’s Strive. $SATA $ASST

Speed

19,921 BTC on July 17. 32,773 on October 9. That is up 65% in twelve weeks, with 8,137 coins bought in Q3 alone and 3,311 more last week. Bitcoin per diluted share went from about 23,100 sats to 27,801, up 20%, on the company’s own metric. Fastest horse means fastest per share, and nobody in the category is close.

Overhang

The $27 warrants are done. $208M of warrant cash came in last week, over 11 million exercised since mid September, and the remaining 15.3M expired at 5pm ET on Oct 13. The dilution the bears pointed at for a year either converted into bitcoin or expired that night. Nothing left to point at.

Structure

No debt. One credit instrument. SATA sits at the very top of the stack with nothing ahead of it, cumulative with penalty compounding, paid daily. And as of this week the $100 minimum issuance price is written into the governing documents: SATA can never be sold below par.

Compare that with the rest of the category. MSTR common sits behind convertible debt plus five preferred series. MARA sold 15,000 BTC in March to buy back its own converts. The debt-based treasuries got tested this year, and the test showed.

Discipline

Strive accumulated straight through the winter, including at 0.75x mNAV in August, and kept buying through $84K last week. SATA held par through June while STRC had to be repurchased and Strategy sold bitcoin to service credit. Same storm, two different boats.

The Scoreboard

Two numbers decide this category. Bitcoin per share, the output. And float efficiency, how many shares it took to get there. Strive is compounding the first fastest, and with the warrant cash and SATA doing the funding, it’s spending the fewest shares to do it.

The third dial is coverage, the senior claim underneath. Watch all three in the weekly 8-K.

Long $ASST 🏇

Originally posted on X by Rosanna Prestia, MBA (@RosannaInvests): https://x.com/RosannaInvests/status/2110083234578985417