Strive's $SATS IPO: How Much Bitcoin Can They Buy?

Welcome to the Bitcoin Balance Sheet. Each Monday, we recap last week's key developments and share our publication's leading stories.

Strategy bought 267 bitcoin, spent $193.1 million buying back STRC and raised its digital credit buyback program to $3 billion. Strive upsized SATS, its new fixed-rate preferred, to $700 million in notional value, and Smarter Web's MORE, the UK company's bitcoin digital credit, began trading in London. Here's what mattered.

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Strategy Bought 267 Bitcoin. The STRC Buyback Got $1 Billion Bigger.

Strategy bought 267 bitcoin from October 12 through October 18, for $22.1 million at an average of $82,900 including fees. Nearly all of it came from 140,872 MSTR shares sold through the at-the-market program. Holdings rose to 848,517 BTC, about 4% of bitcoin's supply, at an average cost of $75,446 per coin.

STRC got the bigger check again. Strategy bought back 1,938,780 shares for $193.1 million, more than eight times its bitcoin spend, paid with USD Cash. The board also raised its digital credit buyback program from $2.0 billion to $3.0 billion, leaving $1.16 billion available. USD Cash fell to $447.3 million from $640.5 million. The buyback grew by a billion. The cash pile didn't.

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Strive Upsized SATS. The Cash Is $630 Million.

Strive upsized the IPO of SATS, its new 15% fixed-rate preferred, to $700 million in notional value. It priced 7 million shares at $90 on October 15, up from the 5 million it proposed on October 13. The $700 million counts the $100 stated amount per share. The cash is $630 million gross, before fees.

SATS pays $15 a share a year, a 16.7% effective yield at $90, every business day from November 9 if declared. Strive will add $22.50 a share, 18 months of dividends, to its reserve at closing. It hasn't said how much goes to bitcoin. At about $82,000, $630 million would buy roughly 7,700 BTC, by our estimate. Settlement is October 20.

Smarter Web's MORE Is Trading. Now Comes the Supply.

The Smarter Web Company's MORE, its bitcoin digital credit, began trading on the London Stock Exchange's Main Market on October 14. The IPO raised £10.0 million ($13.2 million) gross, the minimum the deal needed and below its £15 million to £25 million target.

MORE pays a variable 12% a year on a £100 reference amount, about 13.3% at the £90 offer price, every week. The first dividend is £0.2301 a share. Of the 211,112 shares in issue, 100,000 sit in an ATM facility held by Tennyson Capital, to be sold over up to 12 months. At £90, that's about £9.0 million, close to the size of the IPO. The next test is whether demand shows up beyond it.

A look at the leaderboard

Strive was the week's biggest buyer. It added 3,311 BTC, then 2,822 more, and passed MARA for No. 4. With its latest buy, it holds 36,818 BTC, 1,241 ahead of MARA. The latest additions came from:

• Strategy +267 BTC → 848,517 BTC

• Strive +1,223 BTC → 36,818 BTC

• The Smarter Web Company +83 BTC → 2,830 BTC

• BitFuFu +15 BTC → 1,388 BTC

• Super League +3 BTC → 3 BTC,

No major sellers stood out this week. Looking ahead, the next test for Strive is how much of the SATS cash becomes bitcoin after it settles October 20.

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