Strive's Bitcoin holdings crossed 20,000 BTC this week, but the milestone comes with a couple of head-scratchers. The company bought 79 BTC between July 20 and 24 at an average price of about $65,723, spending roughly $5.2 million. Yet its cash and cash equivalents dropped by only $3.4 million over the same period — a gap the company hasn't explained.
Per-Share Bitcoin Dips Slightly
Strive's effective common shares outstanding rose by 430,000 during the week, from 83,669,973 to 84,099,973. That increase diluted the Bitcoin per effective common share from 23,809 satoshis to 23,781 satoshis — a decline of about 0.12%. Using the company's alternative fully diluted share count, the per-share Bitcoin metric fell by roughly 0.10%. The drops are small, but they highlight how share issuance can chip away at per-share value even as the total treasury grows.
The $1.8 Million Gap
The bigger puzzle is the funding. Strive's 79 BTC purchase cost approximately $5.192 million, including fees and expenses. But the company's cash and cash equivalents fell by only $3.4 million during the same week. That leaves about $1.8 million unaccounted for. Did Strive use debt, sell other assets, or issue stock to cover the difference? The company didn't say. Without an explanation, the funding source is a black box.
A Share Count That Doesn't Add Up
There's also an arithmetic inconsistency in Strive's reported Assumed Fully Diluted Shares Outstanding. As of July 17, the total is 16,163 shares below the sum of its listed components. The company didn't explain the difference. It's a small number relative to the 84 million-plus shares outstanding, but for a firm that reports per-share Bitcoin metrics with precision to the satoshi, the sloppy math stands out.
Strive hasn't addressed either discrepancy. With Bitcoin holdings now at 20,000 BTC, investors may want clearer accounting on both the funding and the share count math.
