Strive Buys $94.5M in Bitcoin, Holdings Top 27,000 BTC

The notable detail is the funding mix: a preferred stock instrument, not operating cash or converts, carried most of the purchase. That ties Bitcoin accumulation to a perpetual capital-raising channel, which works while issuance is absorbed but becomes a different story if demand for SATA weakens. The open question is whether this structure keeps pace as holdings scale, and how the preferred's cost compares with the asset's return.