Strive reports that $208 million in warrants were exercised as Bitcoin assets rose 11%.

With 32,773 bitcoins, Strive is now the fifth-largest public company bitcoin holder, continuing to expand its coffers through equity financing.

Strive, a publicly traded bitcoin treasury company, increased its holdings by more than 11% last week as investors exercised $208 million in warrants, outpacing an IPO by buying bitcoin and giving existing shareholders more exposure to the cryptocurrency.

Stereo disclosed in a Tuesday filing with the U.S. Securities and Exchange Commission that it bought 3,311 bitcoins (BTC) in the week ending Oct. 9 at an average price of roughly $84,500 per coin. The purchases brought its total holdings to 32,773 bitcoins, making it the fifth largest publicly traded company holding bitcoin, according to industry data.

Bitcoin was trading at about $83,000 apiece at last glance on Tuesday, according to data from Yahoo Finance. Shares of Strive (ASST) were little changed at $27.52.

Investors have exercised $208 million in warrants, with roughly $15.3 million remaining as of Tuesday's close, said Matt Cole, president and CEO of Strive at X.

The company also amended its governing documents to set a minimum binding issue price of $100 for its SATA preferred shares, limiting its ability to issue them below that threshold. The stock was last seen trading at $99.40.

Strive's latest acquisitions boosted its bitcoin holdings per share, even as the company issued additional shares. During the reporting period, its bitcoin reserves grew by 11.2%, outpacing the 9.4% increase in the number of effective common shares.

Strategy's latest acquisition was praised by Michael Seiler, whose firm Strategy pioneered the corporate bitcoin treasury model.

"The effort is turning demand for digital equity (ASST) and digital credit (SATA) into demand for Bitcoin," Saylor wrote at X.

Saylor was referring to Strive's use of common and preferred stock to raise capital to buy bitcoin, a strategy similar to Strategy's own approach through MSTR common stock and STRC preferred stock.

Strategy added a relatively modest 250 bitcoins to its coffers last week, bringing its total holdings to 848,250 bitcoins and maintaining its position as the largest public company bitcoin holder.