One Bitcoin treasury just hit 20,000 BTC, but rapid share dilution meant investors ended up owning less of it
Strive increased its Bitcoin holdings to 20,000 BTC after buying 79 BTC from July 20–24 at an average price of about $65,723, per a July 27 SEC filing. But dilution offset the gain: Effective Common Shares Outstanding rose by 430,000 to 84,099,973, driven by a jump in Class A shares that outweighed a small decline in Class B. As a result, Bitcoin held per effective common share fell from about 23,809 satoshis on July 17 to 23,781 satoshis on July 24, a drop of roughly 0.12%. On Strive’s fully diluted share measure, BTC per share also slipped slightly. The filing does not explain the source of funding for the purchase or the reason for the share-count increase. The implied cost of the BTC purchase was about $5.2 million, while cash and cash equivalents fell by only $3.4 million, leaving the financing source unclear.
