Strive CEO posts a 43,124 BTC chart, but the reported $80,526 average cost is only its last 124 BTC: filings point to about $87,750

What each source actually says

PANews carried the chart figures without the $80,526 and also quoted Cole's earlier line that "Bitcoin is Strive's hurdle rate." In plain terms, Strive measures itself against Bitcoin. In its third-quarter release, Cole said he believes the company has "never been in a better position to generate long-term returns in excess of Bitcoin" for common shareholders.

Where $80,526 comes from

Strive files a weekly update, and each one states the purchase price for that period, fees included.

The figures come from the October 5, October 13, October 19 and October 26 filings, plus the November 2 one. Every earlier week in the table was priced above $80,526, which already rules that number out as the average of the stack.

How we get to about $87,750

The September 30 10-Q reports about 28,000 BTC with an aggregate cost basis of $2,524.8 million, a weighted average of $90,170. The release says Strive added 15,124 BTC from October 1 to 30. We priced those coins with the weekly averages above:

• 1,462 BTC on October 1 and 2 at $84,422 = $123.4M. This is an assumption, since that week's average also covers September.
• 3,311 BTC at $84,500 = $279.8M
• 4,045 BTC at $82,803 = $334.9M
• 6,182 BTC at $82,732 = $511.4M
• 124 BTC at $80,526 = $10.0M

The total is $2,524.8M + $1,259.6M = $3,784.4M. Divide by 43,124 BTC and you get about $87,756. At $75,950 the holding is worth $3,275.3M, a paper gap of about $509M. This is our arithmetic on Strive's filed cost basis, and Strive has not published this figure itself.

The older coins explain most of the gap: about $398M of the $509M comes from the 28,000 BTC held at September 30, using (90,170 - 75,950) × 28,000. The cost basis stood at $113,153 per coin at the end of 2025, before the cheaper 2026 buying brought it down.

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The last chart was followed by a small buy

This has happened before. We covered Cole's November 1 chart, and the 8-K came the next day, with an SEC acceptance stamp of 20:49 SGT. It reported 124 BTC, about $10.0 million, the smallest week in the table. The previous week was 6,182 BTC. A chart tells you a filing may be coming and says nothing about its size.

The last three weekly updates were filed on Mondays, at 19:59, 19:59 and 20:49 SGT. If that pattern holds, the next one would land around that time on November 9. That is a pattern we observed, and Strive has not promised a date.

Strive had $490.4 million in cash and $50.1 million of Strategy's STRC preferred at October 30. Spending all of that cash at $75,950 would buy about 6,457 BTC. That ceiling is arithmetic, not a forecast, because the cash also has other claims on it. Strive's SATA preferred alone pays $1.0849 a share in November, about $15.2 million on 14,030,176 shares.

How Strive paid for October

October's 15,124 BTC cost about $1.26 billion by our sum above, and new securities funded it. Holders exercised warrants on October 12 and 13 for an expected $369.2 million, and the SATS preferred offering completed on October 20 raised about $609.0 million net. Class A shares outstanding went from 101,169,907 on October 9 to 118,117,620 on October 30. So the size of the next buy depends partly on what Strive sold that week, and the filing lists share counts next to the Bitcoin total.

Saylor's post, and how Strategy compares

Michael Saylor posted "Connecting the dots." with a similar chart 46 minutes before Cole, at 21:00 SGT. PANews notes that Strategy typically reports purchases the day after such posts. ChainCatcher read it the same way, as a possible signal only.

The chart comes from a tracker site and shows an average cost of $75,446. Strategy's November 2 8-K gives $75,451 across 849,327 BTC, so we use the filed number. Strategy's cost is $64.08 billion, and at $75,950 its average sits just 0.66% below the market, about $424 million of paper gain.

Strategy's last buy was only part of its week. The same filing shows $208.2 million spent repurchasing STRC preferred, against $65.5 million on Bitcoin, as we reported on November 2.

How much these buys weigh against the market

Filings report purchases already made, so any market effect has already happened by the time you read one. For scale, Strive's 124 BTC was about $10.0 million. The BTC/USDT pair traded about $374.7 million on Binance, $129.9 million on OKX and $55.4 million on Bitget in the 24 hours to 00:50 SGT, most of it on a Sunday. Its 6,182 BTC week, at $511.4 million spread over several days, was far larger than any one of those days. Strive and other buyers may also trade off-exchange, and the filings do not say where they bought.

What to read in Monday's filing

Three lines in Strive's update matter most: BTC bought, the average price, and cash at the end of the week. A small buy with cash still near $490 million would mean the company is holding its reserve back. A large buy with cash falling would show it spending that reserve. A large buy with share counts rising would show it was funded by selling stock. For Strategy, compare the dollars spent on Bitcoin with the dollars spent on STRC.

What to check on an exchange

Readings below were taken around 00:50 SGT on November 9, from public exchange data.

Funding was close to flat on all three, so longs were paying almost nothing to hold. Compare the live numbers on our funding rates page before you act on a filing, and check recent liquidations if you hold leverage into Monday.

If you trade the filing, fees are the part you control. On Bitget, a $10,000 futures trade at the 0.06% taker rate costs $6, and code nexu888 returns 60% of it, $3.60, settled daily. On OKX, the same trade at 0.05% costs $5, and code nexu888 returns 20%, $1.00, settled hourly. Both rates and shares come from our partner registry, and each is a share of the fee you paid.

Quick answers

Did Strive buy more Bitcoin this week?

Nothing has been filed for November 2 to 8 so far. Cole's post gives no amount or date.

Is Strive's Bitcoin in profit?

By our estimate it is not. Its cost is about $87,750 per coin against a $75,950 market price, a gap of about $509 million on paper.

Why does the reported average differ?

$80,526 is the average price for one week's 124 BTC in the November 2 8-K, and it was reported as the average for the whole holding.

What we could not confirm

We have no purchase amount or date for this week from either company. Odaily and ChainCatcher's reports do not explain where they took their cost figure from. Our $87,750 assumes the October 1 and 2 coins cost that week's average. Strive may publish its own average on a different basis. We could not read ASST or MSTR share prices, because our data source refused the request, and we did not check an MSTR perp on Binance.