Try spent roughly $169 million to accumulate 2,000 Bitcoins between September 28 and October 2, 2026, marking the corporate’s largest BTC buy since early June. The transaction was executed at a median worth of $84,422 per BTC, together with charges and bills, elevating the Nasdaq-listed firm’s whole holdings to 29,462 BTC.
In keeping with a Type 8-Okay submitting submitted to the U.S. Securities and Alternate Fee on October 5, Try’s Bitcoin holdings grew sooner than its frequent shares in the course of the interval. Nevertheless, issuing further SATA most well-liked inventory additionally elevated dividend obligations, making per-share Bitcoin accumulation effectivity central to its treasury technique.
Try’s Bitcoin Holdings Outpace Share Development
Try’s Bitcoin holdings elevated by 7.28% for the week ending October 2, rising from 27,462 to 29,462 BTC. Throughout the identical interval, whole Class A and Class B frequent shares elevated by 3.37%, from 97.65 million to 100.94 million shares, in accordance with the Type 8-Okay filed on October 5.
As a result of the Bitcoin stack grew sooner than the share rely, the BTC per frequent share elevated by roughly 3.79%, from 28,122 to 29,188 satoshis. This end result reveals that the transaction accreted Bitcoin on a per-share foundation, fairly than merely increasing the general reserve via inventory issuance.
Nevertheless, this stays a ratio calculated towards Try’s whole Bitcoin holdings. The determine doesn’t mirror liquidation preferences or dividend obligations related to SATA, which additionally elevated whereas the corporate was increasing its Bitcoin treasury.
In the course of the buying and selling session on October 5, ASST shares closed at round $30.26, up 0.77%. With Bitcoin buying and selling close to $86,000, Try’s 29,462 BTC holdings had a market worth of roughly $2.53 billion at the moment.
Try Extra Than Doubles Its Bitcoin Stack in Seven Months
Try added 16,151 BTC to its treasury in beneath seven months, rising its holdings from 13,311 BTC on March 9 to 29,462 BTC on October 2. The rise throughout this era reached roughly 121%, in accordance with firm disclosures.
The earlier larger-scale buy happened between Could 23 and June 1, when Try spent roughly $185 million to purchase 2,500 BTC at a median worth of $74,092. That transaction introduced the corporate’s holdings to 19,000 BTC.
Within the third quarter, Try bought a complete of 8,137 BTC at a median worth of $78,885. The $84,422 common worth of the brand new transaction is roughly 7% greater than the quarterly common and about 14% greater than the two,500 BTC buy in early June.
SATA Funding Provides to Try’s Dividend Obligations
In an October 5 publish, CEO Matt Cole said that 61.5% of the capital Try raised within the current spherical got here from SATA, whereas warrant workout routines generated $56.7 million. The 61.5% determine applies to whole capital raised, whereas Try didn’t disclose the precise quantity from SATA straight used for the $169 million Bitcoin transaction.
Try acquired 2,000 $BTC for $169M at a median value of $84,422 per bitcoin, bringing whole holdings to ₿29,462.
61.5% of capital raised got here from SATA, with warrants producing $56.7M.
At this time’s 8-Okay additionally highlights key metrics and KPIs via 3Q26.$ASST $SATA pic.twitter.com/HS4ADPQ8mJ
— Matt Cole (@ColeMacro) October 5, 2026
SATA is a perpetual most well-liked inventory with a nominal worth of $100 per share and a present dividend price of roughly 13% yearly. Excellent SATA shares elevated from 12.19 million to 13.50 million shares for the week ending October 2, including about $130.5 million in whole nominal worth.
If the present dividend price stays unchanged, the newly issued SATA corresponds to almost $17 million in annual dividend bills. Try reported an annualized dividend obligation of roughly $168.2 million as of September 30. Based mostly on the SATA excellent two days later, this determine may rise to round $175.5 million. The corporate had no debt on the time of reporting.
Try additionally reported a BTC Yield of 18.5% in Q3 and 63.2% year-to-date. The proprietary KPI measures the change in Bitcoin per share, not funding yield or ASST inventory efficiency.
Try Authorizes a $500 Million SATA Buyback Facility
Alongside the Bitcoin transaction, Try established a SATA buyback facility of as much as $500 million. This system permits the corporate to repurchase most well-liked shares when deemed acceptable, however doesn’t suggest that Try has spent or dedicated to utilizing the whole quantity. The corporate has not introduced any repurchases beneath the brand new facility.
Repurchasing SATA may cut back future dividend obligations, however it will additionally make the most of capital that might in any other case be allotted to buying extra Bitcoin. As of September 30, Try held $284.7 million in money and money equivalents, together with $50.2 million in STRC inventory.
Try’s Amplification Ratio—a metric evaluating the dimensions of debt and most well-liked inventory to the market worth of its Bitcoin holdings—reached 55.3% on the finish of Q3. Administration goals to push this ratio above 60% whereas Bitcoin stays beneath $100,000. Repurchasing SATA would decrease the ratio, all else being equal, whereas issuing further SATA would have the alternative impact. The brand new facility thereby supplies flexibility in balancing Bitcoin stack enlargement with lowering dividend prices.
