Matt Cole, Chairman and CEO of Strive, a Bitcoin treasury company, stated on Sunday, "Turn amplification up some more," which the market interpreted as the company will continue to increase its Bitcoin holdings next week.

The company is in sync with Michael Saylor, founder of the world's largest Bitcoin treasury company, Strategy: hinting at increasing positions with a short phrase on Sunday and announcing specific purchase sizes on Monday. Cole only used "amplification" this time without directly mentioning buying, indicating that financing tools like preferred shares and warrants will further elevate Bitcoin exposure.

On September 21, Cole disclosed that Strive purchased 1,355 Bitcoins for $107.7 million, with an average cost of $79,475, raising total holdings to 26,355 Bitcoins. The warrants exercised that week contributed $21.2 million in gross revenue, with 57.7% of the fundraising coming from floating-rate perpetual preferred shares (SATA).

In the previous week, the company also bought 469 Bitcoins for $36.6 million at an average price of $77,954, bringing holdings to exactly 25,000 Bitcoins, while the nominal size of SATA had exceeded $1 billion, with a leverage ratio of 53.5%. The company has been increasing its positions for several consecutive weeks from late August to mid-September, with weekly sizes reaching 1,110 and 1,800 Bitcoins.

Strive refuses debt and margin, with funds for purchasing Bitcoins mainly coming from SATA, common stock ATM, and warrant exercises, aiming to maximize the leverage ratio of common stock ASST to Bitcoin without triggering forced liquidation. One of the company's public goals is to challenge the second-largest public market position by the end of the year, still about 17,160 Bitcoins short of Twenty One's 43,514 Bitcoins.

In market mechanics, the buyer is Strive, continuously converting cash into Bitcoin using preferred shares and warrants, while the seller is the spot and OTC counterparties willing to sell during the Sunday narrative window. Funds flow from SATA holders and exercising shareholders to Bitcoin spot, benefiting from the elasticity of ASST to Bitcoin and existing unrealized gains, while the pressure is on SATA's daily dividend coverage and subsequent marginal financing costs. The event-driven characteristics are clear: the Sunday hint itself will price in the expectations for Monday's disclosure.

Source: Public information