Why Is Strive More Aggressive Than Strategy When Both Raise Capital to Buy Bitcoin?

Strive added 6,182 BTC in a week and announced a new offering plan of up to $1 billion after completing a $630 million SATS offering. Meanwhile, Strategy neither bought nor sold BTC and spent approximately $204.9 million repurchasing STRC. Assuming a BTC price of $80,000 for both companies, the nominal value of Strive’s preferred stock equals approximately 61.1% of its BTC holdings’ value, while Strategy’s convertible debt and preferred stock combined equal approximately 29.6%. Annualized dividends for Strive and dividends plus interest for Strategy amount to approximately 8.4% and 2.2% of their respective BTC holdings’ value.