Asset manager Strive bought an additional 4,045 bitcoins last week for about $335 million, lifting its total holdings to 36,818 BTC.

Cointelegraph reported on Oct. 19 that Strive said in a filing to the U.S. Securities and Exchange Commission that it bought bitcoin at an average $82,803 each from Oct. 12 to 16. The price included fees and expenses.

With the purchase, Strive became the fourth-largest bitcoin holder among listed companies. The value of its holdings is about $3 billion based on BitcoinTreasuries.net data, overtaking Mara Holdings.

Aggressive fundraising was behind the move. Strive secured about $369 million through warrant exercises on Oct. 12 and 13 and issued 13.7 million common shares in return. The effective share count rose 12.4 percent. Its bitcoin holdings rose 12.3 percent over the same period, keeping bitcoin per share broadly unchanged.

The company also bought 3,311 bitcoins in the prior week. Holdings rose 11.2 percent then, above the 9.4 percent increase in the effective common share count. The structure lifted bitcoin accumulation slightly faster than the expansion in shares.

Strive last week announced the issuance of a new preferred share called "SATS" offering a fixed annual dividend of 15 percent. Dividends are to be paid each business day from Nov. 9, subject to board approval. The company set the offering size at $630 million and said the proceeds could be used for additional bitcoin purchases.

The market reaction was reflected in the share price. Strive shares rose as much as 7.7 percent intraday to $25.95 on Oct. 19, according to Yahoo Finance. As Strive continues to expand its bitcoin holdings, attention is also on the fact that fundraising and the increase in purchases proceeded at nearly the same rate, meaning existing shareholders' per-share exposure was not significantly damaged.

Moves at Mara Holdings, which became the comparison point, also overlapped. Mara Holdings has recently been seen selling some of its holdings. On-chain analytics firm Arkham tracked indications that wallets linked to a mining company deposited about $82 million worth of cryptocurrency into Binance and Gate. Against that backdrop, Strive pushed ahead with both holding expansion and new fundraising, moving up one place in the ranking of bitcoin holdings among listed companies.

Strive's latest purchase showed a structure that sustains bitcoin buying funds through share issuance and warrant exercises, beyond a simple increase in holdings. The similar pace of growth in holdings and the share count also aligns with a strategy to maintain bitcoin exposure per share.