Key Highlights
- Strive acquired an additional 469 Bitcoin valued at $36.6 million, expanding total reserves to 25,000 BTC
- The acquisition was completely financed through SATA preferred stock sales, which exceeded $1 billion in notional value
- The company now ranks as the fifth-largest public corporate Bitcoin holder globally
- Stock price jumped more than 7% on Monday, achieving a month-over-month gain exceeding 100%
- CEO Matt Cole indicates reaching second place among corporate Bitcoin holders by year’s end is achievable but unlikely
Strive, an asset management firm operating a Bitcoin treasury strategy, expanded its cryptocurrency portfolio by 469 Bitcoin during the past week, deploying $36.6 million at an average acquisition cost slightly below $78,000 per token. This transaction elevates the firm’s aggregate Bitcoin position to precisely 25,000 BTC, representing approximately $1.95 billion in current market value.
According to a Form 8-K regulatory filing submitted to the US Securities and Exchange Commission on Monday, the Bitcoin accumulation occurred between September 8 and September 11.
Preferred Stock Sales Finance Entire Acquisition
CEO Matt Cole disclosed that the complete funding for this Bitcoin purchase originated from SATA preferred stock issuances, the company’s perpetual preferred equity instrument. The outstanding notional value of SATA has surpassed the $1 billion milestone, with approximately 402,541 additional shares issued during the acquisition window, bringing total shares outstanding to roughly 10.4 million.
The company also elevated its “amplification ratio” to 53.5%. This metric represents the proportion of combined preferred equity notional value and debt relative to Bitcoin net asset value. Essentially, Strive maintains approximately $53.50 in preferred stock obligations and debt for every $100 of Bitcoin in its treasury.
As of September 11, Strive maintained $204.2 million in liquid assets and cash equivalents, alongside 505,000 shares of Strategy’s STRC preferred stock valued at approximately $49.8 million.
This week’s acquisition represents a reduced pace compared to the previous week, when Strive accumulated 1,375 Bitcoin for approximately $109 million.
Share Price Surges Alongside Bitcoin Accumulation
Strive’s Nasdaq-listed equity advanced over 7% during Monday’s trading session, climbing to approximately $29 and establishing a new year-to-date peak. The stock has appreciated more than 100% throughout the past month.
This price appreciation propelled Strive’s market capitalization beyond that of Metaplanet, a Japanese Bitcoin treasury corporation holding a larger Bitcoin position. Strive’s market cap reached approximately $2.5 billion on Monday, surpassing Metaplanet’s $1.9 billion valuation.
The share price also exceeded the $27 strike price on warrants scheduled to expire in mid-October. Should warrant holders choose to exercise these instruments, Strive could receive over $700 million in additional capital.
Strive presently ranks as the world’s fifth-largest publicly listed corporate Bitcoin holder, trailing Strategy, Twenty One, Metaplanet, and MARA.
Achieving second-place status by year-end would require Strive to surpass Twenty One, which currently maintains 43,514 BTC. With 15 weeks remaining in 2026, Strive would need to acquire approximately 1,234 Bitcoin weekly to bridge this gap.
Strategy, holding the largest corporate Bitcoin position, maintained its reserves at 845,050 BTC for a consecutive second week. The company allocated $139.3 million toward repurchasing its STRC preferred shares utilizing its US dollar cash reserves.
Bitcoin traded near the $78,000 level following Friday’s volatile session, which saw the cryptocurrency briefly approach $80,000 before retreating to approximately $77,000.
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