Strive has added 469 Bitcoin to its corporate treasury, taking its holdings to the 25,000 BTC mark. The company bought the Bitcoin between September 8 and September 11 at an average price of $77,954 per BTC, including fees and expenses. CEO Matt Cole said the purchase was funded entirely through proceeds from the sale of SATA, Strive’s perpetual preferred stock. SATA now has more than $1 billion in notional value outstanding. The latest purchase strengthens Strive’s position among the world’s largest publicly traded corporate Bitcoin holders.
Strive disclosed the purchase in a filing with the US Securities and Exchange Commission.
The company’s latest Bitcoin purchase was funded without using its existing cash reserves. Instead, Strive used proceeds from SATA preferred-stock sales to finance the acquisition.
The number of SATA shares outstanding increased by 402,541 during the period, reaching approximately 10.4 million shares. As of September 11, Strive also had $204.2 million in cash and cash equivalents.
The company additionally held 505,000 shares of Strategy’s STRC preferred stock, valued at approximately $49.8 million.
Strive has been rapidly building its Bitcoin treasury. After buying 1,800 BTC and surpassing cryptocurrency exchange Bullish, it became the fifth-largest publicly traded corporate Bitcoin holder in late August.
Vivek Ramaswamy co-founded the business in 2022. In September 2025, it merged with Asset Entities to become a publicly listed Bitcoin treasury corporation.
The most recent Bitcoin acquisition coincided with the ongoing increase in Strive’s stock. On Monday, its Nasdaq-listed shares increased by almost 7% to over $29. The increase continued a trend that had already caused the stock price to more than quadruple from a month prior.
The strong performance has also lifted Strive’s market value above that of Japan-based Bitcoin treasury company Metaplanet. Despite Metaplanet holding substantially more Bitcoin, Strive had a market capitalization of around $2.5 billion on Monday, compared with about $1.9 billion for Metaplanet.
Another important factor is Strive’s outstanding warrants. The rally has pushed the company’s shares above the $27 exercise price for warrants that are due to expire in mid-October.
If warrant holders exercise those warrants, they would purchase Strive shares at $27 each. According to BitcoinTreasuries.net, the exercise of the warrants could potentially provide Strive with more than $700 million in additional capital.
Strive CEO Matt Cole has also spoken about the company’s longer-term ambitions. Earlier this month, he said it was “not out of the realm of possibility” for Strive to become the second-largest publicly traded corporate Bitcoin holder by the end of 2026. However, he also made clear that this was not the company’s base-case expectation.
The latest purchase shows how corporate Bitcoin treasury companies are increasingly using financial instruments beyond ordinary equity to fund cryptocurrency acquisitions. Strive is using its preferred-stock programme to raise capital and then directing that money towards Bitcoin.
The strategy could allow the company to continue expanding its Bitcoin holdings without relying entirely on existing cash. At the same time, the approach also increases the importance of how successfully Strive manages its preferred securities, warrants and Bitcoin exposure as market conditions change.
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