Key Takeaways
- • Strive purchased 1,107 BTC for $94.5 million between September 21–25, 2026, expanding its Bitcoin treasury to 27,462 BTC, currently valued at approximately $2.3 billion.
- • Strive's perpetual preferred stock (SATA) funded 85% of the latest Bitcoin purchase, with warrant exercises contributing an additional $12.4 million; SATA's notional value reached $1.22 billion at stated amount across 12.2 million shares.
- • The company ranks fifth among publicly listed Bitcoin holders, trailing Strategy (847,666 BTC), Twenty One Capital, Metaplanet, and MARA; Strive would require approximately 1,235 additional BTC per week to overtake Twenty One's 43,514 BTC by year-end.
- • Strive's cash reserves increased by $19.2 million to $248.8 million, while Class A common shares expanded by approximately 649,000, demonstrating balanced capital deployment with minimal common equity dilution.
- • The preferred stock mechanism has become Strive's primary funding vehicle for Bitcoin accumulation, with recent purchases funded 70–100% through SATA, reflecting the company's strategic use of structured equity to minimize shareholder dilution.
Summary
Strive, the Dallas-based asset manager co-founded by Vivek Ramaswamy, sustained its aggressive Bitcoin acquisition strategy last week, purchasing 1,107 BTC for $94.5 million at an average price of $85,396 per coin including fees. The transaction, disclosed via SEC Form 8-K filing on Monday, September 29, 2026, expanded Strive's total Bitcoin holdings to 27,462 coins, representing approximately $2.3 billion in value at Friday's closing price of $83,943 per BTC. This latest purchase marked a moderation from the prior week's acquisition of 1,355 BTC, but maintained Strive's consistent pace of treasury expansion.
The financing structure underscores Strive's reliance on its perpetual preferred stock instrument, SATA (Series A preferred shares), which has emerged as the company's primary capital-raising tool for Bitcoin purchases. According to CEO Matt Cole, 85% of the total capital deployed in this week's transaction originated from SATA, with warrant exercises supplying an additional $12.4 million. The preferred share count increased by approximately 1 million shares to 12.2 million outstanding, translating to a notional equity value of $1.22 billion at the $100 stated amount per share. This capital structure allows Strive to fund acquisitions with substantially reduced dilution to common shareholders, a strategic advantage evident in recent transactions where SATA funding represented 70–100% of deployment capital.
Strive's treasury position strengthened alongside Bitcoin accumulation, with cash reserves growing by $19.2 million to $248.8 million, while Class A common shares increased by approximately 649,000. The company's competitive ranking among publicly listed Bitcoin holders places it fifth globally, following Strategy (847,666 BTC), Twenty One Capital (43,514 BTC), Metaplanet, and Microstrategy (MARA). To surpass Twenty One Capital's holdings by year-end 2026, Strive would require acquisition of approximately 16,050 additional BTC, equivalent to roughly 1,235 coins per week at current purchasing velocity. Rival treasury firm Strategy simultaneously disclosed a larger purchase of 1,665 BTC for $142.7 million, bringing its holdings to a record 847,666 BTC and underscoring intensifying competition within the public Bitcoin treasury sector.
The financing structure underscores Strive's reliance on its perpetual preferred stock instrument, SATA (Series A preferred shares), which has emerged as the company's primary capital-raising tool for Bitcoin purchases. According to CEO Matt Cole, 85% of the total capital deployed in this week's transaction originated from SATA, with warrant exercises supplying an additional $12.4 million. The preferred share count increased by approximately 1 million shares to 12.2 million outstanding, translating to a notional equity value of $1.22 billion at the $100 stated amount per share. This capital structure allows Strive to fund acquisitions with substantially reduced dilution to common shareholders, a strategic advantage evident in recent transactions where SATA funding represented 70–100% of deployment capital.
Strive's treasury position strengthened alongside Bitcoin accumulation, with cash reserves growing by $19.2 million to $248.8 million, while Class A common shares increased by approximately 649,000. The company's competitive ranking among publicly listed Bitcoin holders places it fifth globally, following Strategy (847,666 BTC), Twenty One Capital (43,514 BTC), Metaplanet, and Microstrategy (MARA). To surpass Twenty One Capital's holdings by year-end 2026, Strive would require acquisition of approximately 16,050 additional BTC, equivalent to roughly 1,235 coins per week at current purchasing velocity. Rival treasury firm Strategy simultaneously disclosed a larger purchase of 1,665 BTC for $142.7 million, bringing its holdings to a record 847,666 BTC and underscoring intensifying competition within the public Bitcoin treasury sector.
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