Strive added 469 Bitcoin last week, taking its corporate treasury to 25,000 BTC after funding the purchase entirely through sales of its SATA perpetual preferred stock, according to a Form 8-K filed Monday. The company spent $36.6 million on the latest acquisition, paying an average price of just under $78,000 per Bitcoin.
At Bitcoin prices near that purchase level, Strive’s treasury is worth roughly $1.95 billion. The total places the company fifth among public Bitcoin holders cited in the filing materials, behind Strategy, Twenty One, Metaplanet and MARA.
The purchase was smaller than Strive’s previous weekly acquisition, when it bought 1,375 BTC for approximately $109 million. Even so, the latest filing shows the company continuing to use preferred-stock financing rather than issuing common shares to build its Bitcoin balance.
SATA issuance funds the latest purchase
Cole said all capital used for the week’s Bitcoin purchases came from SATA sales. SATA is Strive’s perpetual preferred stock, a type of security that does not have a scheduled maturity date and generally carries claims senior to common equity.
The company said SATA has exceeded $1 billion in notional value outstanding. That growing issuance is now central to Strive’s treasury strategy: it gives the company a source of capital for Bitcoin purchases without immediately expanding the number of ASST common shares outstanding.
Preferred equity can be less dilutive to common shareholders than a direct common-stock offering, but it also brings a higher layer of financial claims ahead of common equity. Holders of preferred shares can have rights to dividends, redemptions, or liquidation proceeds depending on the terms of the security. The structure therefore shifts part of the financing burden from common-share dilution toward fixed or preferential obligations.
Strive’s disclosure illustrates that trade-off through its “amplification ratio,” which rose to 53.5%. The company defines the measure as the ratio of its notional preferred equity outstanding and debt to Bitcoin net asset value, or BTC NAV. In practical terms, Strive reported about $53.50 in preferred-stock obligations and debt for every $100 of Bitcoin it holds.
That ratio means Bitcoin price movements have an outsized effect on the value remaining for common shareholders after senior claims are considered. A rising Bitcoin price increases the value of the treasury, while a sharp decline would reduce the cushion supporting preferred equity and debt.
Strive remains well behind the next treasury holder
Strive’s 25,000 BTC total puts it behind Twenty One’s reported 43,514 BTC holdings. Assuming Twenty One does not buy more Bitcoin, Strive would need another 18,515 BTC to move ahead.
With 15 full weeks remaining in 2026 under the timeline used in the supplied figures, that would require average purchases of about 1,234 BTC each week. Strive’s latest 469-BTC purchase falls well below that pace, while its prior 1,375-BTC acquisition was slightly above it.
The calculation demonstrates how quickly the rankings can change when companies use capital-markets products to accumulate Bitcoin, but it also shows the scale required for Strive to overtake the next-largest holder. At an acquisition price near $78,000 per BTC, buying 18,515 Bitcoin would require roughly $1.44 billion before transaction costs, assuming the market price did not change.
That estimate also excludes additional purchases by Twenty One, Metaplanet, MARA or Strategy. Corporate Bitcoin-treasury rankings are fluid because each company has different financing tools, issuance capacity and appetite for price risk.
Strategy pauses Bitcoin buying while repurchasing preferred shares
Strategy, the largest public Bitcoin holder, kept its 845,050 BTC treasury unchanged for a second consecutive week. The company instead spent $139.3 million to repurchase STRC preferred shares, using its U.S. dollar cash reserve.
The move offers a contrast with Strive’s approach. While Strive increased its preferred-stock issuance to fund Bitcoin purchases, Strategy used cash to reduce an existing preferred-share obligation. Both actions affect the relationship between a company’s Bitcoin holdings and the senior claims that sit ahead of common equity.
Bitcoin traded near $78,000 after a volatile move last Friday that took the asset from around $76,000 to nearly $80,000 before it returned toward $77,000 within roughly seven hours. That volatility leaves treasury companies exposed to rapid changes in the marked value of their Bitcoin reserves, particularly when they have added preferred equity or debt against those holdings.
Strive’s latest filing shows a company pursuing faster Bitcoin accumulation through a financing structure that preserves common-share count but raises its senior-claim load. Its ability to keep climbing the public-holder rankings will depend less on a single weekly purchase than on whether SATA demand can continue supporting acquisitions without pushing its amplification ratio materially higher.
For deeper insight into BTC accumulation at record prices, explore our analysis: Should you buy Bitcoin while it’s still over $70,000?
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