Strive added 1,107 Bitcoin to its corporate treasury last week for about $94.5 million, taking its holdings to 27,462 BTC and keeping the company among the largest publicly traded Bitcoin holders. The purchases, disclosed in a Form 8-K filed with the U.S. Securities and Exchange Commission, were made between Sept. 21 and Sept. 25 at an average price of $85,396 per Bitcoin.
The acquisition came as Bitcoin slipped to roughly $83,000 on Sunday night, a one-week low that put the market price below Strive’s average purchase price for the latest tranche. Strive had also bought 1,355 BTC in the preceding week, extending a rapid accumulation program that has added thousands of coins to its balance sheet in a short period.
The company’s disclosed holdings now exceed 27,400 BTC, placing Strive behind Strategy, Twenty One, Metaplanet and MARA among public companies with the largest reported Bitcoin treasuries.
Preferred stock becomes the main funding source
Strive funded the latest purchases primarily through sales of its SATA perpetual preferred stock, supplemented by proceeds from holders exercising outstanding warrants. The financing mix shifted sharply toward preferred stock during the week.
SATA sales accounted for 85% of the capital Strive raised for Bitcoin purchases, compared with 57.7% in the prior week, according to the company’s filing. Warrant exercises generated $12.4 million in gross proceeds, down from $21.2 million a week earlier.
That funding profile gives Strive a different route to expanding its Bitcoin position than a conventional common-stock issuance. Perpetual preferred shares generally sit ahead of common shares in a company’s capital structure and can carry specified payment or conversion terms. The approach may reduce the company’s immediate reliance on selling common shares, though it also increases the importance of managing the obligations attached to the preferred stock.
For shareholders in Strive’s common stock, the result is a business increasingly tied to the size and market value of the company’s Bitcoin reserve. A larger treasury can magnify gains if Bitcoin rises, while a sustained decline in Bitcoin would reduce the value of the reserve and could complicate future capital raising.
Strive’s stock, traded under the ticker ASST, was down 0.3% on Monday at $29.35. Even after that decline, the shares were up nearly 70% year to date, outperforming the year-to-date moves cited for Strategy and Twenty One, whose shares had fallen 6% and 26%, respectively.
The gap to the next treasury tier remains large
Strive’s latest purchase strengthens its standing among Bitcoin treasury companies, but moving higher in the rankings would require a substantially faster accumulation rate or a major change in competitors’ buying activity.
Twenty One reportedly held 43,514 BTC, leaving Strive 16,052 BTC short of that total based on Strive’s newly reported 27,462 BTC balance. If Twenty One made no further purchases, Strive would need to acquire roughly 1,235 BTC each week over the remaining 13 full weeks of the year to close that gap by year-end.
That pace would exceed Strive’s most recent weekly purchase of 1,107 BTC, although it would be below the 1,355 BTC it added in the previous week. Maintaining such a run rate would also require the company to keep accessing capital markets at a scale well above the proceeds generated by last week’s warrant exercises.
The figures show how Bitcoin treasury rankings can shift quickly during periods of active fundraising. A company can add more than 1,000 BTC in a week, yet still face a wide numerical gap to the largest holders because the leading corporate treasuries are measured in tens of thousands of coins.
Bitcoin’s price adds pressure to treasury strategies
The timing of Strive’s purchases places its latest Bitcoin acquisition slightly underwater on an unrealized basis, with Bitcoin trading near $83,000 after the company paid an average of $85,396. That difference is modest by Bitcoin’s historical standards, but it illustrates the market exposure created when companies finance recurring spot purchases.
Bitcoin treasury companies are judged on two linked variables: how effectively they raise capital and whether the Bitcoin acquired with that capital appreciates over time. A falling Bitcoin price can make subsequent purchases cheaper, allowing a company to add more coins per dollar raised. It can also weaken the market value of the coins already held and affect how traders value the company’s shares.
Strive’s latest filing indicates that management is continuing to prioritize reserve growth despite that short-term price volatility. The company added 2,462 BTC across the past two reported weeks, lifting its balance by almost 10% from roughly 25,000 BTC before the recent buying began.
Its ability to keep that momentum will depend less on a single week of Bitcoin price action than on continued demand for its preferred stock and warrants. With warrant proceeds declining week over week and SATA becoming the dominant source of funds, the preferred-share program has become the central mechanism behind Strive’s expanding Bitcoin treasury.
Want to track big Bitcoin treasury moves like Strive’s? Learn timing and strategy in this Bitcoin buying guide.
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