Strive added 1,110 Bitcoin worth about $81.5 million in purchases made between Aug. 17 and Aug. 21, raising its corporate treasury to 21,356 BTC, according to an 8-K filing with the U.S. Securities and Exchange Commission. The acquisition places Strive among the largest publicly traded Bitcoin holders, with Bitcoin Treasuries ranking it seventh globally.
The company paid an average of $73,409 per Bitcoin, including fees and expenses, for the latest purchases. Its holdings were 20,246 BTC in mid-August, meaning the treasury expanded by roughly 5.5% within days.
Bitcoin was trading near $80,000 on Monday after closing Friday at $77,387, according to the price figures provided in the materials. At those levels, the market value of Strive’s 21,356 BTC would be materially above its reported purchase price for the latest batch, although the company did not disclose a total cost basis for its full Bitcoin position in the filing.
Strive joins a concentrated group of corporate holders
Public-company Bitcoin ownership remains heavily concentrated among a small group of treasury-focused businesses. Bitcoin Treasuries lists Strategy as the largest corporate holder, with 840,447 BTC, far beyond the holdings reported by other listed companies.
Twenty One Capital ranks next with 43,514 BTC, followed by Japan’s Metaplanet with 43,000 BTC. MARA holds 35,577 BTC, while Bitcoin Standard Treasury Company holds 30,021 BTC, according to the same data provider.
Strive’s position is smaller than those companies’ holdings but is large enough to make Bitcoin a central component of its balance-sheet strategy. Its latest purchase added more Bitcoin in one week than many listed companies hold in total, tightening the gap between Strive and the next tier of corporate treasury buyers.
The move also gives Strive greater exposure to Bitcoin’s price swings. A larger Bitcoin reserve can lift the value of the company’s assets during rising markets, but it also places more of its balance sheet at risk when the asset declines. That trade-off has become increasingly relevant for companies whose shares are partly valued on their ability to acquire Bitcoin per share over time.
Cash balance rose alongside Bitcoin purchases
Strive reported $171.9 million in cash and cash equivalents, up from $154.8 million on Aug. 14. The increase indicates that the company maintained a substantial liquidity position even after completing the $81.5 million Bitcoin purchase program.
The filing also showed that the fair value of Strive’s 505,000 shares of Strategy’s STRC preferred stock rose to $48.6 million, from $47.9 million previously. STRC was trading at $96.18 on Monday, below its $100 par value, while Strive’s SATA preferred shares traded at $100.63.
The combination of Bitcoin, cash and securities tied to another Bitcoin-treasury company creates a balance sheet that is increasingly linked to the performance of the digital asset and the financing conditions surrounding it. Bitcoin price movements could affect Strive directly through its treasury and indirectly through the market value of its STRC position.
Strategy builds cash rather than adding Bitcoin
Strategy, the sector’s dominant Bitcoin holder, took a different approach during the same period. Between Aug. 17 and Aug. 23, the company sold 18.26 million MSTR shares for roughly $2 billion but reported no Bitcoin purchases or sales.
According to the company’s disclosure, Strategy used $300 million of net proceeds to increase its USD Reserve to $5.1 billion and allocated $1.59 billion to a separate “USD Cash” pool. The company said the cash pool could be used for future Bitcoin purchases, dividends on preferred stock, interest payments, securities repurchases and other corporate purposes.
That structure gives Strategy substantial flexibility, though it also means newly raised equity has not immediately translated into additional Bitcoin holdings. With 840,447 BTC already on its balance sheet, Strategy’s financing decisions can influence how traders assess demand from the public-company treasury sector.
Its reserve also reflects the growing complexity of the model pioneered by corporate Bitcoin buyers. Companies are not simply purchasing and holding Bitcoin; they are managing preferred-stock obligations, equity issuance, debt-service costs and cash reserves alongside their cryptocurrency allocations.
Equity issuance shapes treasury expansion
The latest disclosures show two versions of the same corporate playbook. Strive is continuing to increase Bitcoin holdings, while Strategy has raised large amounts of capital but retained much of it in cash rather than deploying it immediately into the market.
Selling shares can provide companies with capital for Bitcoin purchases without adding conventional debt obligations. The approach can also dilute existing shareholders, making the price paid for new Bitcoin and the terms of each capital raise central to whether a company increases its Bitcoin exposure on a per-share basis.
For Strive, the immediate result is straightforward: its treasury has risen to 21,356 BTC, moving it further into the upper ranks of public-company holders. For Strategy, the $5.1 billion reserve and additional USD Cash allocation leave the company equipped to fund several corporate needs, including potential future Bitcoin buying, without requiring an immediate return to capital markets.
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