Strive added 1,355 Bitcoin for about $107.7 million during the week ended Sept. 18, taking its corporate treasury to 26,355 BTC and narrowing the gap with several of the largest publicly traded Bitcoin holders. The company paid an average of $79,475 per Bitcoin, according to a Form 8-K filed with the U.S. Securities and Exchange Commission.
At a Bitcoin price near $85,600, Strive’s holdings were worth more than $2.25 billion. The purchase leaves the company fifth among public companies with major Bitcoin treasuries, based on the reported holdings of Strategy, Twenty One, Metaplanet and MARA.
The acquisition came as Bitcoin moved above $85,000 for the first time since January, creating an unrealized gain on Strive’s latest batch of coins. The company’s purchase price was roughly 7% below the $85,600 market level cited on Monday, though Bitcoin’s volatility means that gain can change sharply over short periods.
Strive would need a faster buying pace to reach second place
Strive remains well behind the four companies ahead of it. Strategy reported holding 846,000 BTC after a further purchase of 950 Bitcoin for about $75.7 million. Twenty One held 43,514 BTC, while Metaplanet reported 43,000 BTC and MARA held 35,577 BTC.
Passing MARA would require Strive to acquire 9,223 more Bitcoin, assuming MARA does not add to its own position. Moving beyond Twenty One would take an additional 17,160 BTC under the same assumption.
With 14 full weeks remaining in 2026, Strive would need to buy roughly 1,226 BTC a week to reach 43,515 BTC by year-end. That rate would be slightly below the 1,355 BTC acquired in the latest reported week, but maintaining it would require sustained access to capital and stable demand for the company’s securities.
If Strive bought Bitcoin at that pace while MARA’s holdings remained unchanged, it would overtake the miner during the latter half of November. The comparison shows how quickly rankings can change among corporate Bitcoin holders when companies finance regular treasury purchases through equity-linked instruments, preferred shares or operating cash flow.
The rankings also remain fluid because each of Strive’s closest peers has pursued its own acquisition strategy. Strategy’s latest Bitcoin purchase came alongside a roughly $174 million repurchase of STRC preferred shares, showing that companies using Bitcoin-treasury structures must balance coin accumulation with the capital costs of their financing programs.
Warrant exercises and preferred stock supported the purchases
Strive’s Bitcoin buying coincided with the beginning of warrant exercises tied to its common shares, which trade under the ticker ASST. Nearly 786,000 warrants were exercised during the week, generating approximately $21.2 million in gross proceeds, according to the company’s disclosure.
The filing also indicated that SATA, Strive’s preferred stock, supplied about 58% of the capital raised during the week when warrant proceeds are included. SATA traded near its $100 par value on Monday, giving Strive a source of financing that is structurally different from issuing additional common shares.
That distinction affects how the company can fund further Bitcoin purchases. Common-stock issuance can expand the number of shares outstanding, while preferred securities typically carry their own claims on dividends or redemption value. Warrant exercises bring in cash but can also lead to additional common shares entering the market when holders convert their rights.
Strive’s approach places its ability to accumulate Bitcoin partly on market demand for ASST, SATA and related securities. A rising Bitcoin price can improve the value of the company’s existing treasury, but it can also raise the dollar cost of adding new coins. The latest purchase illustrates that tension: Strive spent more than $107 million to add 1,355 BTC, even though its average purchase price was below the price cited on Monday.
TD Cowen raises its estimate for Strive’s treasury
TD Cowen increased its price target for ASST to $44 from $32 and lifted its year-end 2026 estimate for Strive’s Bitcoin holdings to 32,105 BTC from 27,156 BTC. Analysts Lance Vitanza and Jonnathan Navarrete also raised their full-year forecast for the company’s BTC Yield to 70.1% from 54.1%.
BTC Yield is a company-specific measure commonly used by Bitcoin treasury firms to track the change in Bitcoin held per assumed diluted share. It is designed to show whether a company is adding Bitcoin faster than it is expanding its share count, though it does not represent a cash yield paid to shareholders.
TD Cowen’s revised 32,105 BTC estimate would require Strive to add 5,750 Bitcoin from its reported Sept. 18 balance. That is a substantially less aggressive target than overtaking Twenty One this year, requiring an average of about 411 BTC a week over the remaining 14 weeks.
ASST traded near $29.65 in early Monday trading after reaching $31.50 in premarket activity, according to the figures provided. The shares were down about 1.5% in the opening hours, despite the higher analyst target and the rise in Bitcoin’s price.
Strive’s latest filing shows a company expanding its Bitcoin treasury through a mix of security issuance and warrant-related proceeds rather than relying on a single funding channel. Its progress toward the larger treasury holders will depend less on one week’s purchase than on whether those financing routes continue to produce enough capital to support repeated acquisitions.
See how major Bitcoin moves shape price trends in 2026—dive into our analysis in this report.
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