Strive Inc. bought 3,311 Bitcoin for roughly $280 million between October 5 and October 9, raising its corporate treasury to 32,773 BTC, according to an 8-K filing with the U.S. Securities and Exchange Commission. The purchases were made at an average cost of about $84,500 per Bitcoin, including fees and expenses.
The acquisition is Strive’s largest increase in Bitcoin holdings since January, when the company added about 5,048 BTC through its all-stock merger with Semler Scientific. With 32,773 BTC on its balance sheet as of October 9, Strive remains the fifth-largest publicly traded Bitcoin holder tracked by Bitcoin Treasuries.
Its latest purchase also shows the scale of capital required for companies attempting to move up the Bitcoin-treasury rankings. Strive is now 11,227 BTC behind Metaplanet, which holds 44,000 BTC, a difference valued at about $937.5 million using the filing’s calculation.
Strive remains behind a tightly packed group of treasury companies
Bitcoin Treasuries data places Strategy far ahead of every other public company, with 848,250 BTC following its latest reported purchase of 250 BTC for $21.5 million. The four companies above Strive are Strategy, Metaplanet, Tether-backed Twenty One, with 43,514 BTC, and Bitcoin miner MARA Holdings, with 35,577 BTC.
The gap between Strive and MARA is relatively narrow at 2,804 BTC. Reaching Metaplanet would demand a much larger commitment. Based on Strive’s October 9 holdings and Metaplanet’s reported 44,000 BTC, Strive would need to buy about 990 BTC per week through the end of 2026 to move ahead, assuming Metaplanet makes no additional purchases.
That assumption is a substantial one. Corporate Bitcoin treasury rankings can change quickly when companies issue stock, preferred shares, convertible instruments, or other securities to finance purchases. Strategy’s balance-sheet strategy has created a model that several public companies now seek to adapt, though their funding structures and acquisition pace vary sharply.
Strive’s purchase was nearly 13 times larger than Strategy’s latest 250-BTC acquisition in coin terms, yet Strategy’s existing reserve remains more than 25 times larger than Strive’s total holdings. The comparison illustrates the distance between the market leader and the emerging group competing for positions below it.
Filing shows cash rose alongside Bitcoin purchases
Strive reported $310.3 million in cash and cash equivalents as of the latest period, up from $284.7 million a week earlier, despite spending approximately $280 million on Bitcoin. The figures indicate that the company was also raising or receiving capital during the same period in which it expanded its Bitcoin reserve.
Since becoming a public company in September 2025, Strive has accumulated Bitcoin through several channels. Its filing cited 5,886 BTC associated with initial private investment in public equity, or PIPE, proceeds and exchange activity, alongside at-the-market share programs and follow-on offerings.
An at-the-market program allows a company to sell newly issued shares into the public market over time rather than through one large offering. For a Bitcoin treasury company, that mechanism can provide a continuing source of capital for purchases, but it may also increase the number of shares competing for claims on the company’s assets.
Strive’s latest filing recorded an increase of roughly 9.5 million Class A shares outstanding during the week. The number of shares underlying outstanding traditional warrants declined by about 8 million. The company also reported that its variable rate series A perpetual preferred stock, known as SATA, increased by 532,094 shares.
Preferred stock adds another funding layer
SATA carries a 13% annualized dividend rate that is paid daily, according to Strive’s filing. Preferred stock generally ranks ahead of common equity for dividend payments and liquidation claims, making it a potentially costly form of financing when dividend rates are high.
The rising SATA balance adds to the obligations associated with Strive’s capital structure. Bitcoin gains could improve the value of the company’s treasury, but the firm must also manage dividend commitments, cash reserves, and dilution from common shares while pursuing additional acquisitions.
Strive also disclosed ownership of 505,000 shares of Strategy’s STRC preferred stock. That position gives the company exposure to a security issued by the largest corporate holder of Bitcoin while maintaining its own direct Bitcoin treasury.
The combination of direct Bitcoin purchases and holdings in Strategy-linked preferred stock leaves Strive with exposure to both Bitcoin’s market price and the financing approach used by its much larger rival. Its $280 million October purchase strengthened its position among the largest public-company holders, but the climb toward Metaplanet and the companies above it will depend as much on access to capital as on the price of Bitcoin.
See how institutional moves shape BTC: explore this Bitcoin fundamentals guide to understand market impact.
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