Strive, Inc. added 124 Bitcoin between Oct. 24 and Oct. 30 for roughly $10 million, taking its corporate treasury to 43,124 BTC and placing the Texas-based company within 876 BTC of Japan's Metaplanet, according to a Nov. 2 filing with the U.S. Securities and Exchange Commission.
The purchase keeps Strive near the top of the public-company Bitcoin treasury rankings after a far larger accumulation campaign in October. The company's SEC disclosures indicate that it acquired about $1.25 billion worth of Bitcoin during the month, giving it one of the fastest-growing corporate holdings among listed firms.
Bitcoin Treasuries data lists Metaplanet with 44,000 BTC, followed by Twenty One with 43,514 BTC and Strive with 43,124 BTC. Strategy remains in a separate category by scale, with 849,327 BTC, while Bitcoin miner MARA holds 35,577 BTC.
Strive's latest purchase was modest compared with its October total, but it shows the company has continued buying while building out financing arrangements designed to support further acquisitions.
Cash reserves fell as Bitcoin holdings increased
Strive reported $490.4 million in cash and cash equivalents as of Oct. 30, down $14 million from the previous week, according to a separate SEC filing. The decline broadly coincided with the approximately $10 million Bitcoin purchase disclosed for the same period.
Matt Cole, Strive's co-founder and chief executive officer, said in an Oct. 30 post on X that most of the recent Bitcoin purchases had been funded from existing cash. He also said the company used its SATS preferred-stock at-the-market program for the first time.
That program, launched on Oct. 26, authorizes Strive to sell up to $1 billion in SATS preferred shares. The proceeds can fund additional Bitcoin acquisitions as well as general corporate purposes, according to the company's disclosures.
An at-the-market program allows a company to sell securities gradually into public markets rather than raising all capital in a single transaction. For a Bitcoin treasury company, that structure can give management a more flexible source of funding when it wants to buy Bitcoin without relying solely on cash already on its balance sheet.
Strive's use of cash for the latest acquisition suggests that the SATS facility is an additional financing channel rather than the sole source of funding for its strategy. The company ended the reporting period with substantial liquidity, though its cash balance is now a meaningful part of the equation traders will watch alongside its Bitcoin holdings.
Preferred shares expand Strive's funding options
Strive also disclosed that it held 505,000 shares of Strategy's STRC preferred stock, valued at approximately $50.1 million as of Oct. 30. Its outstanding SATA preferred shares remained unchanged at slightly more than 14 million.
The filings follow Strive's late-October capital raise of $630 million through a sale of preferred shares priced at $90 each. The securities carry a stated annual payout of 15%, according to the supplied details.
Preferred shares are commonly used by companies seeking capital without issuing ordinary common stock immediately. They generally offer holders priority over common shareholders for dividend payments and, depending on their terms, can provide fixed distributions. The arrangement gives Strive access to capital aimed at supporting its Bitcoin-per-share strategy, though the stated payout also creates an ongoing financing obligation.
Cole and Strive have framed the company's approach around increasing Bitcoin held per share rather than simply accumulating the largest possible Bitcoin balance. That focus has become increasingly common among treasury-focused companies, where the number of shares issued to finance purchases can be as consequential as the size of the Bitcoin acquisition itself.
A company can expand its Bitcoin treasury while diluting common shareholders if it issues stock faster than Bitcoin holdings grow on a per-share basis. Preferred equity, debt and cash-funded purchases offer different trade-offs: each may limit one form of dilution or pressure while adding costs, repayment requirements or claims on company assets.
A tightening race among public Bitcoin holders
Strive's 43,124 BTC holding leaves it close to both Twenty One and Metaplanet. Based on the Bitcoin Treasuries figures, Strive would need 391 BTC to move ahead of Twenty One and 877 BTC to surpass Metaplanet, assuming neither company changes its holdings.
That proximity turns routine treasury filings into a useful gauge of how quickly the rankings could change. Strive bought 124 BTC during the latest reported week, a pace that would require several further purchases to close the gap with Metaplanet. Its October acquisitions show it has recently operated at a much faster scale than the latest weekly purchase alone would imply.
The wider corporate Bitcoin treasury trend has also concentrated a sizeable supply in publicly traded companies. The supplied market report put aggregate public-company holdings at 1,168,864 BTC, or 5.8% of active supply. Strategy's latest disclosed purchase of 811 BTC for $65.5 million further illustrates how a small number of major holders continue to add to their reserves.
Those holdings do not create a guaranteed Bitcoin price floor. Corporate treasuries can change purchasing plans, raise capital under different conditions or face balance-sheet pressures that affect acquisition activity. Yet sustained purchases by companies with disclosed treasury mandates can add a visible source of recurring demand to a market historically shaped by a mix of long-term holders, funds, miners and retail traders.
For Strive, the immediate test is whether its new preferred-share program and remaining cash reserves translate into another large round of Bitcoin purchases. The company has already moved close enough to Metaplanet and Twenty One that even relatively small additions could reshape the public-company rankings.
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