Strive purchased 2,000 Bitcoin for roughly $169 million between Sept. 28 and Oct. 2, lifting its treasury to 29,462 BTC and bringing the company closer to MARA in the contest for the fourth-largest Bitcoin reserve among public companies.
The acquisition, disclosed in a Form 8-K filed with the U.S. Securities and Exchange Commission on Monday, was Strive’s largest single Bitcoin purchase since it acquired 2,500 BTC on June 2. The company paid an average price of about $84,422 per Bitcoin, below Bitcoin’s approximately $86,000 market price in Monday trading.
Strive said its Bitcoin holdings were worth about $2.55 billion following the purchase. MARA held 35,577 BTC, leaving Strive 6,115 BTC behind the Bitcoin mining company’s reported total. At the current pace, Strive has moved from being a smaller corporate buyer to a serious challenger within the public-company treasury rankings.
Preferred shares funded most of the purchase
Strive funded much of its latest Bitcoin buying through sales of its SATA preferred shares, which supplied 61.5% of the capital raised for the transactions. Warrant exercises generated a further $56.7 million, according to Matt Cole, Strive’s chief executive officer.
The financing structure gives Strive a route to add Bitcoin without relying solely on cash from its operating business. Preferred shares generally give holders priority over common shareholders for dividends or payouts, while typically limiting voting rights. For a company pursuing a Bitcoin treasury strategy, issuing such securities can expand buying capacity while spreading the financial claims across different classes of capital.
The approach also brings a more complicated balance-sheet structure than a straightforward cash purchase. Strive reported an amplification ratio of 55.3%, a measure it described as preferred equity and debt relative to the value of its Bitcoin holdings. That figure offers a view of how much external capital supports the company’s BTC position, rather than simply showing the number of coins held.
Strive held nearly $285 million in cash and cash equivalents as of Sept. 30, according to the SEC filing. That reserve could give the company room for further purchases, though its future pace will depend on market prices and its ability to continue raising capital on acceptable terms.
Third-quarter buying was concentrated
The 2,000-BTC purchase formed part of a much larger third-quarter accumulation program. Strive reported acquiring 8,137 BTC during the quarter at an average price of $78,885 per coin.
That average purchase price indicates that a substantial share of the quarter’s buying occurred before Bitcoin moved toward the mid-$80,000 range. The company reported a year-to-date BTC yield of 63.2%, a treasury metric tracked by firms that measure the growth in Bitcoin held relative to their share structure.
Strive’s latest purchases also reduce the gap separating several companies in the increasingly competitive public Bitcoin treasury rankings. Corporate reserve strategies have become a distinct part of the Bitcoin market, with companies using equity, preferred securities, debt, operating cash flow, or combinations of those sources to accumulate coins.
The rankings can change quickly when a company executes a large purchase or restructures its holdings. Treasury size alone does not show the cost basis, financing risk, liquidity position, or dilution experienced by common shareholders, but it has become a closely watched indicator of which companies have made Bitcoin accumulation central to their corporate strategy.
Metaplanet moves into second place
Japan-based Metaplanet ended the third quarter with 44,000 BTC after selling 10,000 BTC and repurchasing 11,000 BTC, resulting in a net increase of 1,000 BTC. That total placed Metaplanet ahead of Twenty One, which held 43,514 BTC, for the second-largest reported Bitcoin treasury among public companies.
Strive remains 14,538 BTC below Metaplanet’s total. Reaching 44,000 BTC by year-end, assuming Metaplanet made no additional purchases, would require Strive to acquire roughly 1,212 BTC a week over the remaining 12 full weeks of the year.
That comparison illustrates the scale required to move through the upper ranks. Strive’s latest 2,000-BTC purchase was large enough to narrow the distance to MARA, but it would need several similarly sized transactions to catch Metaplanet. Any renewed buying by companies above it would raise that threshold further.
At the top of the table, Strategy added 334 BTC for $28.7 million last week, bringing its reported holdings to 848,000 BTC. Strategy’s reserve remains vastly larger than those of its nearest public-company peers, leaving the more active competition centered on the positions beneath it.
Treasury financing becomes a market focus
Strive’s shares traded about 1.6% higher at $30.50 in early Monday trading, while SATA preferred shares remained near their intended $100 par value. The common stock and preferred shares offer different forms of exposure to the company’s treasury strategy: common shareholders face the effects of Bitcoin price movements, financing decisions, and potential dilution, while preferred holders occupy a different position in the capital structure.
The latest filing places Strive among the companies turning balance-sheet management into an active Bitcoin acquisition program. Its rise toward MARA is being driven less by mining output than by access to public-market financing, making future securities issuance and capital allocation decisions central to whether it can continue closing the gap.
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