Strive Asset Management added 1,375 Bitcoin to its corporate treasury last week for approximately $109 million, taking its holdings to 24,531 BTC and extending its use of preferred-stock financing to fund purchases. The company bought the coins at an average price of $79,281 between Aug. 31 and Sept. 4, according to a Form 8-K filed Tuesday with the U.S. Securities and Exchange Commission.
The acquisition places Strive among the more aggressive public-company Bitcoin accumulators, with its latest weekly buying pace approaching the level needed to challenge Twenty One Capital for the second-largest publicly disclosed corporate Bitcoin treasury. Based on the current holdings gap and assuming Twenty One Capital makes no further purchases, Strive would need to acquire roughly 1,200 BTC per week over the remaining 16 weeks of 2026 to move ahead.
Strive’s purchase came during a volatile stretch for Bitcoin, which fell as low as about $73,700 earlier Tuesday after trading above $82,300 last Thursday. The company’s average purchase price of $79,281 therefore sits above the latest reported market level, illustrating the exposure treasury companies accept when financing ongoing accumulation programs through equity-linked and preferred securities rather than waiting for lower spot prices.
sata preferred stock funds most of the purchase program
About 70% of Strive’s capital raised during the week came through sales of its SATA perpetual preferred stock, the company said in its SEC filing. SATA’s notional volume outstanding reached nearly $999 million, while outstanding shares increased by 921,511 to almost 10 million.
Perpetual preferred stock generally pays a stated dividend but has no fixed maturity date. For a Bitcoin treasury company, it offers a way to raise capital without immediately issuing more common shares, though the cost of dividends and the size of the preferred-stock obligation can become more relevant as the program grows.
SATA traded around its intended $100 par value, according to the company’s update. Maintaining that level would help Strive continue using the instrument as a relatively stable funding channel. A sustained discount to par, by contrast, could make further issuance less attractive or require more generous terms for buyers.
Strive also reported that its cash and cash equivalents rose to $202.6 million from $183.5 million during the week. That increase, alongside the Bitcoin purchase, indicates the company was raising more capital than it immediately deployed into digital assets.
The company continued to hold 505,000 shares of Strategy’s STRC preferred stock, a position that did not change during the reporting period. The holding gives Strive exposure to another prominent Bitcoin-treasury issuer through a preferred security rather than through additional direct Bitcoin ownership.
warrants offer another potential source of Bitcoin-buying capital
Strive reported more than $700 million of warrants outstanding and estimated that potential proceeds could reach as much as $1.4 billion. If exercised, those warrants could provide substantial additional capital for Bitcoin purchases, although the eventual amount depends on market conditions and whether holders choose to exercise.
Strive’s common shares briefly traded above the warrants’ $27 exercise price on Friday, reaching $27.27. The stock then fell about 3.5% to roughly $26.20 shortly after Tuesday’s market open, dropping back below that threshold.
The movement around the exercise price matters because warrants become more economically attractive to holders when the underlying shares trade above their conversion level. A stock price consistently above $27 could make the warrants a more practical source of funding, while a price below that level reduces the immediate incentive to exercise them.
The company’s capital structure is therefore becoming central to its Bitcoin strategy. Direct cash purchases remain the visible result, but preferred-stock issuance, warrant exercises, cash reserves, and securities holdings determine how quickly Strive can keep adding Bitcoin without relying entirely on common-stock sales.
strategy holds steady as Strive accelerates
Strategy, the largest publicly disclosed corporate holder of Bitcoin, reported no purchases or sales last week and said it continues to hold 845,050 BTC. Its decision to pause buying left Strive’s acquisition activity in sharper focus among companies regularly updating the market on Bitcoin treasury positions.
Michael Saylor, Strategy’s executive chairman, said the company repurchased $176 million of STRC preferred stock and increased its Digital Credit Securities Repurchase Program to $2 billion from $1 billion. He also reported that Strategy held $6.5 billion in U.S. dollar assets as of Sept. 7.
Those disclosures show how treasury-focused companies are managing two parallel tasks: accumulating Bitcoin and maintaining enough liquidity to meet obligations, support securities prices, or finance future purchases. Strive’s $202.6 million cash balance is much smaller than Strategy’s reported dollar assets, but its latest financing activity suggests it is seeking to build a repeatable acquisition structure rather than depend on isolated purchases.
Other listed companies have also continued to report sizable Bitcoin positions. Metaplanet holds 43,000 BTC, while Capital B said it spent about €25.3 million to acquire 376 BTC during the week. The growing number of corporate treasury disclosures has made company financing decisions increasingly relevant to Bitcoin market participants, particularly when issuers use newly raised capital to buy coins in concentrated periods.
Strive’s latest filing shows that its ability to close the gap with larger treasury holders will depend less on a single Bitcoin purchase than on whether SATA issuance and potential warrant proceeds remain available at workable terms.
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