Strive added 3,156 Bitcoin in August, lifting its treasury to 23,156 BTC and positioning the company to challenge Twenty One Capital for the second-largest publicly traded Bitcoin reserve, according to Matt Cole, the company’s chief executive. The purchase pace marks a sharp acceleration from July, when Strive added 136 BTC, and coincides with ASST shares approaching the $27 exercise price of outstanding warrants that could generate more than $700 million for further acquisitions.
The company’s holdings were valued at nearly $1.9 billion based on the figures cited by Cole. Strive recently moved into fifth place among public Bitcoin treasury companies after overtaking Bullish, according to Bitcoin Treasuries data.
Twenty One Capital held 43,514 BTC, leaving Strive about 20,358 BTC behind. That gap places Strive’s stated ambition within reach only if it can maintain a far more aggressive acquisition schedule than it has so far demonstrated. With roughly 17 weeks remaining in 2026, the company would need to acquire about 1,200 BTC a week to move ahead of Twenty One, assuming the latter makes no additional purchases.
Twenty One has not added to its Bitcoin balance since July 2025, according to the figures cited by Cole. Its lack of recent buying gives Strive a fixed target for now, though the ranking could change quickly if Twenty One resumes acquisitions or other listed companies increase their own treasury programs.
Warrants could supply more acquisition capital
Strive’s near-term funding opportunity depends heavily on ASST’s market price. The shares reached a year-to-date high of $26.84 on Thursday, placing them less than 1% below the $27 warrant exercise price.
If warrant holders choose to exercise, Strive could receive roughly $700 million in proceeds, Cole said. Warrant exercise generally allows holders to purchase new shares at a predetermined price, providing the issuing company with cash while increasing its share count. In Strive’s case, those proceeds could be directed toward Bitcoin purchases rather than conventional operating expansion.
Cole also cited a further $700 million in digital-credit capacity, putting the company’s potential buying capacity at about $1.4 billion. The two sources are structurally different: warrant exercises would depend on shareholder decisions and ASST’s trading price, while credit capacity would require the company to access financing under terms that were not detailed in the supplied information.
That distinction matters for a Bitcoin treasury strategy built around rapid accumulation. Warrant proceeds can provide capital without immediately adding conventional debt obligations, but they can dilute existing shareholders if new shares are issued. Credit can preserve ownership stakes but introduces repayment, interest-rate, collateral, and liquidity considerations. Strive’s ability to close the gap with Twenty One would depend not just on access to capital, but on how much of that capital becomes available and how efficiently it can be deployed.
August buying dwarfed July additions
The August acquisition of 3,156 BTC was more than 23 times larger than Strive’s July addition of 136 BTC. Cole said Bitcoin traded in the low-$62,000 range during July, while the company’s reported overall treasury valuation implies a substantially higher value for its accumulated holdings by the time of the latest update.
A separate figure in the supplied material described a purchase of 1,800 Bitcoin for $143 million, at an average cost of $79,431 per BTC, over five days late in the summer. That buying activity appears to form part of Strive’s accelerated accumulation, though the company’s full purchase-by-purchase breakdown was not included.
The scale of August activity shows that Strive is no longer treating Bitcoin as a small balance-sheet allocation. At 23,156 BTC, its reserve has become the central financial metric through which traders are likely to assess the company, alongside ASST’s share price and its potential funding pipeline.
Bitcoin Treasuries data showed ASST had outperformed the 10 largest public Bitcoin treasury companies by an average of 82% this year, according to the supplied information. That stock performance helps explain why the warrant threshold has become a focal point: a sustained move above $27 could make exercising the warrants more attractive and give Strive a substantial new pool of acquisition capital.
A high bar for a top-two ranking
Cole said Strive could finish 2026 as the second-largest public holder of Bitcoin and separately projected that Bitcoin could trade above $500,000 by 2030. He added that the company’s balance sheet does not rely on Bitcoin reaching that level.
The more immediate challenge is arithmetic rather than long-term price forecasting. Even if Strive accessed the full $1.4 billion in stated potential capacity, the number of Bitcoin it could acquire would depend on market prices at the time of purchases. At an $80,000 Bitcoin price, for example, $1.4 billion would theoretically cover about 17,500 BTC before fees and other uses of capital—short of the current gap with Twenty One.
Strive therefore has a plausible route to narrow the distance substantially, particularly if warrant proceeds arrive and Twenty One remains inactive. Overtaking the larger treasury this year would require continued large-scale purchases, stable access to financing, and no major change in the holdings of the companies ahead of it.
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