Strive’s Bitcoin Stash Hits an Even 25,000 BTC After $36.6 Million Buy

Strive bought 469 Bitcoin last week, spending $36.6 million to bring its total holdings to an even 25,000 coins. The Nasdaq-listed asset manager paid an average of $77,954 per Bitcoin between Sept. 8 and Sept. 11, according to a Form 8-K filed with the SEC on Monday. That values the stack at roughly $1.95 billion at current prices.

The purchase came entirely from preferred stock. “100% of the capital raised came from SATA, which now has over $1B notional outstanding,” CEO Matt Cole said on X. SATA is Strive’s Variable Rate Series A Perpetual Preferred Stock. “We increased amplification ratio to 53.5%,” Cole wrote.

SATA shares outstanding rose by 402,541 during the period, taking the preferred stock’s $100-stated notional value to roughly $1.04 billion—enough to cover the Bitcoin bill with change left over, which is why cash still ticked up, from $202.6 million to $204.2 million, even after the buy.

Cole also flagged that Strive’s “amplification ratio” rose to 53.5%, a figure the company defines as notional preferred equity and debt measured against Bitcoin net asset value. In practice, that means Strive now carries about $53.50 in preferred obligations for every $100 of Bitcoin sitting on its balance sheet.

The pace is a sharp comedown from the week before. Strive bought 1,375 BTC for about $109 million between Aug. 31 and Sept. 4 at an average of $79,281 apiece—nearly three times last week’s haul, and split 70/30 between SATA and common stock rather than being funded entirely by preferred.

Strive’s Class A common stock barely budged this time, growing by just 34,206 shares. That’s the point of the structure: raise money without diluting shareholders who already own a piece of the business, funding purchases through preferred stock paying daily dividends instead. Strive’s 505,000-share stake in Strategy’s own preferred product, STRC, held steady through the period.

Strive still trails well behind the top of the corporate Bitcoin leaderboard. The company ranks fifth among public holders, behind Strategy, Twenty One Capital, Metaplanet, and MARA Holdings, according to Bitcoin Treasuries.

Closing that gap won’t be cheap. Twenty One Capital—the Tether-backed firm whose CEO Jack Mallers resigned in July—holds 43,514 BTC, putting it 18,515 coins ahead of Strive. With 15 weeks left in 2026, Strive would need to average roughly 1,234 BTC a week to close that distance before the year is out.