Strive Tops 25,000 BTC Treasury After Adding 469 Bitcoin

Strive, a Nasdaq-listed Bitcoin treasury company and asset manager, disclosed that it bought 469 Bitcoin for roughly $36.6 million earlier this month. The purchase, recorded in a filing with the US Securities and Exchange Commission, increases Strive’s total holdings to 25,000 BTC.

According to the filing, Strive acquired the BTC between Sept. 8 and Sept. 11 at an average price of $77,954 per Bitcoin, including fees and expenses. At the time of writing, the largest cryptocurrency was last traded at $78,823, based on CoinGecko data.

Key takeaways

• Strive purchased 469 Bitcoin for about $36.6 million, taking its treasury to 25,000 BTC.
• The company said the buy was funded entirely through proceeds from sales of its SATA perpetual preferred stock.
• Strive reported $204.2 million in cash and cash equivalents as of Sept. 11, alongside 505,000 shares of Strategy’s STRC preferred stock.
• SATA’s notional value outstanding has surpassed $1 billion, with shares outstanding rising to about 10.4 million.
• Strive’s shares jumped more than 7% on Monday and now trade above a key $27 warrant exercise level.

Another BTC acquisition lifts Strive’s treasury

Strive’s SEC filing provides the clearest detail on how and when the latest purchase was executed. The company bought 469 Bitcoin from Sept. 8 through Sept. 11, paying an average of $77,954 per BTC including fees and expenses.

The updated treasury position places Strive among the most heavily capitalized corporate Bitcoin holders. The company previously broke into the top ranks in late August after acquiring 1,800 Bitcoin, at which point it moved ahead of crypto exchange Bullish to become the fifth-largest publicly traded corporate holder at the time.

For investors watching corporate Bitcoin exposure, the pace of accumulation matters because it signals how aggressively treasury companies are allocating balance-sheet resources—especially when combined with their stated funding mechanisms.

SATA preferred stock finances the purchase

Strive CEO Matt Cole said the latest BTC acquisition was funded entirely through proceeds from the sales of SATA, the company’s perpetual preferred stock. In the filing, the company also highlighted that SATA’s notional value outstanding has now surpassed $1 billion.

The document shows SATA share count increased by 402,541 during the period covered by the filing, bringing shares outstanding to about 10.4 million. That matters because it links the firm’s Bitcoin buying directly to an ongoing capital-raising vehicle, rather than relying solely on cash balances.

As of Sept. 11, Strive reported holding $204.2 million in cash and cash equivalents. It also disclosed 505,000 shares of Strategy’s STRC preferred stock, valued at about $49.8 million.

Stock rally follows the accumulation narrative

Strive’s latest BTC purchase also appears to be feeding into market expectations. Yahoo Finance data shows Strive’s Nasdaq-traded shares gained more than 7% on Monday to around $29, extending a rally in which the stock price has more than doubled over the past month.

The stock move has also intensified the competition among corporate Bitcoin holders. Strive’s market capitalization climbed above that of Metaplanet last week even though Metaplanet holds substantially more Bitcoin. As of Monday, Strive’s market capitalization was about $2.5 billion, compared with $1.9 billion for Metaplanet, according to BitcoinTreasuries.net.

That divergence highlights a key dynamic in the sector: market value is not determined by Bitcoin holdings alone. Expectations for future fundraising, treasury growth, and capital structure mechanics can influence how investors price corporate Bitcoin exposure.

Warrants, potential dilution, and a faster path to scale

Strive’s shares have also risen above a technical level that could affect the company’s capital plan. The stock is now above the $27 exercise price for warrants due to expire in mid-October. If warrant holders exercise, they would purchase Strive shares at $27 apiece, potentially generating more than $700 million in new capital, according to BitcoinTreasuries.net.

For traders and long-term holders alike, warrant exercises can change the balance between potential dilution and future buying power. In Strive’s case, the ability to raise additional funds at a premium to the exercise price could accelerate treasury expansion—provided the company chooses to deploy the proceeds accordingly.

Earlier this month, Cole said it was “not out of the realm of possibility” for Strive to become the second-largest publicly traded corporate Bitcoin holder by year-end, though he characterized that as not his base case.

What to watch next

With Strive’s treasury now at 25,000 BTC and its funding engine via SATA continuing to scale, the next signals to track are whether additional Bitcoin purchases follow quickly—and how the mid-October warrant window impacts Strive’s share count and available capital for further accumulation.