Dallas-based asset manager Strive purchased 1,107 BTC between September 21 and 25 for $94.5 million, pushing total holdings past 27,000 coins to 27,462 BTC. The acquisition, disclosed via Form 8-K filing and a post from CEO Matt Cole on Monday, was funded primarily through issuance of SATA preferred stock, Strive’s variable-rate perpetual preferred shares that allow capital raising with reduced dilution to common shareholders.
The purchase cost an average of $85,396 per BTC including fees. At Friday’s Bitcoin closing price of $83,943, Strive’s holdings were worth approximately $2.3 billion. The move marks Strive’s third major accumulation in as many weeks, following a 1,355 BTC purchase the prior week and a 469 BTC acquisition earlier in September.
SATA preferred stock accounted for 85% of total capital raised across the latest purchase, with warrant exercises generating the remaining $12.4 million. “Warrant exercises generated another $12.4M. Including those proceeds, 85% of total capital raised came from SATA,” Cole said.
The issuance expanded Strive’s share count to 12.2 million shares after adding 1 million shares during the week, alongside 649,000 Class A common shares. The SATA issuance carried a notional value of $1.22 billion at the stated amount of $100 per share. Cash on hand rose by $19.2 million to $248.8 million following the capital raise.
Strive ranks fifth among public Bitcoin holders, trailing Strategy, Twenty One Capital, Metaplanet, and MARA. Strategy separately added 1,665 BTC for $142.7 million, bringing its holdings to a record 847,666 BTC. Twenty One Capital holds 43,514 BTC. To catch Twenty One Capital by year-end, Strive would need to acquire an additional 16,050 BTC, requiring a weekly purchase rate of 1,235 coins.
The accumulation strategy extends beyond Bitcoin. Rival treasury firm Bitmine acquired 17,362 ETH worth approximately $47 million, bringing its Ethereum holdings to 4.9% of total supply.
