Strive has completed its largest Bitcoin purchase in four months, adding 2,000 coins for roughly $169 million, according to a filing with the U.S. Securities and Exchange Commission (SEC).

The Nasdaq-listed company paid an average of about $84,422 per Bitcoin between Sept. 28 and Oct. 2. That makes it the firm's biggest acquisition since it bought 2,500 BTC between May 23 and June 1 — a purchase that lifted its holdings to 19,000 Bitcoin at the time.

Holdings now stand at 29,462 BTC as of Oct. 2, up from 19,000 coins following the May–June buy. At Monday's market price of roughly $86,000 per coin, the stash is worth about $2.5 billion. The filing also lists $284.7 million in cash and no debt.

A Rapidly Growing Bitcoin Treasury

Strive is what is known as a Bitcoin treasury company — a business that raises money from investors and parks it in Bitcoin rather than cash. The model was pioneered by Strategy, the company formerly known as MicroStrategy, in 2020, and has since been adopted by a number of publicly listed firms. In September 2025, Strive agreed to acquire Semler Scientific, a healthcare technology firm holding roughly 5,000 Bitcoin, and its stack has grown steadily ever since.

Shareholders approved the deal in January, creating a combined stash of about 12,800 BTC. By late April, Strive held 14,557 Bitcoin, and by mid-August its holdings had reached 20,246 BTC.

Bitcoin's price has also moved higher over the same stretch. Last week's average purchase price was about 41% above the July 2 level, and the dollar value of Strive's holdings has climbed 48% since that date.

Funding Comes Largely From Preferred Stock

The filing does not specify how the latest purchase was funded. In recent weeks, however, Strive has raised most of its capital by selling SATA, a type of preferred stock — a share that pays holders a regular dividend, meaning a cash payout, ahead of ordinary shareholders — as outlined in the company's official offering announcement. SATA supplied 70% of capital in the week ending Sept. 4 and 85% in the week ending Sept. 25.

Each SATA share carries a $100 stated amount, and Strive currently pays about 13% a year on it. The rate is adjustable, and the company said it would begin paying dividends every business day on June 16.

In plain terms, investors hand Strive cash, and the company currently pays about $13 a year for every $100 share. Because Bitcoin pays no interest, those dividend payments must be covered out of Strive's cash reserves or from raising additional money — which makes the pace of future SATA sales a key lever for how much the treasury can grow from here.

Holdings Sit Below Average Cost

The filing puts Strive's average cost at $90,170 per Bitcoin at the end of September, above the roughly $86,000 where Bitcoin traded on Monday. On paper, the position is currently worth less than the company paid for it — though the newest coins went through at about $84,422, below both that average and Monday's market price, leaving the latest additions in the black even as the larger stack is not.

For readers new to crypto, the structure is straightforward: Strive's stock, which trades on the Nasdaq, allows investors to gain exposure to Bitcoin through a regular brokerage account, while SATA offers a dividend tied to a company holding nearly 30,000 Bitcoin.

Strive ranks fifth among public Bitcoin holders, behind Strategy — the largest of the group — Twenty One Capital, Metaplanet, a Tokyo-listed treasury firm, and MARA, a Bitcoin miner, according to Bitcoin Treasuries. Twenty One Capital holds 43,514 Bitcoin, leaving Strive 14,052 coins short of that mark — a gap that would cost roughly $1.2 billion to close at Monday's price.

Source: Decrypt, based on a filing with the U.S. Securities and Exchange Commission.