Strive bought 469 Bitcoin between Sept. 8 and Sept. 11 at an average price of $77,954 per coin, spending $36.6 million and lifting its total holdings to an even 25,000 BTC, according to a Form 8-K filed with the U.S. Securities and Exchange Commission (SEC) on Monday, Sept. 14. The 8-K is the form public companies use to disclose material events as they happen rather than waiting for a quarterly report. At current prices, the Nasdaq-listed asset manager's stack is worth roughly $1.95 billion.

The entire purchase was funded through preferred stock. "100% of the capital raised came from SATA, which now has over $1B notional outstanding," CEO Matt Cole said in a post on X. SATA, Strive's Variable Rate Series A Perpetual Preferred Stock, crossed $1 billion in notional value outstanding during the period, up from $999 million a week earlier. "We increased amplification ratio to 53.5%," Cole added.

Strive acquired an additional 469 $BTC for $36.6M at an average cost of $77,954 per bitcoin, bringing total holdings to ₿25,000. 100% of the capital raised came from SATA, which now has over $1B notional outstanding. We increased amplification ratio to 53.5%. $ASST $SATA pic.twitter.com/Nu3EYIBS4R

— Matt Cole (@ColeMacro) September 14, 2026

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. That is why Strive's cash balance 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 figure is worth tracking because those preferred obligations carry recurring dividend commitments — so the ratio effectively measures how heavily Strive's Bitcoin stack is financed.

The buying marks a sharpown from the week before, when Strive purchased 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 is the point of the structure: raising money without diluting shareholders who already own a piece of the business, and funding purchases instead through preferred stock that pays daily dividends. With every dollar of the latest buy routed through SATA, the preferred line now doubles as a running measure of how much fresh capital the strategy has pulled in. Strive's 505,000-share stake in STRC, the preferred product of Strategy — the largest corporate holder of Bitcoin — held steady through the period.

Strive, the asset manager co-founded by Vivek Ramaswamy that went public through a 2025 merger with Asset Entities, unveiled its Bitcoin treasury strategy in 2025. Its Class A shares trade on Nasdaq under the ticker ASST, while its preferred shares carry the ticker SATA. The company now ranks fifth among public holders of Bitcoin, behind Strategy, Twenty One Capital, Metaplanet, and MARA Holdings, a publicly traded bitcoin miner, according to Bitcoin Treasuries, a tracker of corporate Bitcoin holdings.

Closing that gap won't be cheap. Twenty One Capital — the firm backed by Tether, the issuer of the USDT stablecoin, 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. Future filings will show whether the pace picks back up — and how much further past $1 billion SATA climbs.