Strive Buys $94.5 Million in Bitcoin, Raising Holdings Above 27,000 BTC
Key Takeaways
- •Strive acquired 1,107 BTC for roughly $94.5 million at an average cost of $85,396 per bitcoin, lifting total holdings to 27,462 BTC valued near $2.3 billion.
- •The purchase was funded primarily through SATA perpetual preferred stock, with warrant exercises adding $12.4 million, while SATA shares outstanding grew by about 1 million to 12.2 million.
- •This week's acquisition was smaller than the prior week's purchase of 1,355 BTC and fell short of the roughly 1,235 BTC weekly pace Strive would need to match Twenty One Capital's 43,514 BTC by year-end.
- •Strive remains the fifth-largest public company bitcoin holder, behind Strategy, Twenty One Capital, Metaplanet and MARA.
- •Other digital asset treasury firms also disclosed Monday purchases, with Strategy adding 1,665 BTC for $142.7 million to reach a record 847,666 BTC and Bitmine buying 17,362 ETH worth about $47 million.
Strive bought 1,107 BTC between Sept. 21 and Sept. 25 for about $94.5 million, bringing its total holdings to 27,462 BTC, worth approximately $2.3 billion, according to a Form 8-K filed with the SEC on Monday.
The Dallas-based asset manager paid an average of $85,396 per bitcoin, including fees. The value of its holdings was based on Bitcoin’s Friday closing price of $83,943, the company said. That places this week’s average purchase cost above the market price used to value the overall holdings. The latest purchase was smaller than the previous week’s acquisition, when Strive added 1,355 BTC, according to its earlier filings.
Preferred stock provided most of the funding for the latest purchase. “Warrant exercises generated another $12.4M. Including those proceeds, 85% of total capital raised came from SATA,” Strive CEO Matt Cole wrote on X.
Strive acquired 1,107 $BTC for $94.5M at an average cost of $85,396 per bitcoin, bringing total holdings to ₿27,462. Warrant exercises generated another $12.4M. Including those proceeds, 85% of total capital raised came from SATA. $ASST $SATA pic.twitter.com/duihTtFKrm — Matt Cole (@ColeMacro) September 28, 2026
SATA is Strive’s variable-rate perpetual preferred stock. It pays dividends and allows the company to raise capital with less dilution for common shareholders. The number of SATA shares increased by roughly 1 million during the week to 12.2 million, the filing shows. That growth offers a measure of how much preferred stock Strive has issued to help fund its Bitcoin purchases. Based on SATA’s stated value of $100 per share, its notional value is approximately $1.22 billion. Class A common shares increased by about 649,000.
Strive’s cash holdings also rose by $19.2 million during the week, reaching $248.8 million.
The company has relied substantially on SATA to finance its Bitcoin purchases. Earlier this month, Strive bought 469 BTC, bringing its holdings to exactly 25,000 BTC, in a transaction funded entirely with preferred stock. A $109 million purchase in early September was financed through a 70/30 split between SATA and common stock. The pattern shows the company leaning on preferred equity to grow its Bitcoin position while limiting dilution for common shareholders.
Strive remains the fifth-largest public company holder of Bitcoin, behind Strategy, Twenty One Capital, Metaplanet and MARA, according to Bitcoin Treasuries data. Twenty One holds 43,514 BTC. To match that total by year-end, Strive would need to acquire approximately 16,050 additional BTC, equivalent to roughly 1,235 BTC per week. This week’s purchase of 1,107 BTC came in below that pace.
Other digital asset treasury companies also disclosed purchases on Monday. Strategy added 1,665 BTC for $142.7 million, raising its holdings to a record 847,666 BTC. Bitmine, associated with Tom Lee, purchased 17,362 ETH worth approximately $47 million, bringing its holdings to 4.9% of Ethereum’s supply.
