Strive adds 469 BTC, funded entirely through SATA preferred stock
Strive, the fifth-largest publicly traded corporate Bitcoin holder, purchased 469 Bitcoin for approximately 36.6 million USD between September 8 and September 11, according to a Monday filing with the US Securities and Exchange Commission. The buy lifts the asset manager’s treasury to 25,000 BTC and was funded entirely through proceeds from sales of SATA, the company’s perpetual preferred stock, which has now surpassed 1 billion USD in notional value outstanding.
The filing shows Strive acquired the coins at an average price of 77,954 USD per BTC, including fees and expenses. Bitcoin was last trading near 78,800 USD according to CoinGecko data, leaving the fresh tranche modestly in profit on paper. SATA shares outstanding increased by 402,541 over the same period to roughly 10.4 million shares, underlining how the preferred equity vehicle has become the primary engine of the company’s accumulation strategy.
Cash pile and a stake in Strategy’s STRC
Beyond its Bitcoin stack, the filing discloses a diversified balance sheet. As of September 11, Strive held 204.2 million USD in cash and cash equivalents plus 505,000 shares of Strategy’s STRC preferred stock, valued at about 49.8 million USD. The blended position gives the company flexibility to keep buying through preferred issuance rather than diluting common shareholders with each purchase, a model that echoes the preferred-heavy playbook pioneered by Strategy but with a distinct funding mix.
Strive became the fifth-largest publicly traded corporate Bitcoin holder in late August, when a 1,800-BTC purchase pushed it past crypto exchange Bullish into the top five. The company was co-founded in 2022 by Vivek Ramaswamy, now a Republican candidate for Ohio governor, and became a publicly traded Bitcoin treasury company in September 2025 following its merger with Asset Entities. The pace since then has been relentless: the latest buy is the third disclosed purchase in barely two weeks.
Shares more than double in a month
Strive’s Nasdaq-traded shares gained more than 7 percent on Monday to around 29 USD, extending a rally that has seen the stock more than double over the past month, according to Yahoo Finance data. The surge pushed Strive’s market capitalization above that of Metaplanet last week, even though the Japanese treasury company holds substantially more Bitcoin. As of Monday, Strive’s market cap stood at roughly 2.5 billion USD against 1.9 billion USD for Metaplanet, a valuation gap that signals investors are paying a premium for the SATA-funded accumulation model and its yield-bearing structure.
The rally has carried another strategic consequence: Strive shares now trade above the 27 USD exercise price on warrants due to expire in mid-October. If holders exercise them, they would buy shares at 27 USD apiece, potentially funneling more than 700 million USD in fresh capital into the company, according to BitcoinTreasuries.net. That war chest could supercharge further purchases heading into the fourth quarter.
Second place by year-end?
CEO Matt Cole said earlier this month that 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 stressed that this was not his base case. Catching Strategy at the top of the table remains a distant prospect, but the gap to the runners-up has narrowed faster than most analysts expected when the company converted to a treasury strategy a year ago.
The timing of the accumulation also stands out. Bitcoin trades near 78,800 USD after a choppy week in which ETF flows swung negative and macro attention fixed on the Federal Reserve’s September 15-16 policy meeting, where futures markets price elevated odds of a rate hike. Corporate treasuries buying through that uncertainty has historically been a bullish tell for on-chain analysts, who track entity-level accumulation as a proxy for long-term conviction.
Strive’s machine-like weekly cadence contrasts with Strategy, which bought no Bitcoin at all in the week through September 13 for the second consecutive week, and instead spent 139 million USD buying back its own STRC preferred shares, according to a Monday filing. Two different preferred-stock strategies, pointed in opposite directions: one issuing to buy Bitcoin, the other retiring paper. For Bitcoin market structure, the net effect is that corporate demand is still growing, just through a different issuer.
Investors will watch the mid-October warrant expiry as the next catalyst. With 700 million USD of potential proceeds, a supportive price environment, and a management team openly musing about climbing the leaderboard, Strive has signalled that 25,000 BTC is a waypoint rather than a destination.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
469 btc at a 77,954 average and they land on exactly 25,000. someone at strive deserves a framed screenshot
The round number is neat but the real story is SATA crossing 1 billion in notional. That is a permanent capital machine at this point.
avg landing at 77,954 means they bought the dip precisely enough to hit the round number. the execution desk deserves the framed screenshot more than anyone
77,954 avg landing on exactly 25,000 is fun trivia but the sata coupon math at 1b notional is the part that actually pays for the next tranche
avg 77,954 and change landing exactly on 25,000 is a rounding desk at work. someone sized that last order backwards from the round number lol
of course they sized the last order backwards from the round number, 25,000 exactly is the headline that gets picked up everywhere. the 8-K is the marketing department now
sizing a 469 btc order to land exactly on a round number at 77,954 avg is elite desk work honestly. frame that fill confirmation
402,541 new SATA shares for 469 btc. dilution math nerds, the engine is running but the share count keeps creeping
10.4m preferred shares against 25k btc. the whole trade is whether the dividend cost stays below btc appreciation
creeping is a stretch, 402,541 shares for 469 btc is a rounding error against the float per tranche. the preferred buyers absorb that, not common holders
preferred absorbing it is fine until sata demand cracks at 1b notional. the engine runs on appetite for that paper, thats the actual dilution question
36.6M for 469 coins is roughly 78k per BTC average. passing Metaplanet on market cap while holding far fewer coins tells you the premium is doing all the work, not the treasury
A billion dollar treasury engine built in what, eighteen months? Say what you want about the politics, the execution is fast.
@Ingrid fast execution is easy when you print preferred stock to pay for it. The question is the exit, not the entry.
sata notional crossing 1b while btc sits under 78k is quietly the best line in the filing. the engine keeps running in both directions of the tape
1b notional of perpetual preferred is basically a standing dip buyer. permanent capital without touching the common count
standing dip buyer funded by yield seekers. if btc ranges sideways for a year sata holders find out they wrote a covered call nobody priced
backwards from 25,000 exactly. feels less like luck and more like the desk got a target memo along with the wire
bought at 77,954 avg and its at 78,800. the one time a treasury company buys the local dip lol
25k btc funded entirely with preferred paper. works while btc climbs, the real stress test is a drawdown year when sata buyers start asking about the dividend
funding buys with preferred stock instead of diluting common holders is actually smart. most of these treasury cos just print shares into oblivion
smart until the preferred coupon stack outruns the btc carry. sata holders are not funding dips for free
coupon on 1b notional vs btc appreciation is the whole trade. one flat year and sata holders are effectively funding a treasury company that underperformed them
The flat year scenario also means BTC is stuck, so the coupon bites hardest exactly when every other treasury is bleeding too. Synchronized risk nobody prices.
204m cash plus 50m of strategy STRC on the side. strive quietly owns a slice of its biggest rivals engine