Strive Buys 469 Bitcoin for 36.6 Million USD, Crosses 25000 BTC as SATA Engine Tops 1 Billion USD

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.