Strive hits exactly 25,000 BTC as preferred-stock funding fuels latest Bitcoin buy

Strive hits exactly 25,000 BTC after 469 Bitcoin purchase funded by preferred stock

Strive has purchased 469 Bitcoin for approximately 36.6 million USD, lifting its corporate treasury to exactly 25,000 BTC as of Sept. 11, according to a Form 8-K filing with the U.S. Securities and Exchange Commission. The company paid an average price of roughly 77,954 USD per coin for the Bitcoin acquired between Sept. 8 and Sept. 11, buying into a market where Bitcoin traded near 77,288 USD at European press time on Monday, according to CoinGecko data.

The purchase took Strive’s holdings from 24,531 BTC to a clean 25,000 BTC, another milestone in an aggressive accumulation campaign that has unfolded over the past year. Notably, the company did not fund the latest acquisition with proceeds from common-share sales. Instead, the 36.6 million USD outlay was financed through Strive’s Variable Rate Series A Perpetual Preferred Stock, which trades under the SATA ticker.

SATA preferred stock becomes the funding engine

Preferred shares generally sit above common stock in a company’s capital structure for dividend and liquidation claims, and Strive’s use of SATA gives it a separate fundraising channel that limits the number of common shares issued specifically for Bitcoin purchases. According to the company’s disclosure, SATA’s nominal issuance value has now passed 1 billion USD, making the preferred-stock program a central source of funding for the treasury strategy, even though earlier rounds also tapped common equity.

The distinction matters to holders of Nasdaq-listed ASST, Strive’s common stock. New common issuance dilutes each existing shareholder’s ownership percentage, while preferred financing carries its own costs and obligations, including dividend payments. The latest purchase leaned entirely on the preferred channel, a structure that keeps the common share count stable while the Bitcoin pile grows.

A year from 69 BTC to 25,000 BTC

The scale of Strive’s expansion is striking. As recently as Sept. 3, 2025, Strive Asset Management held just 69 BTC, according to Bitcoin Treasuries data. Twelve months later, through a combination of direct purchases, preferred-stock financing and assets obtained from Semler Scientific, the company reports a balance of 25,000 BTC, placing it among the largest corporate holders of Bitcoin outside the industry’s original whales.

The company had telegraphed the move. On Sept. 7, Strive signaled that another purchase could be approaching as its holdings stood at 23,156 BTC and ASST traded above 27 USD, its highest level of 2026 at the time. Chief Executive Matt Cole posted a Bitcoin-themed message on X before the acquisition became public through the SEC filing.

Cole points to a 53.5% amplification ratio

Alongside the updated balance, Cole said Strive’s amplification ratio had risen to 53.5%. The company uses the measure to track the amount of Bitcoin exposure available to common shareholders compared with net asset value. A rising ratio indicates that Strive calculates more Bitcoin exposure per common share relative to the net asset value used in its formula, and the figure can shift with new Bitcoin acquisitions or changes in the capital structure, including preferred and common-stock transactions.

Investors should note the ratio is a company-defined performance measure rather than a standard accounting metric such as earnings, revenue or cash flow, and understanding it requires Strive’s own methodology. Because Bitcoin remains a volatile asset, the market value of the treasury moves with the BTC price, and ASST shareholders receive that exposure indirectly through the listed company rather than owning coins directly.

Cash and Strategy’s STRC round out the balance sheet

Beyond its 25,000 BTC, Strive reported approximately 204.2 million USD in cash as of Sept. 11, an asset not directly tied to Bitcoin’s price and available for operating needs or other corporate purposes. The company also owned 505,000 shares of STRC, a variable-rate preferred stock issued by Strategy, with a fair value of about 49.81 million USD on the reporting date.

The STRC position gives Strive exposure to another U.S.-listed company whose balance sheet and financing programs are closely connected to Bitcoin, layering a second-order Bitcoin bet on top of its direct holdings. Combined, the filings show a company whose fortunes are now almost entirely a function of Bitcoin’s price trajectory and its ability to keep financing purchases on favorable terms.

The milestone lands in a week when the crypto market’s attention is fixed on macro policy. Ethereum traded around 2,504 USD and Solana near 100.80 USD on Monday, while traders await the Federal Reserve’s September meeting and the Senate’s procedural vote on the CLARITY Act, two events widely viewed as potential catalysts for corporate treasuries and the broader market alike. For Strive, hitting exactly 25,000 BTC ahead of that schedule is as much a marketing statement as a balance-sheet update.