Strive Expands Bitcoin Holdings
Strive Buys 1,375 Bitcoin to Reach Fifth-Largest Corporate Holder Status
Anonymous
Key Points
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Strive’s SATA preferred stock currently carries a 13% annual dividend, and its notional value outstanding has reached $999 million—just below the $1 billion mark.
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Strive has made roughly 29 disclosed Bitcoin purchases since going public, with an aggregate average cost basis in the mid-$90,000s per Bitcoin.
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The company recently retired legacy debt inherited through its acquisition of Semler Scientific, leaving Strive with a nearly debt-free financial position; Semler had already contributed 5,048 Bitcoin to the combined treasury.
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Strategy CEO Phong Le defended the company’s earlier Bitcoin sales by saying it had created a “bullet-proof balance sheet” and that selling was the “right trade at the time.”
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Le also characterized Strategy’s Bitcoin sales as immaterial relative to its overall holdings, saying: “We’re the J.P. Morgan of the crypto economy, so whether we sell 1,000 Bitcoin out of 840,000 to me is irrelevant to the conversation.”
Strive Inc. purchased 1,375 Bitcoin for approximately $109 million between August 31 and September 4, pushing its total holdings to 24,531 BTC worth roughly $1.9 billion, according to Crypto.News. The acquisition makes Strive the fifth-largest publicly traded corporate Bitcoin holder, trailing only Strategy and three other major holders. The purchase was funded primarily through sales of SATA preferred stock, which now carries nearly $1 billion in notional value outstanding.
Strive has accumulated more than 225% additional Bitcoin in 2026 through roughly 29 disclosed purchases, with an average cost basis in the mid-$90,000s per coin, according to Finance Feeds. CEO Matt Cole has signaled the company could acquire more than 20,000 additional coins and challenge Strategy for the number-two position among corporate Bitcoin holders.
Strive Funds Bitcoin Buying Through Perpetual Preferred Stock
Strive financed most of the latest 1,375 BTC purchase through SATA variable-rate perpetual preferred stock rather than traditional debt, according to CoinMarketCap. The preferred stock currently carries a 13% annual dividend and now has $999 million in notional value outstanding. This approach avoids scheduled debt repayment but creates a persistent cash-distribution obligation that could strain Strive if Bitcoin prices fall or financing conditions deteriorate.
Strive recently retired legacy debt inherited from its January 2026 acquisition of Semler Scientific, bringing the company to a nearly debt-free financial position. Semler's 5,048 Bitcoin contributed significantly to Strive's combined treasury when the two companies merged earlier this year.
Strategy Pauses Buying While Supporting Its Securities
While Strive accelerates accumulation, competitor Strategy halted its Bitcoin purchases after resuming them for one week, according to Grafa. Strategy instead focused on repurchasing $176 million of its own STRC preferred stock and doubled its digital-credit securities buyback authorization to $2 billion. The company retains approximately 845,050 BTC and $6.5 billion in cash reserves.
Strategy CEO Phong Le defended the company's earlier Bitcoin sales, saying the company had created a "bullet-proof balance sheet" and that selling was the "right trade at the time." Le characterized Strategy's Bitcoin sales as immaterial relative to its holdings, stating: "We're the J.P. Morgan of the crypto economy, so whether we sell 1,000 Bitcoin out of 840,000 to me is irrelevant to the conversation." Strategy's shares fell more than 3% following the announcements.
Strive Aims to Become Second-Largest Corporate Holder
Strive's aggressive accumulation campaign positions the company to challenge Strategy's dominance in the corporate Bitcoin holder rankings. The company purchased 1,110 BTC in early August for $81.5 million, followed by 1,800 BTC for roughly $143 million later that month. CEO Matt Cole has indicated Strive could acquire more than 20,000 additional coins, which would catapult it past Twenty One Capital to the number-two position.
Strive's average cost basis across all holdings sits in the mid-$90,000s per Bitcoin. At current valuations, the company has realized significant gains on its entire treasury. The strategy depends on maintaining access to capital markets and keeping SATA preferred stock near its $100 par value, a feat that becomes harder if Bitcoin prices decline substantially.
Corporate Bitcoin Accumulation Faces Macro Headwinds
The race between Strive and Strategy illustrates how corporate Bitcoin treasuries depend on access to capital, market sentiment, and the willingness of investors to buy perpetual preferred stock. Rising Bitcoin prices help companies issue securities more cheaply and accelerate accumulation. The reverse happens during declines: weaker security prices make new issuance expensive, dividends remain payable, and companies may need to draw reserves or pause buying.
Strive's reliance on high-yield perpetual preferred stock creates a virtuous cycle when Bitcoin rises but turns fragile during downturns. If Bitcoin prices fall significantly or preferred dividends become difficult to fund, Strive may face pressure to halt purchases, sell Bitcoin, or issue equity at unfavorable rates. Strategy's pause in buying and focus on balance-sheet strength signals that even the largest holders prioritize financial stability over continuous accumulation.
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