Summary
- Strive purchased 124 bitcoins between October 24 and October 30, spending approximately $10 million at an average price of $80,526 per bitcoin, increasing its total holdings to 43,124 bitcoins.
- According to Bitcoin Treasuries data, after this purchase, Strive ranks fourth among public companies, trailing Twenty One Capital by 390 bitcoins and Metaplanet by 876 bitcoins.
- Most of the funds for this purchase came from existing cash, and Strive also utilized its new SATS preferred stock program for the first time.
Strive, co-founded by Vivek Ramaswamy and headquartered in Dallas, now holds 43,124 bitcoins after purchasing an additional 124 bitcoins last week. At current estimates, this holding is worth approximately $3.3 billion, accounting for about 0.2% of Bitcoin’s final total supply of 21 million coins.
According to Bitcoin Treasuries data, this places it fourth among public companies, trailing Twenty One Capital’s 43,514 BTC by 390 BTC and Metaplanet’s 44,000 BTC by 876 BTC.
At a Bitcoin price of approximately $77,000, these two gaps are worth approximately $30 million and $67 million, respectively.
Strive is a Bitcoin reserve company—a publicly traded company that holds Bitcoin on its balance sheet—allowing anyone with a brokerage account to gain exposure by purchasing its stock. Michael Saylor popularized this model in 2020, and since then, multiple companies, including Strive, have adopted similar strategies.
According to its prospectus, Strive’s average cost for its Bitcoin holdings is $87,785 per coin, with a total cost of approximately $3.8 billion; as of October 23, its market value was $3.5 billion. Since then, the price of Bitcoin has declined, so the current value of this holding is slightly below Strive’s purchase cost.
The latest purchase round covered October 24 to October 30 and was disclosed today in a filing submitted to the U.S. Securities and Exchange Commission (SEC). This filing is a report that U.S. public companies are required to submit when material events occur. Strive’s CEO, Matt Cole, stated on X that the company paid approximately $10 million, with an average purchase price of $80,526 per Bitcoin, including fees.
Matt Cole wrote on X: "Strive purchased 124 BTC for $10 million, at an average cost of $80,526 per Bitcoin, increasing total holdings to 43,124 BTC. The majority of the purchase was funded with existing cash; SATS ATM was activated for the first time, accounting for 100% of this week's ATM fundraising; the Amplification Ratio is 62.7%."
Cole stated that most of the funds came from existing cash, with the company’s cash balance dropping from $504.4 million to $490.4 million within a week. Strive also raised funds for the first time by selling a new security called SATS on the open market, which constituted the entire source of funding this week. The company still holds 505,000 shares of Strategy’s preferred stock, STRC, valued at approximately $50 million.
SATS are preferred shares, a class of stock that pays a fixed dividend before any distributions to common shareholders. Strive sold 7 million shares of SATS at $90 per share in an offering in October, raising approximately $630 million. The securities have a par value of $100 per share, an annual dividend rate of 15%, and will pay dividends daily on each business day beginning November 9.
On October 26, Strive launched an at-the-market (ATM) program to sell additional shares at prevailing market prices, up to a maximum value of $1 billion in SATS. According to the prospectus, Strive expects to primarily fund these dividends through continued financing, including the sale of additional shares. The company has set aside reserves to cover dividends for 18 months and reported no debt as of October 23.
Strive's "amplification ratio"—the ratio of its preferred stock and debt to the value of its held Bitcoin—is 62.7%, meaning approximately $62.70 in obligations for every $100 of Bitcoin held.
The company’s CEO has previously stated that it is possible to become the second-largest Bitcoin holder among public companies by the end of 2026. In a September interview with the One Chair podcast, Cole said, “I wouldn’t call this my base case, but I would say it’s one of the possible scenarios.”
Saylor's strategy holds 849,327 bitcoins, nearly 20 times the size of Strive's holdings.
Twenty One Capital still holds the same 43,514 bitcoins it held when co-founder Jack Mallers stepped down as CEO in July. Mallers’ departure followed the collapse of Tether’s plan to merge three bitcoin businesses. The company’s stock has declined more than 80% from its peak, and his successor, Raphael Zagury, stated that Twenty One should be judged based on cash flow and capital discipline.
The Tokyo-listed company Metaplanet, which shifted from hotel operations to Bitcoin in 2024, currently holds 44,000 BTC. It reached this scale in April after surpassing mining company MARA and has set a target of holding 100,000 BTC by the end of 2026.
If Strive continues purchasing Bitcoin at last week’s pace of 124 BTC per week and assuming the other two companies cease buying, Strive will surpass Twenty One in 4 weeks and Metaplanet in 8 weeks.