Strive expanded its Bitcoin treasury to 23,156 BTC after buying 3,156 BTC in August, putting the company fifth among public companies ranked by Bitcoin holdings as CEO Matt Cole outlined a potential route to second place by the end of 2026.
The August purchases marked a sharp increase from July, when Strive acquired 136 BTC while Bitcoin traded in the low $62,000 range. Its current holdings are worth nearly $1.9 billion.
Strive moved ahead of crypto exchange Bullish last week to take fifth place. Twenty One Capital currently holds the No. 2 position with 43,514 BTC, slightly less than twice Strive’s total.
Closing that gap before year-end would require Strive to add roughly 20,400 BTC over the next 17 weeks, equivalent to about 1,200 BTC a week, assuming Twenty One does not increase its holdings. Twenty One has not added Bitcoin since July 2025.
Cole said on the One Share podcast on Wednesday that averaging 1,000 BTC in weekly purchases would itself represent a substantial accumulation pace and could allow Strive to advance quickly in the rankings. However, he cautioned that such a rate may or may not materialize.
$27 Warrant Threshold Could Unlock Additional Buying Capacity
One potential source of capital for further purchases is more than $700 million of outstanding Strive warrants scheduled to expire in mid-October.
The warrants carry a $27 exercise price. Strive shares reached a year-to-date high of $26.84 on Thursday, putting ASST less than 1% below that level.
Cole said that if the warrants are exercised, Strive could deploy about $700 million into Bitcoin while gaining another $700 million of capacity for digital credit. Together, he said, that could give the company as much as $1.4 billion in potential capacity to buy Bitcoin.
Cole said he would prefer to see the warrants exercised rather than expire unused, a scenario he said could produce a particularly strong finish to Strive’s 2026 Bitcoin accumulation.
Against that backdrop, Cole said Strive could end 2026 in the No. 2 spot among public companies ranked by their Bitcoin holdings. He stressed, however, that this was not his base case and would require several factors to move in Strive’s favor.
ASST Outperforms Major Public Bitcoin Treasury Stocks
According to Bitcoin Treasuries data, ASST has beaten the average 2026 performance of the 10 biggest listed corporate Bitcoin holders by 82%.
Cole also offered a longer-term backdrop for Strive’s Bitcoin strategy, saying he sees Bitcoin potentially surpassing $500,000 before the decade ends. At the same time, he said Strive has structured its finances so that the company does not need that price scenario to materialize.
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