Written by: Jose
Compiled by Chopper, Foresight News
Last week, Strive acquired another 1,375 bitcoins for $109 million, bringing the financing vehicle behind these purchases close to reaching $1 billion. The Nasdaq-listed bitcoin treasury company completed this purchase between August 31 and September 4, at an average price of $79,281 per bitcoin. CEO Matt Cole announced the data on X.
After this round of增持, Strive's total Bitcoin holdings reached 24,531 BTC, with a total value of approximately $1.9 billion at current market prices.
An increasing number of public companies are adopting a model of raising capital specifically to accumulate cryptocurrency, with Strive being one such example. These companies bet that Bitcoin’s price appreciation will outpace the growth of their traditional businesses. Michael Saylor’s MicroStrategy pioneered this corporate treasury Bitcoin accumulation model in 2020, and since then, Strive, Twenty One Capital, and dozens of smaller and mid-sized companies have followed suit, each with varying degrees of aggressiveness in their accumulation strategies.
Cole explained in his tweet that the funding for this Bitcoin purchase consisted of 70% from SATA—Strive’s Class A floating-rate perpetual preferred shares. These shares pay a fixed dividend (currently 13% annualized), with returns unaffected by Bitcoin price fluctuations.
The current circulating market cap of SATA is $999 million, just one step away from the $1 billion mark. Cole said, "It's time to break through the $1 billion barrier."
Issuing preferred stock is Strive’s solution to a common challenge faced by all Bitcoin-holding companies: how to continuously raise capital without rapidly diluting common equity or taking on debt with fixed maturity dates. Rather than borrowing funds, Strive issues SATA shares at a par value of approximately $100, using all proceeds to purchase Bitcoin, while paying stable dividends to preferred shareholders.
However, this financing structure itself carries risk. During Bitcoin’s downturn this year, STRC, a similar product from Strategy, fell significantly below its $100 par value, forcing the company to issue new shares for the first time since 2022 to cover dividend payments. During the same market volatility, SATA’s price remained near par, but both products operate on identical underlying mechanics—SATA has yet to be stress-tested in a deep bear market.
Strive’s Chief Risk Officer, Jeff Walton, shared a tweet outlining the accumulation pace: holdings increased by 5.9% in a single week, rising from 23,156 to 24,531 bitcoins, marking three consecutive weeks of increases exceeding 5%. Over the past three weeks, Bitcoin reserves have grown from 20,245 to 24,531 bitcoins, representing a cumulative increase of 21.1%.
The impact of rapid accumulation extends beyond the balance sheet. Strive is narrowing the gap in holdings with Twenty One Capital. This company, backed by Tether, holds approximately 43,500 bitcoins, making it the second-largest publicly listed bitcoin treasury after Strategy. Based on Strive’s current holdings, the gap stands at roughly 19,000 bitcoins; to close it within the remaining 16 weeks of 2026, Strive would need to accumulate about 1,200 bitcoins per week—a pace only previously achieved during its most aggressive phased acquisitions.
According to Bitcoin Treasuries data, Strive is currently the fifth-largest corporate Bitcoin treasury globally, with a holding size exceeding that of major companies such as SpaceX, Coinbase, and Trump Media & Technology Group.
A year ago, Strive was not a company centered around a Bitcoin treasury. In September 2025, it went public through an acquisition and subsequently acquired the medical device company Semler Scientific—which had quietly accumulated Bitcoin—gaining approximately 5,048 BTC.
The company was co-founded by Vivek Ramaswamy, a former presidential candidate and current candidate for governor of Ohio. Since going public, Strive has nearly weekly increased its Bitcoin holdings, funded through a mix of common stock and SATA preferred stock issuances.
During the crypto winter, the company reported a net loss of $265.9 million in the first quarter, driven by unrealized losses on its Bitcoin holdings. By mid-May, the ASST stock price had plunged 86% from its post-merger high of $130; however, as Bitcoin prices recovered, the stock rebounded. Subsequently, Strive upgraded its SATA product by introducing a daily accrual dividend scheme to enhance its appeal.
Even after completing this large Bitcoin purchase, Strive’s cash reserves increased from $183.5 million to $202.6 million last week. Cole noted that the company has over $700 million in unexercised warrants, which could unlock up to $1.4 billion in future funding for additional Bitcoin purchases.