Strive picked up another 1,375 BTC last week for $109 million, pushing forward what the company describes as a three-week run of faster accumulation. CEO Matt Cole said on X that the buys were made between Aug. 31 and Sept. 4 at an average price of $79,281 per Bitcoin.
With that latest buy in the books, Strive’s total Bitcoin stash climbed to 24,531 BTC. At current market prices, that holding is valued at about $1.9 billion.
Strive sits inside a widening pack of public companies raising purpose-built capital to buy Bitcoin. This setup goes back to Strategy, led by Michael Saylor, which started using the corporate treasury approach in 2020. Since then, Strive, Twenty One Capital and dozens of smaller public firms have taken their own versions of that playbook, though not all with the same intensity.
SATA moves to the edge of the $1 billion threshold
Cole said roughly 70% of last week’s fundraising came from SATA, Strive’s Series A floating-rate perpetual preferred stock. The security pays a fixed dividend, now annualized at 13%, and that payout does not shift with Bitcoin’s price.
According to Cole, SATA now carries $999 million in outstanding notional value. He wrote: "Time to break through the $1 billion mark."
Preferred stock issuance is Strive’s way around a financing headache shared by companies that keep Bitcoin on their balance sheets: how to keep pulling in capital without rapidly diluting common shareholders or piling on debt with a fixed maturity date. So instead of borrowing, Strive sells SATA at roughly $100 par value, uses the proceeds to buy Bitcoin, and pays a steady dividend to preferred holders.
Comparable products have already shown pressure points
The structure has risk too. During this year’s Bitcoin downturn, Strategy’s similar product, STRC, dropped well below its $100 par value. The company then issued additional shares to cover dividend payments for the first time since 2022.
During that same burst of market volatility, SATA traded roughly around par. Still, the report said the two products operate on the same basic mechanics, and SATA has yet to face a deep bear-market stress test.
Bitcoin holdings up 21.1% over three weeks
Strive Chief Risk Officer Jeff Walton offered more color on the buying pace in a separate post on X. He said the company’s Bitcoin position jumped 5.9% in one week, from 23,156 BTC to 24,531 BTC, making it three straight weeks with weekly growth above 5%.
Across that three-week stretch, Strive’s Bitcoin inventory rose from 20,245 BTC to 24,531 BTC, a cumulative gain of 21.1%.
The gap with Twenty One Capital is still about 19,000 BTC
The fast buying has also cut the distance between Strive and other public Bitcoin treasury firms. The report said Twenty One Capital, backed by Tether, holds about 43,500 BTC, which makes it the world’s second-largest publicly listed Bitcoin treasury company behind Strategy.
Based on Strive’s current holdings, the gap is roughly 19,000 BTC. To catch up in the remaining 16 weeks of 2026, Strive would need to add about 1,200 BTC per week, a pace the company has managed only in its most aggressive periods.
Data from Bitcoin Treasuries shows Strive now ranks as the world’s fifth-largest corporate Bitcoin treasury, ahead of SpaceX, Coinbase and Trump Media & Technology Group in Bitcoin holdings.
From non-core holder to weekly buyer
Only a year ago, Strive was not mainly a Bitcoin treasury company, the report said. In September 2025, it went public through a merger. Then it acquired medical device company Semler Scientific, which had already built a Bitcoin position, and Strive picked up about 5,048 BTC through that deal.
Strive was co-founded by former presidential candidate and current Ohio gubernatorial candidate Vivek Ramaswamy. Since listing, the company has been buying Bitcoin almost every week, funding those purchases with a mix of common share issuance and SATA preferred stock sales.
During the crypto downturn, unrealized losses on Bitcoin dragged on results, pushing first-quarter net loss to $265.9 million. As of mid-May, ASST shares were down 86% from the post-merger peak of $130. The stock later bounced back as Bitcoin recovered. And after that, Strive also updated the SATA product, adding a daily accrual dividend structure to make the instrument more attractive.
Cash reserves still increased after the latest purchase
Even after the big Bitcoin purchase, Strive’s cash reserves increased from $183.5 million to $202.6 million last week. Cole also said the company has more than $700 million in unexercised warrants outstanding. If those are exercised later, they could unlock as much as $1.4 billion for more Bitcoin purchases.