Strive bought 2,000 BTC between Sept. 28 and Oct. 2 at an average price of about $84,422, spending roughly $169 million, according to the article. It was the company’s largest single bitcoin purchase since June 2, when it acquired 2,500 BTC. The transaction was disclosed in a Form 8-K filed with the U.S. Securities and Exchange Commission on Monday.
Holdings rise to 29,462 BTC
After the latest purchase, Strive’s bitcoin treasury reached 29,462 BTC. Based on an intraday bitcoin price of about $86,000 on Monday, the position was worth roughly $2.55 billion.
The company is now 6,115 BTC behind MARA, which holds 35,577 BTC. It remains 14,538 BTC short of Metaplanet, which stands at 44,000 BTC.
Funding came from preferred shares and warrants
Strive CEO Matt Cole said on X that SATA preferred share sales accounted for 61.5% of the capital raised, while warrant exercises added $56.7 million.
Cole also described the firm’s capital structure in terms of an amplification ratio, defined in the article as the ratio of preferred equity and debt to the value of its BTC holdings. That figure has reached 55.3%, and Strive is targeting more than 60% before bitcoin returns to $100,000.
Buying pace remains aggressive
Strive’s BTC yield has reached 63.2% this year, according to the article. During the third quarter, the company bought 8,137 BTC at an average cost of $78,885. As of Sept. 30, it held nearly $285 million in cash and cash equivalents.
Those figures place Strive among the most aggressive public bitcoin treasury companies in the market today.
The race for second place has become harder
Strive has said it wants to become the world’s second-largest public corporate bitcoin treasury. That target moved further away last week.
The article said Japan’s Metaplanet sold 10,000 BTC in the third quarter and later bought back 11,000 BTC, which it described as a move to “demonstrate liquidity.” The net increase of 1,000 BTC lifted its holdings to 44,000 BTC, allowing it to overtake Twenty One, which holds 43,514 BTC.
Based on the calculation in the article, Strive would need to buy an average of 1,212 BTC per week over the roughly 12 weeks remaining in the year to match Metaplanet’s 44,000 BTC by year-end. At the current BTC price range cited in the report, that would require about $100 million a week.
The article said that pace is close to Strive’s total buying activity for the entire third quarter.
Strategy remains in a different tier
At the top of the corporate bitcoin rankings, Strategy added another 334 BTC last week for $28.7 million, bringing total holdings to 848,000 BTC, according to the article. Michael Saylor’s company remains far ahead of the rest of the field.
That leaves Strive’s practical comparison set centered on MARA and Metaplanet rather than Strategy.
Market focus is on funding and bitcoin price levels
The article said the public-company bitcoin treasury race has shifted from who entered first to who can add exposure faster. In Strive’s case, preferred-share financing is being used to expand bitcoin holdings through equity leverage.
It also noted that the model can lift yield when bitcoin strengthens, but pressure on the amplification ratio could rise quickly if BTC falls below $70,000.
The report added that Strive’s SATA preferred shares remained at their $100 par value, while ASST common stock rose 1.6% at Monday’s open to $30.50. The market reaction to the 2,000 BTC purchase was described as relatively calm.