Nasdaq-listed Strive, led by Vivek Ramaswamy, added 317 Bitcoin at an average price of $72,555 per coin, spending roughly $23 million. The purchase pushes its total Bitcoin treasury to approximately 13,628 BTC, valued at about $950 million. Strive now ranks among the top 10 public companies holding Bitcoin, ahead of Tesla and CleanSpark.
How Strive Built Its Stash: IPO, Acquisition, and Capital Markets
Strive's Bitcoin holdings come from three sources. Around 5,886 BTC came from a private investment in public equity tied to its 2025 listing. Another 5,048 BTC were added through the acquisition of Semler Scientific. The rest was funded by capital market activities, including preferred stock offerings.
In 2025, the firm raised $150 million to cut debt and fund more Bitcoin buys, and it acquired Mt. Gox claims, bringing recovered BTC into its treasury. Strive also became the first publicly traded Bitcoin-focused asset manager, letting accredited investors swap BTC for equity — a program designed to raise as much as $1 billion. Additionally, Strive targets public companies with excess cash, redirecting their resources toward Bitcoin.
Structured Finance: Digital Asset Credit Products at the Core
The company emphasizes that its structured finance model, centered on digital asset credit products, sets it apart from traditional corporate treasuries. By using tools like preferred shares and convertible debt, Strive ties its Bitcoin holdings to public markets. Even after a $393.6 million net loss in Q4 caused by fair-value declines, Strive treats Bitcoin as a core reserve and plans to keep expanding through this financial structure. The model provides flexibility during market swings while offering shareholders Bitcoin exposure.
Q4 Numbers: Fair-Value Drop Drives $393.6M Loss
In the same fiscal quarter it added Bitcoin aggressively, Strive reported a $393.6 million net loss for Q4 2025, largely due to falling Bitcoin fair values. The loss is an accounting charge with no direct cash impact. The company reiterated its commitment to the structured finance model focused on digital asset credit products. Notably, Strive continued buying after the Q4 loss — the 317 BTC purchase highlighted in this report shows the strategy remains on track.
Unlike firms that simply hold Bitcoin on their balance sheets, Strive actively uses digital asset credit products to raise capital for further accumulation. This creates a self-reinforcing cycle: market dips allow it to issue preferred shares or other instruments to fund more purchases. The Q4 loss has not slowed that momentum.