Strive bought another 1,107 Bitcoin during the week of Sept. 21 to Sept. 25, spending about $94.5 million at an average price of $85,396 per BTC, according to a Form 8-K the company filed with the U.S. Securities and Exchange Commission on Monday. The purchase lifted Strive’s total holdings to 27,462 BTC.
The latest weekly total was lower than the 1,355 BTC Strive bought a week earlier, but the company is still adding to its position at a fast clip. The report said the funding came mainly from sales of SATA perpetual preferred stock and exercises of previously issued warrants. SATA sales made up 85% of the capital raised last week, up from 57.7% in the prior week, while warrant exercises brought in $12.4 million, down from $21.2 million.
Still fifth globally, with 16,053 BTC to make up on No. 2
Strive remains the fifth-largest publicly traded corporate Bitcoin holder in the world, behind Strategy, Twenty One, Metaplanet and MARA.
CEO Matt Cole has said the company could become the world’s second-largest Bitcoin-holding public company by the end of 2026, although the report added that this target is not his base-case assumption. To get there, Strive would need to move past Twenty One’s current holdings of 43,514 BTC, leaving a gap of 16,053 BTC from its present position.
If Twenty One does not add to its stash before the end of the year, Strive would need to buy about 1,235 BTC per week across the remaining 13 full weeks to reach that mark.
Using a Bitcoin price range of roughly $83,000 to $85,000, the report estimated that buying 1,235 BTC a week would require about $105 million to $110 million in weekly spending. That is above the $94.5 million Strive spent last week, suggesting the company would need to maintain or increase the pace if it wants to close the gap by year-end.
Funding mix shifts toward SATA preferred stock
Strive’s Bitcoin purchases are currently funded through two channels: sales of SATA perpetual preferred stock and warrant exercises.
Last week, SATA sales accounted for 85% of total fundraising, sharply higher than 57.7% a week earlier. At the same time, proceeds from warrant exercises fell from $21.2 million to $12.4 million.
The report said this change in funding structure bears watching. It described SATA perpetual preferred stock as a way to trade future earnings for current capital used to buy Bitcoin. If Bitcoin keeps rising, that structure could amplify returns. If the asset pulls back, the dividend burden attached to preferred shares could squeeze profit margins.
Stock performance and market backdrop
Strive’s common stock, ASST, closed at $29.35 on Monday, down 0.3% on the day, though its gain for the year was still close to 70%. By comparison, Michael Saylor-led Strategy (MSTR) was down 6% on the year, while Twenty One (XXI) was down 26%. On that basis, the report said Strive has outperformed its main rivals in share-price terms.
Bitcoin itself fell back to around $83,000 on Sunday night, near its weekly low, according to the report. It also cited recent CoinDesk coverage using Chainlink data, which showed the share of short-term Bitcoin holders in profit had climbed to a 21-month high, pointing to growing near-term pullback pressure.
What the market is watching next
The report said Strive’s continued buying reflects the ongoing push among public companies to add Bitcoin to corporate treasury holdings. Its holdings remain less than one-third of Strategy’s, which stands at more than 840,000 BTC, but Strive’s weekly acquisition pace of roughly 1,000 to 1,300 BTC is already close to MARA’s level.
If Strive does reach the top two by year-end, the company’s Bitcoin treasury strategy could become one of the most closely watched institutional buying cases of 2026, according to the report.
It pointed to two indicators to monitor: whether Bitcoin can hold near the 365-day moving average around $80,000, which would affect fundraising efficiency, and whether the dividend burden tied to SATA preferred shares rises as holdings expand.
For investors following the company, Strive’s weekly purchase data remains the clearest leading indicator. The report said that if weekly purchases fall below 1,000 BTC, it could signal that progress toward the year-end goal is slowing.