Strive CEO Matt Cole said the company could become the world's second-largest publicly traded bitcoin holder by the end of 2026, after adding 3,156 BTC in August, trailing only Strategy. He cautioned that this is not the base case and requires multiple factors to align.
Funding Strategy: Warrants and Credit
Cole noted that Strive has over $700 million in unexercised warrants expiring in mid-October. If the stock price exceeds the $27 strike price, the conversion could generate hundreds of millions of dollars for further bitcoin purchases. Combined with roughly $700 million in digital credit capacity, the company could have up to $1.4 billion in potential buying power.
Accumulation Pace and Current Holdings
Strive accelerated its buying in August, acquiring 3,156 BTC versus just 136 in July. The firm now holds 23,156 BTC, worth nearly $1.9 billion, making it the fifth-largest listed bitcoin treasury company, surpassing exchange Bullish last week. The current second-largest public holder is Twenty One Capital, with 43,514 BTC, roughly double Strive's position. With 17 weeks left in the year, Strive would need to buy about 1,200 BTC per week to surpass Twenty One Capital if the latter does not add more. The report noted that Twenty One Capital has not added BTC since July 2025, making the target theoretically possible.