Dallas-based asset manager Strive acquired 1,107 Bitcoin for approximately $94.5 million between September 21 and September 25, according to a Form 8-K filed with the SEC. The purchase was executed at an average price of $85,396 per coin, including fees, bringing the company's total holdings to 27,462 BTC. At Friday's closing price of $83,943, this stash is worth about $2.3 billion. This acquisition represents a slight decrease in volume from the previous week, when Strive added 1,355 BTC.
CEO Matt Cole stated that 85% of the capital raised for this purchase came from SATA, Strive's variable-rate perpetual preferred stock, which includes $12.4 million generated from warrant exercises. The share count for SATA rose by roughly 1 million during the week to 12.2 million, resulting in a notional value of about $1.22 billion at its $100 stated amount. Class A common shares increased by approximately 649,000, while Strive's cash reserves grew by $19.2 million to $248.8 million. Strive currently ranks as the fifth-largest public Bitcoin holder, trailing Strategy, Twenty One Capital, Metaplanet, and MARA.
The continued reliance on SATA preferred stock to fund Bitcoin acquisitions highlights a specific capital structure strategy aimed at minimizing dilution for common shareholders while maintaining aggressive accumulation targets. By sourcing 85% of the recent capital through this instrument, including proceeds from warrant exercises, Strive demonstrates how treasury companies are leveraging hybrid securities to sustain high-volume purchases without immediately impacting common equity supply. This approach allows the firm to scale its balance sheet rapidly, evidenced by the increase in SATA's notional value to $1.22 billion, but it also introduces complex liability structures that must be managed alongside volatile asset values.
Market observers will note the widening gap between Strive and larger competitors like Strategy, which holds over 847,000 BTC. To catch Twenty One Capital's position of 43,514 BTC by year-end, Strive would need to acquire approximately 1,235 coins weekly, a pace significantly higher than its recent 1,107-coin purchase. This trajectory suggests that sustaining competitive positioning requires either accelerated capital deployment or more favorable market conditions for issuing further preferred stock. The simultaneous disclosure of rival purchases underscores the intensifying competition among corporate treasuries to secure institutional adoption status through sheer volume.
