Strive acquired 2,000 Bitcoin between September 28 and October 2 at an average price of about $84,422 per coin, totaling roughly $169 million. This transaction represents the company's largest purchase since it bought 2,500 BTC between May 23 and June 1. Following this acquisition, Strive’s holdings reached 29,462 BTC as of October 2, reflecting a 48% increase in dollar value since July 2. The company reported $284.7 million in cash and no debt in its SEC filing.
The capital for recent purchases has primarily been raised through the sale of SATA, a type of preferred stock that pays holders a regular dividend ahead of ordinary shareholders. SATA supplied 70% of capital in the week ending September 4 and 85% in the week ending September 25. Each SATA share carries a $100 stated amount, with Strive currently paying about 13% annually. Despite the accumulation, Strive’s average cost was $90,170 per Bitcoin at the end of September, which is above the roughly $86,000 trading price on Monday, placing the position below cost on paper. Strive ranks fifth among public Bitcoin holders, behind Strategy, Twenty One Capital, Metaplanet, and MARA.
Strive’s aggressive accumulation strategy highlights the continued reliance on structured financial instruments to fund digital asset treasuries. By leveraging SATA preferred stock, which offers a 13% annual yield, the company effectively borrows against future equity value to acquire non-yielding assets. This approach creates a distinct operational dynamic where the treasury’s growth is contingent on maintaining investor appetite for high-dividend securities rather than solely on organic cash flow or traditional debt markets. The fact that SATA provided up to 85% of capital in recent weeks underscores the centrality of this instrument to Strive’s current expansion phase.
However, the divergence between Strive’s average cost basis of $90,170 and the market price of roughly $86,000 introduces immediate unrealized losses. While the company holds significant cash reserves and no debt, the sustainability of paying daily dividends on preferred stock while holding assets that have depreciated relative to their entry point requires careful monitoring. As Strive remains 14,052 coins short of Twenty One Capital’s holdings, the competitive pressure to scale may drive further issuance of SATA, potentially diluting common shareholder value if Bitcoin prices do not recover sufficiently to cover the cost of capital.
