Strive, a Nasdaq-listed bitcoin treasury company based in Dallas, Texas, announced on Monday that it purchased 469 bitcoins at an average price of approximately $77,954. This acquisition brings the company’s total holdings to 25,000 BTC, valued at nearly $2 billion. CEO Matt Cole stated that 100% of the capital raised for this purchase came through sales of SATA, Strive’s perpetual preferred stock. Following the news, Strive’s stock (ASST) traded more than 6% higher.
According to Bitcoin Treasuries, Strive remains the fifth largest publicly traded bitcoin company, trailing Strategy, Twenty One, Metaplanet, and MARA. Founded by Vivek Ramaswamy, Strive debuted as an official bitcoin treasury last year and completed the acquisition of Semler Scientific in January 2026. The company distinguishes itself from other major treasuries by maintaining a debt-free balance sheet with no bonds, credit lines, or leveraged positions.
Strive’s latest accumulation highlights a divergent strategy within the corporate bitcoin treasury sector. While competitors like Strategy have utilized leverage to amplify their holdings, Strive relies exclusively on equity financing through its perpetual preferred stock, SATA. This approach allows the company to maintain a debt-free balance sheet, eliminating margin requirements and reducing the risk of forced liquidation during market downturns. The 6% rise in ASST following the announcement suggests investors are rewarding this conservative capital structure alongside the asset growth.
The distinction between debt-financed and equity-financed treasuries is becoming a critical factor for institutional adoption and operational risk assessment. As the number of public companies holding bitcoin grows, the method of acquisition may influence long-term sustainability perceptions. Investors should monitor how Strive continues to fund future purchases through SATA sales versus potential shifts in strategy, particularly as it competes with larger entities that employ different financial mechanisms.
