Strive, a top-five Bitcoin treasury company, purchased 469 Bitcoin for about $36.6 million between Sept. 8 and Sept. 11, raising its total holdings to 25,000 BTC. The acquisition was funded entirely through proceeds from sales of SATA, the company’s perpetual preferred stock, which has now surpassed $1 billion in notional value outstanding. According to a Monday filing with the US Securities and Exchange Commission, the average purchase price was $77,954 per BTC, including fees and expenses.
As of Sept. 11, Strive held $204.2 million in cash and cash equivalents alongside 505,000 shares of Strategy’s STRC preferred stock valued at approximately $49.8 million. The company became the fifth-largest publicly traded corporate Bitcoin holder in late August after surpassing crypto exchange Bullish. Co-founded in 2022 by Vivek Ramaswamy, Strive went public in September 2025 following a merger with Asset Entities. Its Nasdaq-traded shares gained more than 7% on Monday to around $29, pushing its market capitalization to about $2.5 billion, exceeding Metaplanet’s $1.9 billion valuation.
This development highlights the aggressive accumulation strategy employed by emerging corporate treasuries, leveraging equity instruments like perpetual preferred stock to fund direct asset purchases without diluting common shareholders immediately. By surpassing Metaplanet in market capitalization despite holding fewer coins, Strive demonstrates how investor sentiment and growth narratives can decouple from pure asset holdings, prioritizing momentum and future capacity over current balance sheet size.
The potential exercise of warrants expiring in mid-October represents a significant liquidity event that could inject more than $700 million into the company, depending on share performance relative to the $27 exercise price. This mechanism underscores the reliance on capital markets to sustain treasury expansion, introducing operational risk if market conditions shift or if the premium on the stock compresses. Investors should monitor whether the company maintains its pace of accumulation using these new funds, as well as the sustainability of the SATA funding model amid broader regulatory scrutiny of crypto-linked financial instruments.
