Strive, a Nasdaq-listed asset manager, purchased 469 Bitcoin between September 8 and September 11 at an average price of $77,954 per coin. The acquisition, costing $36.6 million, was disclosed in a Form 8-K filed with the SEC on September 14 and increased the company's total holdings to an even 25,000 BTC. CEO Matt Cole stated that 100% of the capital for this purchase came from SATA, Strive's Variable Rate Series A Perpetual Preferred Stock, which crossed $1 billion in notional value outstanding during the period.
The transaction marks a significant slowdown in accumulation pace compared to the previous week, when Strive bought 1,375 BTC for approximately $109 million. While common stock issuance remained minimal, growing by only 34,206 shares, the reliance on preferred equity raised the company's amplification ratio to 53.5%. This metric indicates that Strive now carries about $53.50 in preferred obligations for every $100 of Bitcoin assets on its balance sheet. Despite the recent buy, Strive ranks fifth among public corporate holders, trailing Strategy, Twenty One Capital, Metaplanet, and MARA Holdings.
This development highlights the increasing use of structured financial instruments, specifically perpetual preferred stock, to fund institutional Bitcoin accumulation without diluting common shareholders. By leveraging SATA to finance the entire $36.6 million purchase, Strive demonstrates a model where debt-like equity products serve as primary liquidity sources for crypto treasury operations. The crossing of the $1 billion notional threshold for SATA signals growing market acceptance of these hybrid securities within the digital asset sector.
However, the sharp deceleration in buying volume—from 1,375 BTC to 469 BTC—suggests potential constraints in capital deployment speed or shifting market conditions. With an amplification ratio rising to 53.5%, the company is assuming greater leverage relative to its Bitcoin net asset value. Investors should monitor whether this increased obligation level impacts the sustainability of future purchases, particularly as Strive aims to close the gap with higher-ranked competitors like Twenty One Capital.
