- Strive added 469 BTC last week at an average price of $77,954, lifting its total treasury to 25,000 Bitcoin.
- The purchase was funded entirely by SATA preferred stock, which now has over $1 billion in notional value outstanding.
- To catch leader Twenty One Capital by year-end, Strive must accelerate to roughly 1,234 BTC per week for the remaining 15 weeks of 2026.
Strive, the Nasdaq-listed asset manager, continued its aggressive Bitcoin accumulation strategy last week, though at a notably slower pace than the previous period. According to a Form 8-K filed with the SEC on Monday, the company purchased 469 Bitcoin between Sept. 8 and Sept. 11, spending $36.6 million at an average price of $77,954 per coin. This brings Strive’s total holdings to an even 25,000 BTC, valued at roughly $1.95 billion at current market prices.
The acquisition was funded entirely through preferred stock issuance. CEO Matt Cole confirmed the capital source on X, stating, “100% of the capital raised came from SATA, which now has over $1B notional outstanding.” SATA, Strive’s Variable Rate Series A Perpetual Preferred Stock, saw its shares outstanding increase by 402,541 during the period, pushing the $100-stated notional value to approximately $1.04 billion. Cole also noted that the company’s “amplification ratio” rose to 53.5%, meaning Strive now carries about $53.50 in preferred obligations for every $100 of Bitcoin on its balance sheet.
The latest buy marks a sharp deceleration from the prior week’s activity. Between Aug. 31 and Sept. 4, Strive acquired 1,375 BTC for roughly $109 million at an average of $79,281 per coin—nearly three times last week’s volume. That earlier purchase was split 70/30 between SATA and common stock, whereas last week’s was entirely preferred-funded, allowing the company to raise capital without diluting existing common shareholders. Notably, Strive’s cash position actually increased slightly, from $202.6 million to $204.2 million, despite the $36.6 million outlay.
Despite the steady accumulation, Strive remains well behind the top of the corporate Bitcoin leaderboard. The firm currently ranks fifth among public holders, trailing Strategy, Twenty One Capital, Metaplanet, and MARA Holdings, according to Bitcoin Treasuries data. The gap to Twenty One Capital—the Tether-backed firm whose CEO Jack Mallers resigned in July—stands at 18,515 BTC, with Twenty One Capital holding 43,514 coins.
Closing that gap before year-end would require a dramatic acceleration. With just 15 weeks remaining in 2026, Strive would need to average roughly 1,234 BTC per week to catch the leader—a pace more than 2.5 times last week’s purchase. While the company’s preferred stock structure provides a flexible funding mechanism, the math suggests catching Twenty One Capital by Dec. 31 would demand a significant increase in both capital raising and Bitcoin acquisition velocity.
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