Strive asset manager acquired 25,000 BTC in a $36.6M purchase funded via preferred stock, pushing its Bitcoin holdings to $1B+ notional value.
Macro & Markets ·
Strive, a Nasdaq-listed asset manager, expanded its Bitcoin holdings to 25,000 BTC following a purchase of 469 coins at an average price of $77,954 between September 8 and 11, totaling $36.6 million, according to a Form 8-K filing. The company financed the acquisition entirely through SATA, its Variable Rate Series A Perpetual Preferred Stock, which crossed the $1 billion notional value threshold for the first time. CEO Matt Cole disclosed that the preferred stock's amplification ratio—the ratio of preferred obligations to Bitcoin net asset value—reached 53.5%.
The transaction represents a significant deceleration from the prior week, when Strive purchased 1,375 BTC for roughly $109 million using a 70/30 mix of preferred and common stock funding. The slowdown comes despite common stock remaining largely unaffected, with just 34,206 additional shares issued, preserving equity ownership structures. At current valuations, Strive's 25,000-coin stack is worth approximately $1.95 billion.
Strive ranks fifth among publicly traded Bitcoin holders, trailing Twenty One Capital by 18,515 coins. To close that gap by year-end, the company would need to acquire roughly 1,234 BTC weekly through the remaining 15 weeks of 2026. The preferred stock structure allows Strive to raise capital without diluting existing shareholders through daily dividend payments on SATA shares.