Strive Buys $109 Million in Bitcoin, Pushes Preferred Stock Toward $1 Billion

Strive Asset Management purchased 1,375 Bitcoin between Aug. 31 and Sept. 4, spending roughly $109 million at an average cost of $79,281 per coin, CEO Matt Cole said on X. The acquisition raised the firm’s gross Bitcoin stack to 24,531 BTC, which the article says is worth about $1.9 billion at prevailing prices.

Cole said 70% of the capital used for last week’s buy came from SATA, Strive’s Variable Rate Series A Perpetual Preferred Stock. SATA now carries about $999 million in notional value outstanding — the combined face value of shares sold — and currently pays a fixed dividend around 13% annually. Strive has positioned the preferred-stock vehicle as an alternative to dilutive equity issuance or fixed-schedule debt for funding Bitcoin purchases.

That funding approach carries risks. The piece notes that a similar preferred-stock product from Strategy (STRC) fell well below par this year and prompted that firm to sell Bitcoin to cover dividend obligations when prices fell. Strive’s SATA has stayed closer to par so far, but it has not yet been tested by a downturn as severe as Strategy’s.

Strive’s recent buying pace is notable: holdings rose 5.9% week over week (from 23,156 BTC to 24,531 BTC), marking the third consecutive week with gains above 5%. Over the last three weeks the company’s stack expanded 21.1% (from 20,245 BTC). The firm is attempting to narrow the gap with Twenty One Capital, which holds roughly 43,500 BTC; at Strive’s current size the shortfall is about 19,000 BTC.

Strive went public in September 2025 via a merger with Asset Entities and added roughly 5,048 BTC when it acquired Semler Scientific. The company’s cash balance rose to $202.6 million last week from $183.5 million, and management has pointed to more than $700 million in outstanding warrants that could potentially unlock up to $1.4 billion for future purchases. According to Bitcoin Treasuries data cited in the article, Strive ranks as the fifth-largest corporate Bitcoin treasury, ahead of firms such as SpaceX, Coinbase and Trump Media and Technology Group.