Strive Reaches 25,000 Bitcoin Milestone with $36.6 Million Preferred Stock Buy

Strive Adds 469 Bitcoin to Reach 25,000-Unit Mark

Strive, a Nasdaq-listed asset manager, has reached a total Bitcoin holding of 25,000 coins following the purchase of 469 additional BTC between September 8 and September 11, 2026. The company disclosed the transaction in a Form 8-K filed with the Securities and Exchange Commission on Monday, September 14, 2026.

The acquisition cost a total of $36.6 million, resulting in an average purchase price of $77,954 per bitcoin. According to CEO Matt Cole, 100% of the capital raised for this specific purchase came from Strive’s Variable Rate Series A Perpetual Preferred Stock, known as SATA. Cole noted in a post on X that the move brings the company’s total Bitcoin holdings to exactly 25,000 coins, valuing the stack at roughly $1.95 billion.

Funding Structure and Amplification Ratio

Strive’s use of preferred stock to fund its Bitcoin acquisitions is a central feature of its balance sheet strategy. The company defines its amplification ratio as notional preferred equity and debt measured against Bitcoin net asset value. A ratio of 53.5%, which Cole stated was increased during this period, means Strive carries approximately $53.50 in preferred obligations for every $100 of Bitcoin on its balance sheet.

The purchase increased the number of SATA shares outstanding by 402,541. Following the increase, the notional value of SATA outstanding stood at roughly $1.04 billion. Cole emphasized that the structure allows the company to expand its Bitcoin holdings without diluting existing shareholders, relying instead on daily dividends paid to preferred stockholders. He stated, “We increased amplification ratio to 53.5%,” highlighting the shift in leverage.

Cash balances remained relatively stable during the period. Strive reported $202.6 million in cash prior to the purchase and $204.2 million afterward. The company also reported an increase of 34,206 shares in its Class A common stock during the same timeframe. Strive’s stake in Strategy’s preferred product, STRC, remained unchanged at 505,000 shares.

Position Among Public Bitcoin Holders

With this acquisition, Strive ranks fifth among public Bitcoin holders. The top four entities ahead of Strive are Strategy, Twenty One Capital, Metaplanet, and MARA Holdings. Twenty One Capital, described as a Tether-backed firm, currently holds 43,514 BTC. This creates a gap of 18,515 coins between Twenty One Capital and Strive.

The recent purchase follows a larger acquisition in the previous week, from August 31 to September 4. During that period, Strive purchased 1,375 BTC for approximately $109 million at an average price of $79,281. That earlier purchase was funded differently, with 70% coming from SATA and 30% from common stock.

Jack Mallers, the CEO of Twenty One Capital, resigned in July. As the end of 2026 approaches, there are 15 weeks remaining in the calendar year. To close the gap with Twenty One Capital by year’s end, Strive would need to purchase roughly 1,234 BTC per week. The company’s current stack is valued at approximately $1.95 billion.