Strive adds 1,375 bitcoin as SATA approaches 'billion-dollar' milestone

Strive (ASST) acquired another 1,375 bitcoin for approximately $109 million last week, bringing its total holdings to 24,531 BTC as the company continues its push up the rankings of public bitcoin treasuries.

The BTC was purchased at an average of $79,281 per bitcoin between Aug. 31 and Sept. 4, according to a Tuesday Form 8-K filing with the Securities and Exchange Commission.

Strive CEO Matt Cole said 70% of the capital raised during the week came from sales of its SATA perpetual preferred stock, which reached nearly $999 million in notional volume outstanding.

SATA increased by 921,511 shares during the week to nearly 10 million shares outstanding. Strive cash and equivalents also jumped from $183.5 million to $202.6 million, while its 505,000-share position in Strategy's STRC preferred stock was left unchanged.

Bitcoin treasury race

The latest purchase keeps Strive on the pace needed to overtake Twenty One Capital as the second-largest bitcoin treasury before the end of 2026. With about 16 weeks remaining in the year, Strive would still need to acquire approximately 1,200 BTC per week to surpass Twenty One, assuming the company does not also add to its own holdings.

Cole said last week that this outcome was possible but not his base case. He pointed to more than $700 million in outstanding warrants, estimating that Strive could gain as much as $1.4 billion to purchase more bitcoin.

Strive shares rose above the warrants' $27 exercise price on Friday, reaching as high as $27.27, but fell 3.5% to approximately $26.20 shortly after Tuesday's market open, while SATA traded at its intended $100 par value.

Bitcoin (BTC) recovered slightly to $74,300 after falling to $73,700 hours earlier, which was its lowest level in six days after briefly climbing above $82,300 on Thursday.

Meanwhile, top public bitcoin treasury firm Strategy did not buy or sell bitcoin last week and continues to hold 845,050 BTC.

The company also holds $6.5 billion in U.S. dollar assets as of Sept. 7, Saylor said.