Strive Hits 25,000 Bitcoin After $36.6M Purchase on Sept. 14
Key Points
- Strive purchased 469 Bitcoin between September 8-11 at an average price of $77,954 per coin for $36.6 million.
- The company's preferred stock SATA crossed $1 billion in notional value outstanding, up from $999 million one week prior.
- Strive holds 25,000 BTC total but trails Twenty One Capital by 18,515 coins and would need 1,234 BTC weekly to catch up by year-end.
The company raised its amplification ratio to 53.5 percent, a metric Strive defines as notional preferred equity and debt measured against Bitcoin net asset value. Cole's preferred stock structure allows the company to acquire Bitcoin without diluting existing shareholders, as SATA shares pay daily dividends rather than converting to equity ownership. Class A common stock grew by only 34,206 shares during the period, compared to 402,541 SATA shares.
Strive's Competitive Position in Corporate Bitcoin Holdings
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Despite the milestone of 25,000 BTC, Strive ranks fifth among publicly traded Bitcoin holders, significantly behind the market leader. Twenty One Capital, the Tether-backed firm, holds 43,514 BTC—18,515 coins ahead of Strive. Strive also trails Strategy, Metaplanet, and MARA Holdings in corporate Bitcoin rankings, according to Bitcoin Treasuries data. Closing the gap with Twenty One Capital would require Strive to maintain a pace of approximately 1,234 BTC per week for the remaining 15 weeks of 2026 to match the leader's position by year-end.
Strive's cash position actually increased during the purchase period, ticking up from $202.6 million to $204.2 million, as the capital raise through SATA exceeded the Bitcoin acquisition cost. The company's 505,000-share stake in Strategy's preferred product, STRC, remained unchanged through the reporting period.
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The purchase reflects ongoing competition among publicly traded entities to accumulate Bitcoin holdings, with preferred stock financing emerging as a mechanism to fund acquisitions while preserving common shareholder equity. Strive's amplification ratio of 53.5 percent indicates the company now carries $53.50 in preferred obligations for every $100 of Bitcoin held on its balance sheet, a measure of leverage that increased with this transaction.
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Market Outlook
At current acquisition rates, Strive would fall short of Twenty One Capital's holdings by year-end 2026. However, the company's demonstrated ability to raise over $1 billion in preferred stock capital signals capacity for accelerated purchases if market conditions permit. Bitcoin's price volatility and continued corporate adoption will likely determine whether Strive can narrow its competitive gap in 2027.
Sources: Decrypt and other international news outlets.
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