Strive Buys Another $94.5M in Bitcoin, Holdings Exceed 27,400

Strive Buys Another $94.5 Million in Bitcoin, Pushing Holdings Past 27,400 Coins

Strive, a publicly traded Bitcoin holder, continued its aggressive acquisition strategy last week, purchasing an additional 1,107 Bitcoin for approximately $94.5 million. The company acquired the coins at an average price of $85,396 each between September 21st and 25th. According to a Form 8-K filing with the Securities and Exchange Commission on Monday, Strive’s total Bitcoin holdings have now reached 27,462 coins.

While the pace of acquisition slightly slowed compared to the previous week’s 1,355 coins, Strive maintained a robust accumulation rhythm. The company’s funding primarily stems from the sale of SATA perpetual preferred stock and the exercise of outstanding warrants. SATA sales accounted for 85% of last week’s fundraising, a significant increase from 57.7% the week prior. Warrant exercises generated $12.4 million in gross proceeds, down from $21.2 million in the preceding week.

Strive currently ranks as the fifth-largest corporate Bitcoin holder globally, trailing Strategy, Twenty One, Metaplanet, and MARA. CEO Matt Cole has previously stated his ambition for the company to become the second-largest Bitcoin holder by the end of 2026, though he clarified this is not a baseline assumption.

Path to Second Place

To achieve this ambitious goal, Strive needs to surpass Twenty One’s current holdings of 43,514 Bitcoin, meaning it must acquire an additional 16,053 coins. Assuming Twenty One does not increase its holdings before year-end, Strive would need to purchase an average of approximately 1,235 Bitcoin per week over the remaining 13 full weeks to reach its target.

Calculating for the last 13 weeks of September, acquiring 1,235 Bitcoin weekly would require an investment of roughly $10.5 million to $11 million per week, based on current Bitcoin prices around $83,000-$85,000. This figure is considerably higher than the $94.5 million Strive invested in the previous week, indicating a need for sustained, increased capital deployment to meet the year-end objective.

Funding Dynamics

Strive’s Bitcoin purchases are primarily financed through two avenues: SATA perpetual preferred stock sales and warrant exercises. Last week’s SATA sales represented 85% of its fundraising, a notable jump from 57.7% the previous week, suggesting a greater reliance on preferred stock to fuel its buying. Warrant exercises, meanwhile, saw a decrease from $21.2 million to $12.4 million, potentially signaling a waning enthusiasm among some early investors to exercise their options.

This shift in the fundraising structure warrants attention. SATA preferred stock, in essence, trades future company earnings for immediate Bitcoin acquisition capital. If Bitcoin prices continue to climb, this strategy could amplify returns. However, should Bitcoin enter a correction phase, the dividend obligations associated with preferred stock could compress the company’s profit margins.

Stock Performance and Market Context

Strive’s common stock (ASST) closed at $29.35 on Monday, a slight dip of 0.3%, but has still achieved a near 70% year-to-date gain. In contrast, Strategy (MSTR), led by Michael Saylor, has seen a 6% year-to-date decline, while Twenty One (XXI) is down 26%. Strive’s stock performance has demonstrably outperformed its primary competitors.

Meanwhile, Bitcoin’s price retreated to a weekly low of around $83,000 on Sunday evening. Recent Chainlink data from CoinDesk indicates that short-term profit-taking on the Bitcoin blockchain has reached a 21-month high, suggesting accumulating pressure for a short-term pullback.

Strive’s consistent buying underscores the accelerating trend of publicly traded companies incorporating Bitcoin into their balance sheets. While its holdings are less than a third of Strategy’s substantial 840,000+ Bitcoin, Strive’s weekly acquisition pace of approximately 1,000-1,300 coins is approaching that of MARA. If it successfully breaks into the top two by year-end, Strive’s Bitcoin treasury strategy could emerge as one of the most compelling institutional buying narratives of 2026.

Key Factors to Watch

Two critical factors will determine Strive’s success: first, whether Bitcoin can maintain its footing above the 365-day moving average near $80,000, which is crucial for fundraising efficiency; and second, whether the dividend burden from SATA preferred stock intensifies as its holdings expand. For investors, Strive’s weekly purchase data serves as the most direct leading indicator. A weekly acquisition volume falling below 1,000 coins could signal a slowdown in progress toward its year-end target.