Bitcoin Firm Strive Climbs Treasury Ranks With Major New Purchase

Strive Expands Treasury Reserve to 43,124 Bitcoin

Corporate treasury firm Strive has increased its cryptocurrency reserves, purchasing 124 Bitcoin between Oct. 24 and Oct. 30 for approximately $10 million. Disclosed in an SEC regulatory filing, the latest accumulation was executed at an average price of $80,526 per coin, including transaction fees. The addition raises Strive’s aggregate holdings to 43,124 BTC, according to details shared publicly by Chief Executive Officer Matt Cole.

According to CEO Matt Cole on X:

Strive acquired 124 $BTC for $10M at an average cost of $80,526 per bitcoin, bringing total holdings to ₿43,124.⁰⁰- Existing cash funded most purchases⁰- SATS ATM used for first time, representing 100% of weekly ATM proceeds⁰- Amplification Ratio: 62.7%⁰⁰$ASST $SATA $SATS pic.twitter.com/rFrS6y4AVc

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According to Strive’s prospectus, the company’s entire Bitcoin balance was acquired at an aggregate cost of $3.8 billion, representing an average price of $87,785 per coin. While the portfolio carried a fair market value of $3.5 billion on Oct. 23, subsequent market softening has lowered the spot valuation below Strive’s net purchase cost.

Capital Structure, SATS Preferred Stock, and Balance Sheet Management

The weekly acquisition was predominantly financed via balance sheet liquidity, with Strive’s cash position decreasing from $504.4 million to $490.4 million over the period. The remainder of the capital deployment marked the maiden utilization of the company’s at-the-market (ATM) equity offering for a preferred class of security traded under the ticker SATS.

SATS represents a preferred equity tranche designed to pay holders fixed dividend distributions ahead of common equity classes. Strive initially raised roughly $630 million in October by issuing 7 million SATS shares at $90 each. The securities feature a 15% annualized dividend based on a $100 par value, with payments scheduled to occur every business day beginning Nov. 9. On Oct. 26, the company established an ATM program permitting up to $1 billion in incremental SATS sales directly into the secondary market.

Strive’s prospectus outlines that the firm anticipates meeting ongoing dividend obligations primarily through additional capital raising, including future share sales. To mitigate liquidity risk, Strive has segregated an 18-month dividend reserve and maintained zero debt as of Oct. 23. Strive also maintains a $50 million investment consisting of 505,000 shares of Strategy’s preferred stock (STRC). The firm’s amplification ratio—which balances its preferred stock obligations and debt against the underlying valuation of its Bitcoin holdings—stood at 62.7%, representing $62.70 of fixed liabilities for every $100 of Bitcoin assets.

The Race Among Corporate Bitcoin Treasuries

Strive’s continued acquisitions place it within striking distance of the largest non-mining institutional holders in the digital asset space. At a market price of roughly $77,000 per coin, Strive faces deficits of roughly $30 million and $67 million compared to its closest competitors, Twenty One Capital and Metaplanet, respectively.

At an acquisition rate of 124 Bitcoin per week, Strive is positioned to surpass Twenty One Capital’s reserve of 43,514 BTC in approximately four weeks, and Tokyo-based Metaplanet’s holdings of 44,000 BTC in eight weeks, assuming those firms execute no further purchases. Twenty One Capital’s treasury has remained unchanged since co-founder Jack Mallers stepped down as CEO in July following the collapse of a proposed Tether-led three-way merger. Mallers’ successor, Raphael Zagury, has emphasized cash flow generation and capital discipline amid an 80% decline in Twenty One’s equity valuation. Meanwhile, Metaplanet, which transitioned from hotel management into a dedicated Bitcoin reserve entity in 2024, overtook MARA in April and targets an aggregate reserve of 100,000 BTC by the end of 2026.

Market leader Strategy, pioneered by Michael Saylor, remains the dominant corporate treasury with 849,327 Bitcoin—nearly 20 times the size of Strive’s reserve. While bridging that gap remains improbable, Matt Cole discussed the competitive landscape during an appearance on the One Chair podcast in September. Addressing whether Strive could close 2026 as the second-largest corporate holder, Cole remarked, “I wouldn’t say that’s my base case,” adding, “but I would say it’s in the possible set of cards.”

Why This Matters

The institutional corporate treasury model popularized by Strategy in 2020 has evolved from simple debt issuance into complex preferred equity instruments like Strive’s SATS shares. By employing high-yield dividend vehicles linked to equity dilution facilities, treasury operators provide direct crypto exposure to equity market participants without requiring traditional spot custody. However, with Strive’s amplification ratio standing at 62.7% and acquisition costs averaging $87,785 against lower prevailing spot prices, capital management discipline and persistent access to equity markets remain critical factors as corporate entities race to build sovereign-scale Bitcoin reserves.

Frequently Asked Questions

How much Bitcoin does Strive currently hold?

Following its acquisition of 124 Bitcoin between Oct. 24 and Oct. 30, Strive holds a total treasury reserve of 43,124 BTC acquired at an overall average cost of $87,785 per coin.

What is Strive’s SATS security?

SATS is a preferred stock offering that yields a 15% annual dividend based on a $100 stated value, distributed every business day starting Nov. 9. Strive raised $630 million through an initial offering of 7 million shares and launched an at-the-market (ATM) program on Oct. 26 to sell up to an additional $1 billion worth of shares.

Who are Strive’s closest corporate treasury peers?

Strive currently ranks closely behind Twenty One Capital (43,514 BTC) and Japan’s Metaplanet (44,000 BTC). Michael Saylor’s Strategy remains the single largest corporate holder with 849,327 BTC.