Key Highlights
- Strive expanded its treasury to 29,462 Bitcoin as of Oct. 2, establishing a total reserve valued at approximately $2.5 billion.
- Capital generation has relied heavily on SATA preferred shares, which offer an adjustable annual dividend of roughly 13% paid out every business day.
- Strive ranks fifth among all publicly traded corporate Bitcoin holders, trailing Strategy, Twenty One Capital, Metaplanet, and MARA.
Strive Expands Treasury Reserves to 29,462 Bitcoin
Bitcoin treasury company Strive has significantly accelerated its corporate balance-sheet strategy, boosting its total digital asset reserve to 29,462 Bitcoin as of Oct. 2. At an average market valuation hovering near $86,000 per coin, the company’s cryptocurrency treasury sits at approximately $2.5 billion. Prior to its latest accumulation phase, the firm’s previous major purchase was an acquisition of 2,500 Bitcoin between May 23 and June, which had brought its total holdings to 19,000 coins at the time.
Operating as an equity vehicle designed to park investor capital into digital assets rather than traditional cash reserves, Strive established foundational scale through targeted corporate dealmaking. In September 2025, the company agreed to acquire healthcare technology firm Semler Scientific, which held approximately 5,000 Bitcoin on its balance sheet. Following shareholder approval of the transaction in January, the merged entity held a combined reserve of roughly 12,800 BTC. Subsequent accumulation lifted the treasury to 14,557 Bitcoin by late April and 20,246 BTC by mid-August.
Financing Strategy: SATA Preferred Stock Structure
To support its continuous purchasing pipeline, Strive has mobilized capital primarily through the issuance of SATA, an equity instrument classified as preferred stock. These preferred shares provide investors with seniority over ordinary shareholders via ongoing cash dividend payouts. According to regulatory filings, SATA transactions represented 70% of Strive’s raised capital for the week ending Sept. 4 and climbed to 85% for the week ending Sept. 25.
Each SATA share carries a stated amount of $100 and yields an adjustable annual dividend rate of roughly 13%, translating to an annualized return of about $13 for every $100 invested. The company structured these dividend disbursements to occur every business day beginning June 16. Because underlying Bitcoin assets generate no fixed yield or interest, dividend distributions must be funded directly through Strive’s existing liquidity or through supplementary capital generation. Strive’s filing reported $284.7 million in cash reserves and zero debt obligations.
Balance Sheet Cost Basis and Public Rankings
Market movements have presented both portfolio expansion and short-term paper valuation gaps for the firm. Recent average spot prices traded approximately 41% above July figures, leaving Strive’s portfolio up 48% in total dollar value since July 2. However, the company’s regulatory filing documented an average acquisition cost basis of $90,170 per coin as of late September. With Bitcoin trading near $86,000 on Monday, the total holding reflected an unrealized paper deficit relative to its purchase price.
According to tracking data from Bitcoin Treasuries, Strive currently ranks as the fifth-largest corporate Bitcoin holder among publicly traded companies worldwide. The firm sits behind industry leaders Strategy, Twenty One Capital, Metaplanet, and MARA. To surpass the third-ranked Twenty One Capital, which holds 43,514 Bitcoin, Strive currently trails by 14,052 coins.
Why This Matters
Strive’s structure allows traditional stock market investors to gain exposure to Bitcoin through ordinary brokerage accounts on the Nasdaq without interacting directly with cryptocurrency exchanges or self-custody solutions. By pairing digital asset exposure with yielding preferred equity (SATA), the corporate treasury model offers a hybrid alternative for equity markets. However, sustaining double-digit preferred dividend obligations alongside an underlying asset that yields no baseline cash flow requires meticulous liquidity management and continued equity demand, particularly when spot prices dip below the company’s average entry cost.
Frequently Asked Questions
How does Strive fund its high-yield SATA dividend payments?
Because Bitcoin does not generate native interest or yield, Strive finances its roughly 13% annualized SATA dividend disbursements from its operational cash reserves or through new fundraising. The company reported $284.7 million in cash and zero debt on its balance sheet.
What is Strive’s current cost basis per Bitcoin?
According to its late-September regulatory filing, Strive’s average acquisition cost stood at $90,170 per Bitcoin, putting its 29,462 BTC holdings temporarily at a paper deficit against trading prices near $86,000.
Where does Strive stand compared to other public Bitcoin treasury companies?
Strive is the fifth-largest public corporate holder of Bitcoin globally, trailing Strategy, Twenty One Capital, Metaplanet, and MARA. It needs an additional 14,052 BTC to match Twenty One Capital’s balance of 43,514 coins.
