Strive, a Dallas-based asset manager, acquired 1,107 Bitcoin between September 21 and 25, investing $94.5 million at an average price of $85,396 per Bitcoin including fees. This purchase, dis
Strive, a Dallas-based asset manager, acquired 1,107 Bitcoin between September 21 and 25, investing $94.5 million at an average price of $85,396 per Bitcoin including fees. This purchase, disclosed in a Form 8-K filing with the US Securities and Exchange Commission on Monday, lifts Strive’s total Bitcoin holdings to 27,462 BTC, valued at about $2.3 billion based on Friday’s closing price of $83,943 per coin.
Strive maintained its ongoing Bitcoin buying streak, though the latest purchase marked a smaller increase compared to the previous week’s addition of 1,355 BTC. The company’s CEO, Matt Cole, confirmed that most of the recent funding came from Strive’s preferred stock offering, known as SATA. Cole stated, “Warrant exercises generated another $12.4 million. Including those proceeds, 85% of total capital raised came from SATA.”
Warrant exercises generated another $12.4 million. Including those proceeds, 85% of total capital raised came from SATA.
Strive’s variable-rate perpetual preferred stock, SATA, allows the asset manager to raise funds efficiently while reducing dilution for common shareholders. The number of SATA shares increased by about 1 million during the week, reaching a total of 12.2 million shares. At a stated amount of $100 per share, SATA’s notional value now stands at approximately $1.22 billion. During the same period, Strive’s Class A common shares grew by around 649,000.
Mini dictionary: SATA, or Strive Adjustable Terms Asset, is Strive’s variable-rate perpetual preferred stock. SATA pays dividends and enables the company to raise capital with limited dilution to holders of common shares.
Strive’s most recent cash reserves also saw an uptick, increasing by $19.2 million to reach $248.8 million. The firm has consistently used SATA to finance its Bitcoin purchases, including a recent acquisition of 469 BTC—bringing its total at the time to 25,000 coins—funded entirely through preferred stock. Earlier in September, a $109 million purchase was financed by a combination of SATA and common stock in a 70/30 split.
According to Bitcoin Treasuries data, Strive remains the fifth-largest public holder of Bitcoin, trailing behind Strategy, Twenty One Capital, Metaplanet, and MARA. To surpass Twenty One Capital’s total of 43,514 BTC by the end of the year, Strive would need to accumulate roughly 16,050 more Bitcoin, averaging 1,235 BTC per week.
Company BTC Holdings Rank Strategy 847,666 1 Twenty One Capital 43,514 2 Metaplanet 38,347 3 MARA 36,900 4 Strive 27,462 5Other major institutional players also reported significant crypto acquisitions this week. Strategy disclosed the purchase of 1,665 Bitcoin for $142.7 million, increasing its treasury to a record 847,666 BTC. Meanwhile, Tom Lee’s Bitmine added 17,362 Ethereum, worth about $47 million, and now holds approximately 4.9% of total ETH supply.
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