Strive Buys $109 Million in Bitcoin, Pushes Preferred Stock Toward $1 Billion

Strive bought another 1,375 Bitcoin last week, paying $109 million and pushing the fundraising machine behind the purchase to the edge of a ten-figure milestone.

The Nasdaq-listed asset manager picked up the coins between Aug. 31 and Sept. 4 at an average price of $79,281 per Bitcoin, its CEO Matt Cole said in a post on X.

That lifts Strive’s total holdings to 24,531 BTC, worth roughly $1.9 billion at current prices.

Strive is one of a growing club of public companies that raise money specifically to buy and hold Bitcoin, betting the cryptocurrency’s price climbs faster than a normal business could grow. Michael Saylor’s Strategy pioneered the playbook in 2020; Strive, Twenty One Capital, and dozens of smaller firms have since copied it with varying degrees of aggression.

Cole broke down the funding mix in the same post. Seventy percent of the capital raised last week came from SATA, Strive’s Variable Rate Series A Perpetual Preferred Stock—a class of shares that pays a fixed dividend, currently 13% a year, instead of tracking Bitcoin’s price swings.

SATA now has $999 million in notional value outstanding—the combined face value of shares sold, not cash sitting in the bank—just short of ten figures. “Time to break the billion-dollar wall,” Cole wrote.

The preferred-stock approach is Strive’s answer to a problem every Bitcoin-buying company faces: how to keep raising cash without diluting shareholders too fast or taking on debt that has to be repaid on a fixed schedule. Instead of borrowing, Strive sells SATA shares near their $100 face value and funnels the proceeds into Bitcoin, paying preferred holders a steady dividend along the way.

That structure has a real failure mode. Strategy’s version, STRC, sank well below its own $100 mark this year as Bitcoin dropped, and the company sold Bitcoin for the first time since 2022 specifically to cover the dividend. SATA has held closer to par through the same stretch, but the mechanism is identical, and it hasn’t been tested by a downturn as deep as Strategy’s yet.

Chief Risk Officer Jeff Walton explained the pace in a companion post. Holdings rose 5.9% week over week, from 23,156 BTC to 24,531 BTC—the third straight week Strive has posted gains north of 5%. Over the past three weeks, the stack has grown 21.1%, from 20,245 BTC to 24,531 BTC.

That pace has consequences beyond the balance sheet. Strive is trying to close the gap with Twenty One Capital, the Tether-backed firm holding roughly 43,500 BTC as the second-largest public Bitcoin treasury behind Strategy. At Strive’s current holdings, that gap is about 19,000 BTC—roughly 1,200 BTC a week for the remaining 16 weeks of 2026, a pace Strive has only touched in its most aggressive recent stretches.

As of today, Strive is the fifth largest corporate Bitcoin treasury in the world, beating giants like SpaceX, Coinbase, and Trump Media and Technology Group, according to data from Bitcoin Treasuries.

That said, Strive didn’t exist as a Bitcoin company a year ago. It went public in September 2025 through a merger with Asset Entities, then added roughly 5,048 BTC by acquiring Semler Scientific, a medical device maker that had quietly built its own Bitcoin stash.

BitcoinBTC · USD

$78,496+1.35%

24H7D1M1YYTD

Sep 1Sep 3Sep 5Sep 7Sep 8

$81.8k$80.0k$78.3k$76.6k

24h HighHigh$79,432

24h LowLow$77,666

VolVol$1.5B

Market projectionsOdds by Myriad

Since then, the firm—co-founded by Vivek Ramaswamy, the former presidential candidate now running for Ohio governor—has bought Bitcoin almost every week, funding the purchases through a rotating mix of common stock and SATA.

During the crypto winter, the company posted a $265.9 million net loss in the first quarter, driven almost entirely by a paper loss on its Bitcoin holdings when the price dropped. ASST shares had fallen 86% from a post-merger high of $130 by mid-May, before rebounding as Bitcoin recovered, and Strive has since unveiled daily dividend payments on SATA to make the stock more attractive to buyers.

Strive’s cash position also grew last week, from $183.5 million to $202.6 million, even after the purchase. Cole has pointed to more than $700 million in outstanding warrants that could unlock as much as $1.4 billion more for future Bitcoin buys.