Strive Enterprises bought another 1,107 bitcoin for about $94.5 million last week, lifting its corporate treasury to 27,462 BTC, according to a Form 8-K filed with the SEC on Monday. The Dallas-based firm paid an average of roughly $85,396 per coin, fees included, for bitcoin acquired between September 21 and September 25.
CEO Matt Cole announced the purchase on Monday. It is the fourth weekly buy of more than 1,000 coins since late August. At a bitcoin price near $85,600, the stack is worth about $2.35 billion, which keeps Strive fifth among public companies holding bitcoin, behind Strategy, Twenty One Capital, Metaplanet and Marathon Digital.
| Company | BTC held | Approx. value |
|---|---|---|
| Strategy | 846,000 | $71.9 billion |
| Twenty One Capital | 43,514 | $3.7 billion |
| Metaplanet | 43,000 | $3.7 billion |
| Marathon Digital | 35,577 | $3.0 billion |
| Strive | 27,462 | $2.35 billion |
Funded by preferred stock, not common shares
The financing detail matters as much as the coin count. Cole said warrant exercises generated $12.4 million during the week, and that 85 percent of total capital raised came from SATA, the variable rate Series A perpetual preferred stock. Strive has leaned on that instrument for weeks, selling it near its $100 par value to fund open-market purchases without flooding the common equity.
Nearly 786,000 common warrants were exercised in the prior week for about $21.2 million, and the company has more than $700 million in warrants outstanding that expire in mid-October with a $27 exercise price. ASST shares have traded above that level this month, and Cole has said a full conversion could hand the company roughly $1.4 billion in combined bitcoin-buying capacity once digital credit capacity is counted.
The run at number two
Cole said earlier this month that Strive could end 2026 as the second-largest public bitcoin holder, while stressing that this is not his base case. The math is tight. Twenty One Capital sits in second place with 43,514 BTC and has not bought since July 2025. Strive needs another 16,052 coins to pass it, which works out to roughly 1,230 BTC per week over the 13 weeks left in the year. Strive bought at that pace or faster in three of the last four weeks.
TD Cowen analysts raised their price target on ASST from $32 to $44 and now model the company finishing the year with 32,105 BTC, up from a prior estimate of 27,156. Their projected BTC Yield, a measure of bitcoin held per fully diluted share, moved from 54.1 percent to 70.1 percent for the full year.
The buying has not gone unnoticed in the market. ASST closed at $12.80 on August 18 and traded above $30 by September 18, a gain of more than 120 percent in a month. The stock has outperformed the ten largest public bitcoin treasury companies by an average of 82 percent this year, according to Bitcoin Treasuries data.
Context: a busier week for corporate buyers
The purchase lands during a stretch when corporate accumulation has picked up alongside the bitcoin recovery from the summer drawdown. Strategy, the largest holder with about 846,000 BTC, bought 950 coins for roughly $76 million in the same week as the earlier Strive purchase of 1,355 coins. US spot bitcoin ETFs took in $2.4 billion last week, their best week since October 2025, which flipped 2026 ETF flows positive after a $5.8 billion outflow stretch in July.
The accumulation also follows a rough stretch for the asset itself. Bitcoin slipped below $83,000 on Monday as President Trump refused to rule out further strikes on Iran, and liquidations hit $70 million in long positions. Strive kept buying through the dip at an average above $85,000, a pace Cole has defended as mechanical rather than price-sensitive.
How the funding machine works
The Strive model differs from the one at Strategy in one visible way: the mix of capital. Strategy leans heavily on convertible debt and at-the-market common stock sales. Recent weeks at Strive have been dominated by SATA, the perpetual preferred, which trades near par and pays a variable rate. That lets the company raise money without diluting common holders as directly, though preferred dividends still accrue against the bitcoin position.
Warrants are the second lever. The mid-October expiry creates a deadline: if ASST holds above $27, holders exercise and the company collects the strike proceeds; if the stock slips below, that capital disappears. Cole has acknowledged the timing risk and said he hopes the warrants are exercised rather than left to expire unused.
The pace of buying has accelerated sharply since the summer. Strive added 3,156 BTC in August alone, against just 136 coins in July, when bitcoin traded in the low $62,000 range. The company passed crypto exchange Bullish in the rankings last month and has said an average of 1,000 coins per week would by itself be enough to climb several places by December.
The company was founded in 2022 and listed through a reverse merger in September 2025. Cole runs it day to day; Vivek Ramaswamy is no longer an officer or director but remains a significant shareholder. Strive publishes a treasury dashboard with holdings, ASST market data and SATA coverage metrics for investors who want to track the pace themselves.
For now the pattern is steady rather than dramatic: preferred stock sales near par, warrant proceeds on the side, weekly purchases disclosed in 8-Ks, and a leaderboard that Strive is climbing one filing at a time. Whether it reaches second place depends on the warrants converting and on Twenty One staying idle, two conditions outside company control.