Strive, the asset management firm co-founded by Vivek Ramaswamy, bought another 1,375 bitcoin for roughly $109 million, lifting its total holdings to 24,531 BTC. Chairman and CEO Matt Cole announced the purchase on X on September 8, putting the average price at $79,281 per bitcoin including fees.
The purchase covers August 31 through September 4, according to the company’s 8-K filing. It grew Strive’s bitcoin position by about 5.9 percent from the previous week’s balance of 23,156 BTC. At a bitcoin price of $79,809 on September 4, the holdings were valued at roughly $1.96 billion.
Funded by preferred shares
Strive funds its accumulation differently from most bitcoin treasury companies. Its SATA preferred stock offering has become the main engine, supplying about 70 percent of last week’s capital, according to The Block. The notional value of the SATA program approached $1 billion after the latest purchase, a milestone Cole has pointed to as proof the model can scale.
The structure has produced an unusual overlap. A filing shows Strive holds a stake in Strategy’s own preferred stock, so the two companies hold each other’s paper. Both bought during the same week, deploying a combined $513 million into bitcoin at nearly the same price. Analysts have noted that the two treasuries are not just parallel bets on bitcoin but linked through each other’s instruments, which makes their buying behavior worth watching together rather than in isolation.
Strive’s buying pace has accelerated. Holdings are up 21.1 percent over the past three weeks and 23 percent this quarter. To overtake Twenty One Capital, currently ahead of it among public bitcoin holders, Strive needs to average roughly 1,200 BTC per week through the end of the year, The Block calculated.
Prices tell the story of the year
The disclosed purchase prices trace bitcoin’s path through the market cycle. Strive paid an average $116,047 per coin in September 2025, $91,561 in January, $65,723 in late July, and $79,431 last week. The late-summer buying followed a market dip, and bitcoin has since recovered to trade between $78,000 and $80,000. Buying the July trough and the September recovery in the same quarter has pulled the company’s average cost basis down sharply.
| Period | Average price paid | Market context |
|---|---|---|
| September 2025 | $116,047 | Near then-recent highs |
| January 2026 | $91,561 | Early-year pullback |
| Late July 2026 | $65,723 | 2026 lows |
| Week of Sept 4, 2026 | $79,281 | Recovery toward $80,000 |
Cash on hand also grew. The company reported $202.6 million in cash and equivalents as of September 4, up from $183.5 million a week earlier, giving it room for further purchases without new issuance. That cash buffer matters for a company whose strategy depends on buying on a schedule rather than timing the market.
A crowded field
Strive is not the only buyer active this month. Strategy ended a ten-week pause with a $370 million purchase, acquiring 4,603 BTC at an average $80,318 per coin. Japanese treasury firm Metaplanet has kept adding too, though its stock has slid on governance concerns unrelated to its bitcoin strategy. The corporate bitcoin treasury trade, slowed earlier in the year by weak prices and investor skepticism about dilution, has picked up again as bitcoin climbed back toward $80,000.
Whether the market keeps funding these vehicles is the open question. Strive’s model leans on preferred-share buyers accepting yield in exchange for indirect bitcoin exposure, a structure that works while demand for that paper holds. Cole has framed the company as a vehicle for investors who want bitcoin exposure through an equity wrapper rather than a wallet, and the SATA program’s approach to a billion dollars suggests that pitch is still selling.
ASST shares, Strive’s Nasdaq listing, have tracked the strategy’s fortunes. The market reaction to the latest purchase was modest, but the accumulation math keeps working in the company’s favor: more bitcoin per share with each round, funded at prices below the year’s high. The next test comes when bitcoin’s direction is less forgiving, and preferred-share investors decide whether the yield is worth the volatility underneath it.
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