Strive bought 2,000 bitcoin for about $169 million last week, the Nasdaq-listed treasury company’s largest purchase since June, and now sits 6,115 BTC behind MARA for the fourth-largest public bitcoin treasury. The company disclosed the purchase in a Form 8-K filed with the SEC on Monday, covering Sept. 28 through Oct. 2 at an average of about $84,422 per coin. Total holdings climbed from 27,462 to 29,462 BTC, roughly $2.55 billion at current prices.
The buy was funded mainly through preferred share sales, part of the capital mechanics that treasury companies rely on to accumulate faster than their operating cash flow allows. Strive’s year-to-date BTC yield stands at 63.2%, with its amplification ratio at 55.3%, per the filing and The Block’s summary of it. Both metrics describe how much bitcoin the company adds per share over time, the numbers preferred-share buyers watch when they decide whether to fund the next tranche.
Moving up the league table
Strive bought 2,500 BTC on June 2 in its largest purchase to date, then slowed down through the summer. The latest buy puts it within striking distance of MARA Holdings, which holds 35,577 BTC. Strive paid an average of about $84,422 last week, well above its third-quarter average of $78,885, so the most recent tranche is the more expensive kind of accumulation.
Above MARA, the picture shifted during the same week. Japan’s Metaplanet ended the third quarter with 44,000 BTC, having sold 10,000 BTC and then bought back 11,000 BTC in the same quarter, raising its net position by 1,000. That pushed Metaplanet past Twenty One Capital, which holds 43,514 BTC, into the number-two spot. Strategy, the largest holder at about 848,000 BTC, added only 334 BTC for $28 million in the same week and spent about $176 million on preferred share buybacks instead, a second straight week where buybacks outpaced bitcoin purchases. Strategy’s average cost basis across all its bitcoin sits near $75,440, so coins bought last week at an $85,838 average price sit above the company’s long-run cost.
| Company | Holdings | Recent activity |
|---|---|---|
| Strategy | 848,000 BTC | +334 BTC, $28M last week |
| Metaplanet | 44,000 BTC | Sold 10,000, bought 11,000 in Q3 |
| Twenty One Capital | 43,514 BTC | Now third-place treasury |
| MARA Holdings | 35,577 BTC | Fourth-largest public treasury |
| Strive | 29,462 BTC | +2,000 BTC, $169M last week |
The math on Strive’s year-end target
Strive has set a goal of 44,000 BTC by year-end. With roughly 12 full weeks left, it would need to add an average of about 1,212 BTC per week to hit that, assuming Metaplanet makes no further purchases. That pace matches what it managed last week and sits well above its slow summer weeks, so the goal depends on continued preferred share issuance holding up.
In Q3 as a whole the company added 8,137 BTC at an average purchase price of $78,885. Its shares, listed under the ticker ASST, traded near $30.50 on Monday, and its preferred shares, SATA, fund the purchase cycle. When preferred share buyers step back, the pace of bitcoin accumulation steps down with them. The company has leaned on this structure since its merger last year and has not publicly signaled a slowdown in the issuance pipeline.
Where the market sits
Bitcoin traded between $84,000 and $86,592 late last week and into Monday, with exchange data showing modest gains. A CryptoSlate market page put bitcoin at $84,193, up just over 1%, and the broader crypto market cap sits near $2.9 trillion. ETF flows added support, with US spot bitcoin ETFs recording about $32 million in net inflows on Oct. 2, of which Fidelity’s FBTC accounted for $29.3 million. Trading over the weekend stayed quiet, and Monday’s session brought fresh corporate filings that gave traders something new to price in alongside the regulator news.
Companies buying at these prices sit below the all-time high but far above last year’s average, so most recent tranches carry higher entry costs than older ones. Strive’s third-quarter average of $78,885 means its latest coins are the most expensive in its portfolio so far, and the same applies to other treasuries built up in the same window. Whether that matters depends on the price trajectory from here, since treasuries that bought in 2024 at far lower prices sit on large paper gains either way.
Why the pace of corporate buying matters
Around 200 public companies hold more than 1.29 million BTC, roughly 6% of the eventual supply, according to trackers cited by market-watch outlets, so weekly purchases from a handful of names can move the tape. When several treasuries accumulate in the same week, the combined demand lands against the same exchange order books, and when a sell-off hits, the same concentration works in reverse. Some of the largest names have also started to sell at points during the year, which makes headline holdings harder to read at a glance.
The buyback-versus-treasury mix tells its own story. Strategy spending six times more on buybacks than on bitcoin suggests its management sees own-share repurchases as better value than coin at these prices, even while it keeps adding stock. Metaplanet running a full sale-and-repurchase loop inside a quarter, openly to demonstrate liquidity, shows how quickly these companies can move the market when they want to. Whether Strive can sustain a 1,212 BTC weekly pace without diluting more preferred shares is the next question, and one the company will answer with its next set of filings