Strive CEO Matt Cole said the bitcoin treasury company could become the second-largest public BTC holder by year-end, backed by more than $700 million in outstanding warrants that could fund a major final-quarter buying spree.
Cole made the remarks on the One Share podcast Wednesday. He said the outcome is not his base case but is achievable if several factors align, including warrant exercises and sustained bitcoin purchases through the fourth quarter.
Strive acquired 3,156 BTC in August, up sharply from just 136 BTC in July when bitcoin traded in the low $62,000 range. The acceleration coincided with BTC rallying above $80,000, its highest level since late July. The company now holds 23,156 BTC valued at roughly $1.9 billion, placing it fifth among publicly traded bitcoin treasury firms.
The Warrant Catalyst
More than $700 million in Strive (ASST) warrants expire in mid-October. If shares move above the $27 exercise price, converting those warrants could give the company hundreds of millions to deploy into bitcoin.
“Plug your bitcoin estimate of price in for when they get exercised and deploy $700 million into bitcoin, and then have another $700 million of capacity for digital credit,” Cole said. “If we were to achieve that, you’re talking about $1.4 billion of capacity potentially to buy bitcoin.”
ASST reached a year-to-date high of $26.84 on Thursday, placing the stock less than 1% below the warrants’ exercise price. The stock has outperformed the 10 largest public bitcoin treasury companies by an average of 82% this year, according to data from Bitcoin Treasuries.
The warrants represent a unique funding mechanism. Unlike equity offerings that dilute existing shareholders at prevailing prices, warrant exercises convert at a fixed $27 strike. With ASST trading near that level, the dilution is already priced in. The real question is whether enough warrant holders choose to exercise rather than let them expire unused in October.
Chasing Twenty One Capital
The number two spot among public bitcoin holders belongs to Twenty One Capital, which holds 43,514 BTC, nearly double Strive’s current holdings. Twenty One has not acquired new bitcoin since July 2025, making it a stationary target for Strive to overtake.
Strive would need to buy roughly 1,200 BTC per week over the remaining 17 weeks of 2026 to surpass Twenty One, assuming no new purchases from its rival. Cole told the podcast that buying 1,000 BTC weekly is plausible and would rapidly move Strive up the rankings.
“I don’t think it’s out of the realm of possibility for Strive to end the year as the number two largest bitcoin holder,” Cole said. “I think our ability to shoot up the rankings is pretty high right now.”
The company went public in September 2025 and has since built its treasury through equity raises, debt, and the conversion of holdings from its $1.34 billion all-stock merger with Semler Scientific. That deal added 5,816 BTC to Strive’s balance sheet and gave it a medical device revenue stream alongside the bitcoin strategy.
Corporate Bitcoin Treasuries Expand
The wave of corporate bitcoin buyers has pushed total public company BTC holdings past 600,000 coins, according to Bitcoin Treasuries data. That represents roughly 3% of bitcoin’s total supply, a figure that has doubled since the start of 2025.
Strive is part of this broader trend, following the template set by Michael Saylor’s Strategy, now the largest public BTC holder with over 500,000 BTC. Strategy resumed buying last week with a $370 million acquisition after a 10-week pause, signaling that even the biggest players still see value at current prices.
The corporate treasury movement has accelerated in 2026 as bitcoin prices recovered from the mid-$60,000 range. El Salvador’s national bitcoin reserve now totals 7,762 BTC, and firms across the U.S. and Asia have announced similar treasury programs. The surge has contributed to tighter exchange supply, with on-chain data showing exchange BTC balances at multi-year lows.
Cole said the August buying pace reflected improved market conditions and lower financing costs. “When bitcoin was at $62,000, the math was harder,” he said. “At $80,000 with warrants in the money, it becomes a very different conversation.”
Cole also predicted bitcoin could exceed $500,000 by 2030, though he emphasized Strive’s balance sheet does not depend on that outcome. The company reported a $393.6 million GAAP net loss for the six months ending December 2025, alongside a 22.2% “Bitcoin Yield” metric it uses to measure digital asset portfolio performance.
Strive held $83.7 million in cash and $50.4 million in fair value of STRC preferred stock as of mid-March, giving it additional liquidity beyond the warrant proceeds. If warrants are exercised and fully deployed into BTC at current prices around $80,000, the company could add roughly 17,500 coins to its holdings, vaulting it past Twenty One and several other firms in the rankings.
TD Cowen recently lifted its ASST price target, citing the company’s aggressive accumulation strategy and the favorable macro backdrop for bitcoin. The analyst note pointed to Strive’s ability to access capital markets more efficiently than many peers, giving it an edge in the crowded corporate treasury race.
The August buying surge also came as Fed rate hike odds declined sharply, with Governor Christopher Waller signaling he would support holding rates steady if next week’s CPI data shows cooling inflation. Lower rates tend to support risk assets, including bitcoin, by reducing the appeal of fixed-income alternatives and making leverage cheaper for firms like Strive.
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