Strive Adds $94.5M Worth of BTC, Because Apparently Bitcoin Is the New Coupon Clipping 📈

Strive, the Dallas-based asset manager, acquired 1,107 BTC for approximately $94.5 million between Sept. 21 and Sept. 25, paying an average of $85,396 per coin including fees, according to a Form 8-K filed Monday with the SEC. The purchase lifted the company's Bitcoin holdings to 27,462 BTC, valued at roughly $2.3 billion based on Friday's closing price of $83,943.

The latest buy was smaller than the previous week's, when Strive added 1,355 BTC to its treasury. Funding came primarily from SATA, the company's variable-rate perpetual preferred stock. "Warrant exercises generated another $12.4M. Including those proceeds, 85% of total capital raised came from SATA," CEO Matt Cole wrote on X. SATA pays dividends and allows Strive to raise capital with less dilution for common shareholders. During the week, SATA shares outstanding increased by roughly 1 million to 12.2 million, putting the preferred stock's notional value at about $1.22 billion at its $100 stated amount. Class A common shares rose by approximately 649,000.

Strive's cash position also grew by $19.2 million to $248.8 million during the period. The asset manager has leaned heavily on SATA to fund recent acquisitions, including a 469 BTC purchase earlier in September that was paid for entirely with preferred stock, and a $109 million buy earlier the same month that split funding 70/30 between SATA and common stock.

According to Bitcoin Treasuries data, Strive ranks fifth among public Bitcoin holders, trailing Strategy, Twenty One Capital, Metaplanet and MARA. To match Twenty One's 43,514 BTC by year-end, Strive would need to acquire roughly 16,050 additional coins, or about 1,235 per week.

Other treasury firms disclosed purchases on Monday as well. Strategy added 1,665 BTC for $142.7 million, bringing its holdings to a record 847,666 BTC. Tom Lee's Bitmine acquired 17,362 ETH worth approximately $47 million, raising its share of Ethereum's supply to 4.9%.