Strive reaches 25,000 bitcoin after $36.6 million treasury purchase
The public company bought 469 BTC with proceeds from its SATA preferred stock, while its growing leverage makes the strategy more sensitive to bitcoin’s price swings.
Strive has reached 25,000 bitcoin after buying 469 BTC for approximately $36.6 million, according to a Form 8-K filing reported by The Block. The company said the purchases were made at an average price just under $78,000 per bitcoin and that the coins were added to its corporate treasury last week.
The purchase is smaller than Strive’s previous weekly acquisition of 1,375 BTC, but it pushes the company across a highly visible threshold. At recent prices, 25,000 BTC represents roughly $1.95 billion in gross asset value. That is a spot estimate, not a balance-sheet valuation: the company also has preferred-stock obligations, debt, operating costs and market risk.
The milestone shows how public-company bitcoin treasuries can keep accumulating even when the underlying asset is volatile. The headline number needs a balance sheet: holdings alone do not show how much common shareholders ultimately own or how the purchases were financed.
SATA supplied the capital
Strive said all of the capital raised during the week came through sales of SATA, its perpetual preferred stock. The instrument gives the company a financing channel that does not require issuing common shares for every bitcoin purchase, but it creates a senior claim with dividends and repayment terms that common shareholders must absorb before they receive residual value.
The company reported that SATA’s notional value outstanding has crossed $1 billion. It also disclosed an amplification ratio of 53.5%, defined as preferred equity and debt obligations relative to the net asset value of its bitcoin. That ratio is a company metric, not a standard industry measure, so readers should compare the underlying filings rather than treat it as a universal leverage score.
Preferred financing can increase bitcoin exposure per common share when asset prices rise, but it can also magnify pressure when prices fall or when the preferred securities require cash distributions. The structure is therefore different from simply holding bitcoin in an unlevered corporate wallet.
A race for second place among public holders
Strive describes itself as the world’s fifth-largest public bitcoin holder, behind Strategy, Twenty One, Metaplanet and MARA. Chief executive Matt Cole has said the company could potentially reach second place by year-end, although he has also said that is not his base-case expectation.
The arithmetic is demanding. The Block reported that Strive would need roughly 18,515 additional bitcoin to overtake Twenty One at its current 43,514 BTC holding, assuming the rival does not buy more. With 15 full weeks left in 2026, that would require an average of about 1,234 BTC each week—well above Strive’s latest purchase and dependent on continued access to capital.
That target is a management ambition, not a forecast or a commitment. It can change with bitcoin’s price, the cost of preferred funding, investor demand and the company’s liquidity needs.
What investors should monitor
The next filings should show whether Strive continues issuing SATA, how much cash is reserved for dividends and whether its bitcoin-per-share measure is rising after financing costs. More bitcoin is not the whole story: a treasury company can add coins while still diluting or increasing obligations if new securities grow faster than the asset base.
Strive shares rose more than 4% early Monday as bitcoin traded near $78,000, but a single session does not establish a durable market view. Common stock, preferred stock and bitcoin can each trade differently as investors price liquidity, governance and leverage.
The Third Angle will track the next 8-K and any changes to Strive’s funding plan. Until then, the confirmed development is a 469-BTC purchase that lifted reported holdings to 25,000 BTC—not proof that the strategy will outperform bitcoin or that the company’s second-place goal will be met.
