Strive says warrant exercise could propel it toward second-largest public bitcoin treasury

Cole pointed to more than $700 million in outstanding warrants expiring in mid-October. If Strive’s shares remain above the $27 exercise price, warrant conversion could provide cash for additional bitcoin purchases. That cash is conditional: the warrants may expire unused, and exercise would increase the share count.

The headline is capacity, not committed capital. Management said the second-place outcome is possible but not its base case, and the company would need several market and execution factors to align.

Rankings can change on both sides

Twenty One Capital currently holds 43,514 BTC, a little less than twice Strive’s balance. The Block calculated that Strive would need to buy roughly 1,200 BTC each week for 17 weeks to pass it, assuming Twenty One makes no further purchases. That assumption is material because treasury rankings are relative, not fixed targets.

Strive’s August buying pace was far above July’s 136 BTC, when bitcoin traded near $62,000. The acceleration shows how treasury companies can change exposure quickly, but it also increases sensitivity to financing terms and bitcoin’s price.

Readers should track warrant exercise, BTC per share and dilution. A larger coin balance does not automatically create more value per share. The company’s stock reached $26.84, close to the exercise price, but a market price near a strike is not the same as completed financing.

Cole also said bitcoin could exceed $500,000 by 2030, while noting Strive’s balance sheet does not depend on that forecast. That view is management commentary, not an independent projection or investment advice. Future purchases could also alter the company’s leverage, treasury concentration and exposure to a falling bitcoin price. Those variables should be tracked in filings, not inferred from a headline.