Bitcoin treasury expansion lifts Strive to fifth-largest corporate holder
Bitcoin treasury firm Strive has purchased 1,800 BTC for approximately $143 million, increasing its total holdings to 23,156 BTC and placing it among the largest publicly traded corporate owners of the asset. The Dallas-based company said it acquired the bitcoin at an average price of $79,431 per coin between Aug. 24 and Aug. 28.
The transaction was disclosed in a Form 8-K filed with the U.S. Securities and Exchange Commission on Aug. 31. Strive’s bitcoin balance rose from 21,356 BTC a week earlier, according to the filing. At a bitcoin price of about $76,400, the company’s reported holdings were valued at approximately $1.77 billion, although the market value could change with the price of BTC.
Chief executive Matt Cole confirmed the purchase in a post on X, writing that Strive had acquired an additional 1,800 BTC for $143 million at an average cost of $79,431 per bitcoin, bringing total holdings to 23,156 BTC.
Data from BitcoinTreasuries.net ranked Strive fifth among publicly traded corporate bitcoin holders, behind Strategy, Twenty One Capital, Metaplanet and MARA Holdings. The company moved ahead of crypto exchange Bullish, which was reported to hold 22,000 BTC.
The latest acquisition followed a separate purchase disclosed one week earlier. Between Aug. 17 and Aug. 21, Strive bought 1,110 BTC for about $81.5 million, or an average of $73,409 per coin. Combined, the two purchases added 2,910 BTC for approximately $224.5 million to Strive’s holdings. The company’s average purchase price increased during the second reporting period as bitcoin traded through the upper-$70,000 range.
Strive financed the bitcoin strategy through two Nasdaq-listed securities: ASST common stock and SATA preferred stock. Both are sold through at-the-market programs, which allow Strive to issue shares gradually through sales agents rather than completing a single large underwritten offering.
During the week covered by the latest filing, Strive’s outstanding Class A common shares increased by 3.58 million, rising from 79.89 million to 83.47 million. Class B shares remained unchanged at 9.79 million. As a result, effective common shares outstanding reached 93.26 million, while the assumed fully diluted share count increased by 3.57 million to 96.52 million. The fully diluted figure includes options and unvested employee awards but excludes 26.6 million shares linked to traditional warrants.
SATA issuance also continued. The number of preferred shares rose by 803,099 to 9.07 million, carrying a $100 liquidation preference and an implied aggregate liquidation value of about $907.4 million. Strive did not specify how the latest bitcoin purchase was divided between its ASST and SATA programs, but the increases in both share counts indicated that the company continued using common and preferred equity to fund its treasury activity. The filing also identified dilution from new ASST and SATA issuance as an investor risk.
Strive has maintained a 13% annualized dividend rate on SATA and began paying declared cash dividends every business day in June. The perpetual preferred security has no scheduled maturity date. Its holders receive priority for declared dividends but do not have a direct claim on a fixed amount of bitcoin. By contrast, common shareholders retain exposure to the company’s equity after senior claims and may be affected by dilution as additional shares are issued.
Alongside the bitcoin acquisition, Strive’s cash and cash equivalents increased by $11.6 million, rising from $171.9 million on Aug. 21. The figures underscore the company’s continuing use of equity markets to support a large-scale Bitcoin treasury strategy. In June, Strive disclosed plans to add $2.1 billion of capacity to each of its at-the-market programs, creating as much as $4.2 billion in potential new fundraising capacity.
The expanded issuance program gives Strive greater flexibility to add bitcoin when market conditions and financing terms are favorable. It also places continued emphasis on the trade-off between accumulating BTC and increasing the number of shares outstanding. For investors evaluating the company, the central question remains how effectively Strive can grow its Bitcoin treasury while managing the dilution, dividend obligations and market exposure associated with its financing structure.
Strive’s accelerating accumulation reflects a broader shift among public companies treating Bitcoin treasury as a strategic reserve asset. Since the early wave of corporate adopters, an expanding roster of firms from hardware makers to energy producers has reassigned portions of their balance sheets to BTC, citing inflation hedging and long-term store-of-value characteristics. The trend has intensified throughout 2024 and 2025 as spot ETF approvals and clearer accounting guidance have lowered operational friction. Analysts expect this pattern to continue, with more boards authorizing sustained bitcoin purchases, particularly where equity-based financing can be deployed without straining traditional debt covenants and credit ratings.
Source: https://crypto.news/strive-buys-143m-in-bitcoin-becomes-fifth-largest-holder/