Strive added another $143 million in Bitcoin and, according to BitcoinTreasuries.net, moved up to the fifth-largest publicly traded corporate holder. That’s a clean headline for bulls, and a reminder that every fresh BTC buy also drags along a bigger dilution bill for common shareholders.
- 1, 800 BTC bought for about $143 million
- Total treasury now 23, 156 BTC
- Ranked fifth among public corporate Bitcoin holders
- Funded through ongoing equity issuance
Strive said it bought 1, 800 Bitcoin between Aug. 24 and Aug. 28 at an average price of $79, 431 per coin, according to an Aug. 31 SEC Form 8-K. CEO Matt Cole confirmed the purchase in an Aug. 31 post on X, writing:
“Strive acquired an additional 1800 BTC for $143M at an average cost of $79431 per bitcoin, bringing total holdings to ₿23156, ”
The purchase lifted Strive’s Bitcoin treasury from 21, 356 BTC to 23, 156 BTC. At a Bitcoin price of roughly $76, 400, that stack was worth about $1.77 billion. BitcoinTreasuries.net ranked Strive ahead of Bullish, which held 22, 000 BTC, putting Strive in fifth place among publicly traded corporate Bitcoin holders.
Above Strive on that list were Strategy, Twenty One Capital, Metaplanet, and MARA Holdings. Rankings like this can shift quickly because they depend on both fresh purchases and BTC’s price. A company can move up the board without buying much at all if Bitcoin rips higher, and it can slide back just as fast when the market cools off.
This latest buy followed a disclosure a week earlier showing Strive had purchased 1, 110 BTC for $81.5 million at an average price of $73, 409 per coin. That earlier round lifted holdings from 20, 246 BTC to 21, 356 BTC. In total, the two reporting periods added 2, 910 BTC for about $224.5 million. Strive Raises Capital to Buy 2, 624 Bitcoin in Record
The pace has been aggressive. Strive reported 303 BTC acquired through Aug. 7, bringing holdings to 20, 167 BTC. It then added 79 BTC for about $5 million between Aug. 10 and Aug. 14, followed by the 1, 110 BTC purchase and then the latest 1, 800 BTC buy. Measured from the Aug. 7 filing through the Aug. 28 purchase window, the company added 2, 989 BTC in a short span. That is not a sleepy treasury policy. It is a full-speed accumulation plan.
The financing structure is where the story gets less glamorous and more real. Strive is buying Bitcoin by selling ASST common stock and SATA preferred stock through at-the-market offerings, which means shares are sold gradually into the market instead of through one giant raise. That’s usually less disruptive than a single block sale, but it still increases the share count over time. Dilution is dilution, even when it arrives in polite little slices. Strive Launches SATA Daily-Dividend Bitcoin Treasury
Strive’s outstanding Class A common shares rose by 3.58 million, from 79.89 million to 83.47 million. Class B shares held steady at 9.79 million, bringing effective common shares outstanding to 93.26 million.
On a fully diluted basis, the count increased by 3.57 million to 96.52 million. That figure includes options and unvested employee awards, but excludes 26.6 million shares tied to traditional warrants. For common shareholders, the direction of travel is obvious: more stock out the door, more claims on the future, less ownership per share.
The preferred side is growing too. SATA preferred shares increased by 803, 099 to 9.07 million. Preferred stock sits ahead of common equity in the capital stack, and SATA carries a $100 liquidation preference, meaning holders are entitled to that amount before common shareholders if the company were ever wound down. At that share count, the implied aggregate liquidation value was about $907.4 million.
SATA also carries a 13% annualized dividend rate. Strive began paying declared cash dividends every business day in June, which makes the security look a lot less like a casual financing tool and a lot more like a recurring obligation. If the company can keep funding that cost while Bitcoin rises, fine. If not, that bill does not magically disappear because the market got bored.
In June, Strive disclosed plans to add $2.1 billion of capacity to each program, for up to $4.2 billion in total potential fundraising. That gives the company a long runway, but it also makes the central tradeoff impossible to ignore: more Bitcoin on the balance sheet, more equity issuance, more preferred obligations, and more pressure on future returns to justify the structure. Strive buys $143M in Bitcoin, becomes fifth-largest holder
Strive’s reserve position is not just cashless Bitcoin maximalism, either. The company increased cash and cash equivalents by $11.6 million, from $171.9 million on Aug. 21 to $183.5 million on Aug. 28. It also held 505, 000 shares of Strategy’s STRC preferred stock, with the reported fair value rising by $581, 000 to $49.15 million. Together, cash and STRC were worth about $232.65 million at the end of the period. Strive Bitcoin Treasury Tops 16, 500 BTC, Surpassing
Earlier in August, Strive said it had retired all outstanding short- and long-term debt. That makes the balance sheet look cleaner on paper, and in one sense it is. But debt disappearing does not mean risk disappears with it. The company has traded traditional leverage for a mix of dilution, preferred dividends, and Bitcoin price volatility. Different wrapper, same appetite for risk.
Strive’s second-quarter results showed that tension in plain numbers. The company posted a GAAP net loss of $257.6 million, including $234 million tied to declines in the fair value of Bitcoin and STRC during the quarter. Its adjusted second-quarter loss attributable to common stockholders also included $26.2 million in SATA dividends. Corporate Bitcoin treasuries can look brilliant on the way up, but accounting losses still show up when the market takes a bad turn.
The company reported 6, 236 BTC of purchases in the second quarter and 12, 237 BTC during the first six months of 2025. It said an additional 303 BTC acquired through Aug. 7 brought the treasury to 20, 167 BTC, before the later August buying spree pushed the balance higher still.
The market has noticed. ASST shares rose more than 5% in Monday trading after closing at $21.74 on Aug. 28. The stock opened at $22.54 and traded between $21.95 and $23.46, reaching about $23.16, up 6.5% on the day. August was a monster month for the stock, with ASST gaining about 95%. Trading volume topped 5.2 million shares, just above the average near 5.18 million.
SATA was less dramatic, trading near its $100 liquidation preference after falling below par the previous week. That matters because preferred stock is not meme fuel; it is an income instrument with a contractual claim. If investors start questioning the issuer’s ability to support the dividend or the structure, preferreds tend to remind everyone very quickly that they are not supposed to behave like lottery tickets.
Bitcoin traded near $78, 000 during the same period, moving between approximately $77, 161 and $79, 346 over 24 hours. Strive bought into the upper-$70, 000 range, which means the company is leaning hard into the kind of volatility that can make a treasury strategy look visionary one month and overconfident the next. That is the reality of using corporate balance sheets as a Bitcoin acquisition machine: upside when BTC works, headaches when financing gets tight or price momentum fades.
Key takeaways
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Why does Strive keep buying Bitcoin?
It is building a Bitcoin-heavy treasury strategy and using ASST common stock and SATA preferred stock to fund it. The goal is to keep accumulating BTC without taking on traditional debt, but that pushes the cost onto shareholders and preferred holders instead.
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How risky is the funding model?
Pretty risky for common shareholders. ASST issuance increases dilution, while SATA adds a 13% annualized dividend and a large liquidation preference that the company has to support over time.
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Why does the ranking matter?
It is part status symbol, part market signal. Being fifth among publicly traded corporate Bitcoin holders gives Strive visibility, but those rankings can change fast when other companies buy more BTC or when Bitcoin’s price moves.
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Is this strategy sustainable?
Only if Strive keeps access to capital markets, investors keep buying its securities, and Bitcoin’s price cooperates. If market sentiment turns, the same financing model that fuels accumulation can become a burden.
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What should investors watch next?
The next SEC filing, the pace of new ASST and SATA issuance, and whether SATA dividends remain covered. BTC price matters too, because a sharp drawdown would hit both the valuation story and the balance-sheet math at once.
Strive’s playbook is simple enough: buy Bitcoin, issue securities, repeat. It has worked well enough to push the company up the rankings and juice the stock, but the harder test is whether that model can keep compounding without grinding common shareholders down along the way.
