Strive Adds 469 Bitcoin to Reach 25,000 BTC Treasury
Strive, a top-five publicly traded Bitcoin treasury company and asset manager, purchased an additional 469 bitcoins for approximately $36.6 million last week, bringing its total holdings to 25,000 BTC. The acquisition was fully financed through proceeds from sales of the company’s perpetual preferred stock SATA, which has surpassed a $1 billion notional value outstanding.
Transaction Details and Asset Overview
Between September 8 and 11, Strive purchased 469 bitcoins at an average price of approximately $77,954 per BTC, including fees and expenses, as disclosed in a filing with the US Securities and Exchange Commission.
As of September 11, the company held $204.2 million in cash and cash equivalents, along with 505,000 shares of the preferred stock STRC issued by Strategy, valued at nearly $49.8 million.
The number of SATA preferred shares outstanding increased by 402,541 during the same period, bringing the total to about 10.4 million shares.
Market Position and Valuation Growth
Following a purchase of 1,800 BTC in late August, Strive became the fifth-largest publicly traded corporate holder of Bitcoin, surpassing crypto exchange Bullish.
Strive’s Nasdaq-listed shares rose more than 7% on a recent Monday to around $29, continuing a rally which has more than doubled its share price over the past month.
The company's market capitalization reached approximately $2.5 billion, exceeding that of the Japanese Bitcoin treasury company Metaplanet, which holds substantially more Bitcoin but has a valuation of about $1.9 billion.
Strive also has outstanding warrants with a $27 exercise price due to expire in mid-October, and if exercised, these could provide the company with over $700 million in new capital.
Future Plans and Outlook
CEO Matt Cole emphasized that the recent purchase was fully funded by proceeds from SATA sales, highlighting the importance of this preferred stock as a capital-raising tool.
Earlier in the month, Cole mentioned it was "not out of the realm of possibility" for Strive to become the second-largest publicly traded corporate Bitcoin holder by year-end, though he considered that scenario unlikely as a base case.
Why it matters
The news that Strive has acquired an additional 469 bitcoins to reach a 25,000 BTC treasury is significant as an indicator of ongoing active accumulation of cryptocurrency assets by leading publicly traded companies. It highlights growing institutional investor interest in Bitcoin and the development of corporate treasury models capable of amassing substantial crypto holdings. The use of financial instruments such as perpetual preferred stock SATA demonstrates flexibility and innovation in capital raising methods. The rising market capitalization and the share price surpassing warrant exercise levels also reflect increasing investor confidence. These developments mirror broader trends of institutionalization and integration of cryptocurrencies within modern financial infrastructures.
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