Strive (ASST) has acquired 1,375 bitcoin, valued at approximately $109 million, between August 31 and September 4, raising its total holdings to 24,531 BTC. The transaction, detailed in a recent Form 8-K filing with the Securities and Exchange Commission, was partially funded by proceeds from the sale of SATA perpetual preferred stock, which saw nearly $999 million in notional volume.
The acquisition, executed at an average price of $79,281 per bitcoin, reflects Strive’s ongoing strategy to expand its cryptocurrency reserves. The company’s cash and equivalents increased to $202.6 million from $183.5 million following the purchase, according to filings. Strive’s CEO, Matt Cole, has stated the firm aims to overtake Twenty One Capital as the second-largest bitcoin treasury by 2026, requiring an average of 1,200 BTC per week to achieve this target.
Strive’s capital-raising efforts have included the issuance of SATA perpetual preferred stock, with 921,511 additional shares brought to nearly 10 million outstanding. The company also holds $700 million in outstanding warrants, which could generate up to $1.4 billion for future bitcoin purchases. Separately, Strategy (STRC), a related entity, repurchased $176 million of its preferred stock and expanded its buyback programme to $2 billion, while holding $6.5 billion in USD assets as of September 7.
Matt Cole, Strive’s chief executive, wrote on X: “Time to break the billion-dollar wall,” highlighting the firm’s ambitions. However, he noted that surpassing Twenty One Capital remains “possible but not his base case,” underscoring the challenges ahead. The exact date of the Form 8-K filing remains unspecified.
Written by Rebecca Shaw
Industry Desk
