Strive, a bitcoin treasury company, could rise to become the second-largest public holder of the cryptocurrency by year-end, according to its chief executive, Matt Cole. The firm currently holds 23,156 BTC, valued at $1.9 billion, and ranks fifth among public entities, trailing Twenty One Capital, which holds 43,514 BTC. Strive added 3,156 BTC in August, a significant increase from 136 BTC purchased in July, and has expressed confidence in its ability to climb the rankings.
Cole highlighted the potential for Strive to surpass Twenty One Capital through warrant conversions, which could generate $1.4 billion in additional capital for bitcoin purchases. Warrants worth $700 million are set to expire mid-October, with Cole suggesting the firm could buy approximately 1,200 BTC weekly for 17 weeks to reach the target. Strive’s shares recently traded near $26.84, close to the $27 warrant exercise price, adding to the company’s capacity to fund further acquisitions.
The path to second place hinges on market conditions and the successful conversion of warrants, which Cole described as “not out of the realm of possibility” but not his “base case.” Twenty One Capital, last recorded acquiring bitcoin in July 2025, may also adjust its holdings, though no immediate plans have been announced. Meanwhile, Strive’s performance has outpaced the 10 largest public bitcoin treasury companies by 82% this year, according to data cited in the report.
Cole’s remarks underscore the growing influence of corporate bitcoin treasuries in shaping the cryptocurrency market. However, achieving the second-largest position remains contingent on a combination of strategic purchases, warrant activity, and broader market dynamics. Analysts note that while Strive’s trajectory is promising, the outcome remains uncertain amid fluctuating prices and regulatory scrutiny.
Written by Oliver Grant
Markets Desk
