Bitcoin Firm Strive Climbs Up the Treasury Ranks With Another Big Buy

Dallas-based Bitcoin treasury company Strive acquired 124 BTC for about $10 million between Oct. 24 and Oct. 30 at an average price of $80,526 each. The purchase brings Strive's total Bitcoin holdings to 43,124 BTC, currently valued at approximately $3.3 billion.

This latest acquisition places Strive fourth among publicly traded companies in terms of Bitcoin holdings. It now trails Twenty One Capital, which holds 43,514 BTC, and Metaplanet with 44,000 BTC. At Bitcoin's current price of about $77,000, the gaps to these competitors are worth roughly $30 million and $67 million, respectively.

Funding Sources

Most of the purchase was funded from Strive's existing cash reserves, which decreased from $504.4 million to $490.4 million over the week. For the first time, the company also utilized its new SATS preferred stock program, with all proceeds from the weekly ATM program going toward the Bitcoin purchase.

SATS Program Details

Strive sold 7 million SATS shares at $90 each in an October offering that raised about $630 million. These preferred shares carry a 15% annual dividend on a $100 stated value, with payments scheduled to begin Nov. 9. The company has opened an at-the-market program for up to $1 billion more SATS shares.

Strive's amplification ratio—the preferred stock and debt measured against Bitcoin value—stands at 62.7%, meaning about $62.70 of obligations for every $100 of Bitcoin. The company has set aside 18 months of dividends in a reserve and reported no debt as of Oct. 23.

Competitive Landscape

Michael Saylor's Strategy remains the largest public Bitcoin holder with 849,327 BTC, nearly 20 times Strive's holdings. Twenty One Capital, despite holding 43,514 BTC, has seen its stock fall more than 80% from highs following the departure of co-founder Jack Mallers as CEO in July.

Metaplanet, a Tokyo-listed company that pivoted from hotels to Bitcoin in 2024, holds 44,000 BTC and has a stated goal of reaching 100,000 by the end of 2026. At last week's pace of 124 Bitcoin purchases, Strive could potentially pass Twenty One in four weeks and Metaplanet in eight, assuming neither company makes additional purchases.

CEO Matt Cole has expressed optimism about Strive's position, stating that ending 2026 as the second-largest public Bitcoin holder is possible. "I wouldn't say that's my base case," Cole said in September, "but I would say it's in the possible set of cards."