Strive Bolsters Bitcoin Holdings with $36.6 Million Purchase

Strive, a top-five Bitcoin treasury company and asset manager, has made a significant purchase of 469 BTC. The acquisition brings Strive's total holdings to 25,000 BTC, valued at approximately $36.6 million.

The purchase was funded entirely through proceeds from sales of SATA, the company’s perpetual preferred stock, which has now surpassed $1 billion in notional value outstanding. This move follows a 1,800-BTC purchase in late August that pushed Strive past crypto exchange Bullish to become the fifth-largest publicly traded corporate Bitcoin holder.

Strive CEO Matt Cole stated that it 'was funded entirely through proceeds from sales of SATA.' The average price per BTC for this latest acquisition was $77,954, including fees and expenses. This is higher than the current market price of around $78,823, according to Coingecko data.

The company's shares have gained more than 7% in recent days, pushing Strive's market capitalization above that of Metaplanet last week. With a valuation of about $2.5 billion, Strive has become a significant player in the crypto space.