Strive Bolsters Holdings with $109M Bitcoin Purchase

Strive, a Bitcoin treasury firm, has significantly increased its holdings after purchasing 1,375 BTC at an average price of almost $79,281 per coin. This purchase brings Strive's total holdings to 24,531 BTC and solidifies its position as the fifth-largest BTC treasury firm, behind Strategy, Twenty One Capital, Metaplanet, and MARA Holdings.

In a recent SEC filing, it was revealed that Strive used capital raised from its preferred security, SATA, which accounted for 70% of the funds. The company's CEO, Matt Cole, hinted at this purchase in an X post where he shared his company's BTC portfolio tracker.

Cole has also expressed his ambition to acquire over 20,000 BTC before the year ends, potentially placing Strive as the second-largest Bitcoin treasury firm behind Michael Saylor's Strategy. However, Strategy has sold some of its holdings in recent months but still holds a significant lead with 845,050 BTC.

SATA stock is currently trading at its par value of $100 and has nearly reached the $1 billion mark in notional outstanding, putting Strive in a strong position to raise capital for future Bitcoin purchases. Meanwhile, Strive's common stock, ASST, has seen significant growth over the past month amid Bitcoin's rebound.