Strive boosts bitcoin holdings with $169 million purchase

Strive has significantly increased its bitcoin holdings, acquiring 2,000 BTC for approximately $169 million between September 28 and October 2. This purchase, the company's largest since June, brings its total bitcoin holdings to 29,462 BTC, valued at around $2.55 billion. Strive funded this acquisition primarily through sales of its SATA preferred shares, which accounted for 61.5% of the capital raised, and warrant exercises that generated $56.7 million, according to CEO Matt Cole.

The company also revealed preliminary metrics for the third quarter in its SEC filing, disclosing the acquisition of 8,137 BTC at an average price of $78,885. As of September 30, Strive held nearly $285 million in cash and cash equivalents. Its year-to-date BTC yield has reached 63.2%, and it aims to increase its amplification ratio, a measure of its preferred equity and debt to the value of its BTC, above 60% while bitcoin remains under $100,000.

While Strive is closing in on MARA for the fourth-largest public BTC treasury, its goal of becoming the world's second-largest publicly traded bitcoin treasury has become more challenging. Japan's Metaplanet recently overtook Twenty One by adding a net 1,000 BTC, bringing its holdings to 44,000 BTC. This leaves Strive 14,538 BTC short of Metaplanet's current holdings. To reach 44,000 BTC by year-end, Strive would need to add an average of about 1,212 BTC per week, assuming Metaplanet makes no further purchases.

Meanwhile, Strategy, led by Michael Saylor, remains far ahead with 848,000 BTC after adding another 334 BTC for $28.7 million last week. Bitcoin was trading around $86,000 on Monday, with Strive's ASST shares up around 1.6% to $30.50 and its SATA preferred shares holding steady at their $100 intended par value.