Strive Boosts Bitcoin Holdings with $36.6 Million Purchase

Strive, a top-five Bitcoin treasury company and asset manager, made a significant purchase last week, adding 469 BTC to its holdings. The company acquired the Bitcoin between September 8th and September 11th at an average price of $77,954 per BTC, including fees and expenses.

The total value of the purchase was around $36.6 million, bringing Strive's overall Bitcoin holdings to 25,000 BTC. This acquisition is part of Strive's strategy to accumulate more Bitcoin, with CEO Matt Cole saying it was 'not out of the realm of possibility' for the company to become the second-largest publicly traded corporate Bitcoin holder by year-end.

Strive funded this purchase entirely through proceeds from sales of SATA, its perpetual preferred stock. The filing shows that SATA shares outstanding increased by 402,541 over the same period to about 10.4 million shares. As of September 11th, Strive held $204.2 million in cash and cash equivalents and 505,000 shares of Strategy's STRC preferred stock, valued at around $49.8 million.

Strive's Nasdaq-traded shares gained over 7% on Monday to around $29, extending a rally that has seen the stock price more than double over the past month. This surge in value has pushed Strive's market capitalization above that of Metaplanet, despite the Japanese Bitcoin treasury company holding substantially more Bitcoin.