Strive Boosts BTC Treasury to 25,000 Amid Market Rally

Strive, a Nasdaq-listed Bitcoin treasury company and asset manager, has increased its total holdings to 25,000 BTC after acquiring 469 Bitcoin for approximately $36.6 million. This purchase was recorded in a filing with the US Securities and Exchange Commission (SEC) and took place between September 8th and September 11th at an average price of $77,954 per Bitcoin, including fees and expenses.

The latest acquisition brings Strive's treasury among the most heavily capitalized corporate Bitcoin holders. The company previously broke into the top ranks in late August after acquiring 1,800 Bitcoin, moving ahead of crypto exchange Bullish to become the fifth-largest publicly traded corporate holder at the time.

Strive CEO Matt Cole stated that the latest BTC acquisition was funded entirely through proceeds from the sales of SATA, the company's perpetual preferred stock. The filing highlights that SATA's notional value outstanding has now surpassed $1 billion, with its share count increasing by 402,541 during the period covered, bringing shares outstanding to approximately 10.4 million.

Strive's latest BTC purchase seems to be feeding into market expectations, with its Nasdaq-traded shares gaining more than 7% on Monday to around $29. The stock move has also intensified the competition among corporate Bitcoin holders, with Strive's market capitalization climbing above that of Metaplanet last week even though Metaplanet holds substantially more Bitcoin.