Strive Buys 2000 Bitcoin for $169 Million Closing In on MARA

Strive, a Nasdaq-listed bitcoin treasury company, recently acquired 2,000 BTC for approximately $169 million between September 28 and October 2. This purchase increased its total holdings to 29,462 BTC, bringing it closer to rival MARA, which now leads by just 6,115 BTC. The average price paid per coin was $84,422, including fees, and the acquisition was primarily funded through SATA preferred stock, which accounted for 61.5% of the capital raised.

The company also released preliminary third-quarter data, revealing it acquired 8,137 BTC at an average price of $78,885 and ended the period with $284.7 million in cash. Strive's effective common shares outstanding increased from 97.7 million to 100.9 million during the period, while SATA shares outstanding rose from 12.2 million to nearly 13.5 million. The company aims to become the second-largest public bitcoin holder but currently trails Metaplanet by 14,538 BTC.

Strategy, the largest corporate bitcoin holder, separately added 334 BTC for $28.7 million, bringing its reserve to 848,000 BTC. Despite institutional buying, bitcoin slipped below $85,000, highlighting a divergence between large corporate accumulations and short-term market sentiment. Strive's financing strategy relies heavily on SATA preferred stock, which has helped restore investor confidence after a sharp selloff in June.

Strive's next challenge is to close the gap with MARA and Metaplanet while maintaining a balance between bitcoin accumulation and the costs associated with preferred stock financing. The company's amplification ratio, which compares preferred equity and debt obligations with the value of its bitcoin treasury, stood at 55.3% at the end of the third quarter.