Strive Outpaces Strategy in Bitcoin Buying Spree

Strive (NASDAQ: ASST) continues to aggressively expand its Bitcoin holdings, positioning itself to become the second-largest corporate Bitcoin holder. On October 5, the company announced its third-largest Bitcoin purchase, acquiring approximately 2,000 BTC for $169 million. This acquisition is roughly six times the amount that Strategy (NASDAQ: MSTR) reported in its SEC filing for the period between October 1 and 4.

Meanwhile, Strategy, led by Michael Saylor, added 334 BTC to its reserves for nearly $29 million. The firm's total Bitcoin holdings now stand at 848,000 BTC, extending its record stash. Strategy funded this purchase with $15.7 million raised from selling 92,894 MSTR shares and $13 million from its U.S. dollar cash reserves. Additionally, Strategy spent $73.7 million on buying back its own STRC preferred stock, following a $102.6 million buyback the previous week.

Strive's recent purchase marks a significant acceleration in its Bitcoin accumulation strategy. The company has been consistently making large weekly buys, unlike Strategy, whose growth rate has flattened due to the sheer size of its existing stash. Strive's total Bitcoin holdings now stand at 29,462 BTC, placing it fifth among public corporate Bitcoin holders. The company aims to secure the second spot by year-end, leveraging its Variable Rate Series A Perpetual Preferred Stock (SATA), which pays a daily dividend and has crossed $1 billion in notional value.

Strive's funding strategy differs from Strategy's, which relies on a mix of equity sales and cash. Strive's recent purchases were largely funded by its SATA stock, which accounted for 57.7% of the capital raised during its September buying week. The company also generated roughly $21.2 million in gross proceeds from warrant exercises tied to its common stock.