TL;DR
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Strive purchased 2,000 BTC for approximately $169 million, its largest acquisition since June.
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Its treasury now holds 29,462 BTC worth roughly $2.55 billion.
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Metaplanet’s rise to 44,000 BTC increases the challenge of Strive reaching second place among public holders.
Strive Makes Its Largest Bitcoin Purchase Since June
Strive acquired another 2,000 bitcoin last week, accelerating its accumulation strategy as it seeks to move higher among publicly traded BTC treasury companies.
The firm spent approximately $169 million between Sept. 28 and Oct. 2, paying an average of around $84,422 per bitcoin, according to a Form 8-K filed Monday with the Securities and Exchange Commission.
The acquisition increased Strive’s total holdings to 29,462 BTC, valued at roughly $2.55 billion. It was the company’s largest purchase since acquiring 2,500 BTC on June 2.
Strive now holds 6,115 BTC fewer than MARA’s reported 35,577 BTC. Matching that balance would close the gap, while overtaking MARA would require an additional purchase beyond it, assuming MARA’s holdings remain unchanged.
The latest transaction strengthens Strive’s position, although its larger ambition of reaching second place faces a moving target.
Strive financed the purchases primarily through sales of its SATA preferred shares, which accounted for 61.5% of capital raised, according to CEO Matt Cole.
Exercises of outstanding warrants generated another $56.7 million. These funding sources allow the company to acquire bitcoin through its capital structure rather than relying solely on existing cash. They also make access to financing an important factor in sustaining the pace of purchases.
Strive’s SATA preferred shares held near their intended $100 par value during Monday’s early trading.
The company reported an amplification ratio of 55.3%, measuring preferred equity and debt relative to the value of its bitcoin holdings. Strive said it intends to increase that ratio above 60% while bitcoin remains below $100,000.
That objective indicates plans to expand the role of preferred equity and debt within its treasury strategy.
Preliminary Q3 Figures Show Continued Growth
Strive’s filing also included preliminary third-quarter operating metrics. The company acquired 8,137 BTC during the quarter at an average price of $78,885. It reported nearly $285 million in cash and cash equivalents as of Sept. 30.
Those figures provide a quarter-end snapshot and should be distinguished from the latest purchase window, which extended into October.
Strive also reported a year-to-date BTC yield of 63.2%. This company-reported treasury metric should not be interpreted as bitcoin’s market-price return or a cash yield paid to shareholders.
Together, the disclosures show substantial quarterly accumulation alongside a remaining cash balance, with additional financing supporting the latest acquisition.
Metaplanet Raises the Bar for Second Place
Strive’s ambition to become the second-largest publicly traded bitcoin treasury became more demanding after Metaplanet increased its holdings.
The Japanese company ended the third quarter with 44,000 BTC after selling 10,000 BTC and subsequently purchasing 11,000 BTC. The net increase moved Metaplanet ahead of Twenty One, which holds 43,514 BTC.
Strive is now 14,538 BTC below Metaplanet’s balance. With roughly 12 full weeks remaining in the year, it would need to acquire about 1,212 BTC per week to reach 44,000 BTC.
That calculation assumes Metaplanet makes no further purchases. Reaching the same balance would produce a tie; claiming second place would require Strive to exceed it and remain ahead of other competitors.
Strategy remains far ahead of the other public bitcoin treasury companies. Its latest purchase of 334 BTC for $28.7 million increased its holdings to 848,000 BTC.
Bitcoin traded around $86,000 on Monday, while Strive’s ASST shares gained approximately 1.6% to $30.50 during the first hour of trading.
Strive’s latest acquisition narrows the gap with larger holders, but further progress will depend on continued purchases, financing availability, and the accumulation activity of its rivals.
Hassan Maishera