Strive Pushes Bitcoin Stash Past 27,000 as Preferred Stock Funds 85% of Buying

Strive, the Dallas-based asset manager, deepened its Bitcoin treasury strategy last week, snapping up another 1,107 tokens for roughly $94.5 million and pushing its total holdings to 27,462 BTC, according to a filing with the U.S. Securities and Exchange Commission.

The purchases, executed between September 21 and September 25 at an average price of $85,396 per coin including fees, were disclosed in a Form 8-K on September 28. At Bitcoin's Friday closing price of $83,943, the position is worth about $2.3 billion.

The latest acquisition marks a slowdown from the prior week, when the company added 1,355 BTC. It also underscores how heavily Strive has come to rely on SATA, its variable-rate perpetual preferred stock, to finance its accumulation.

Chief Executive Matt Cole said on X that warrant exercises generated an additional $12.4 million during the period. Including those proceeds, 85% of the total capital Strive raised came from SATA sales. The preferred stock, which pays dividends while limiting dilution for common shareholders, saw its outstanding share count rise by about 1 million during the week to 12.2 million shares. At the $100 stated amount, that puts SATA's notional value at roughly $1.22 billion.