Strive Adds 2,000 Bitcoin in $169 Million Purchase, Closing In on MARA

Strive, the Nasdaq-listed bitcoin treasury company, disclosed its largest acquisition since June, buying 2,000 BTC for roughly $169 million between September 28 and October 2. The purchase lifted its total holdings to 29,462 BTC and narrowed the gap with rival MARA to just over 6,100 coins.

The average price paid was $84,422 per bitcoin, including fees and expenses, according to a Form 8-K filed with the U.S. Securities and Exchange Commission on October 5. The company had held 27,462 BTC a week earlier.

Chief Executive Matt Cole said the acquisition was funded largely through capital-market instruments rather than operating cash flow. Preferred stock under the SATA ticker accounted for 61.5% of capital raised during the period, while warrant exercises contributed $56.7 million in proceeds.

The filing also revealed that Strive's effective common shares outstanding rose from approximately 97.7 million on September 25 to 100.9 million on October 2. SATA shares outstanding climbed from 12.2 million to nearly 13.5 million over the same stretch, while traditional warrants outstanding declined by about 2.1 million shares as investors converted them.

Third-Quarter Snapshot

Strive released preliminary, unaudited figures for the third quarter alongside the purchase disclosure. The company acquired 8,137 BTC during the three months ended September 30 at an average price of $78,885. It finished the quarter with 28,000 BTC and approximately $284.7 million in cash and cash equivalents.