Strive acquires 469 Bitcoin worth $36.6M through preferred stock trades, pushing holdings to 25,000 BTC

Strive, Inc. has added 469 Bitcoin to its treasury over a four-day stretch, spending approximately $36.6 million at an average price of $77,954 per coin. The purchase, executed between September 8 and 11, pushes the Nasdaq-listed asset management firm’s total Bitcoin stash to a clean 25,000 BTC, worth roughly $1.95 billion at current prices.

The entire acquisition was funded through issuances of the company’s Variable Rate Series A Perpetual Preferred Stock, trading under the ticker SATA. No common shares were diluted in the process.

How the SATA mechanism works

Investors buy preferred stock at $100 per share, and Strive takes those proceeds straight to the Bitcoin market. In return, SATA holders receive a roughly 13% annualized variable dividend, paid out daily on business days.

There has been enough demand to push the total notional value of outstanding SATA shares past $1.04 billion. The latest round alone brought in approximately $40.3 million in new preferred stock capital.

One metric worth watching: Strive’s amplification ratio, which measures the notional preferred equity and debt relative to Bitcoin net asset value, now sits at 53.5%.

From asset manager to Bitcoin powerhouse

Strive’s transformation into a Bitcoin treasury company has been remarkably fast. The firm, co-founded by Vivek Ramaswamy, was originally known for its asset management business. The pivot toward Bitcoin accumulation accelerated dramatically after Strive completed its merger with Semler Scientific in January 2026.

That merger brought 5,048 BTC onto Strive’s balance sheet in one stroke. Since then, the company has been steadily stacking through preferred stock issuances.

With 25,000 BTC now in the vault, Strive has climbed to become the fifth-largest public Bitcoin holder globally. The company trails only the handful of firms that have been in the accumulation game far longer, most notably MicroStrategy (now Strategy), which pioneered the corporate Bitcoin treasury playbook back in 2020.

For context, 25,000 BTC represents roughly 0.119% of Bitcoin’s total 21 million coin supply.

What this signals for corporate Bitcoin strategies

For investors in Strive’s common stock (ASST), the math is relatively straightforward. Every Bitcoin purchased with preferred stock proceeds adds to the net asset value backing their shares, while the dividend obligation on SATA reduces future cash flows. As long as Bitcoin’s price appreciation outpaces the 13% annual dividend cost, common shareholders benefit.

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