1 week ago
22
Strive, Inc. has crossed a round-number milestone that its treasury team almost certainly had circled on the calendar. The NASDAQ-listed asset manager, co-founded by Vivek Ramaswamy, acquired 469 Bitcoin between September 8 and September 11, 2026, bringing its total holdings to exactly 25,000 BTC.
The purchase cost roughly $36.6 million, at an average price of $77,954 per coin. Every dollar of this latest acquisition came through Strive’s Variable Rate Series A Perpetual Preferred Stock, known internally as SATA, without touching a single common share.
How Strive is paying for all this Bitcoin
With this purchase, the outstanding notional value of SATA has surpassed $1.04 billion, representing 402,541 shares issued at a $100 stated value each. By financing Bitcoin purchases through preferred instruments rather than common equity, the company adds to its Bitcoin treasury without diluting shareholders who already own a piece of the business.
CEO Matt Cole highlighted that the company’s “amplification ratio” now sits at 53.5%. That ratio measures how much Bitcoin exposure shareholders get relative to the company’s net asset value.
One week before this purchase closed, Strive held 24,531 BTC. The jump to 25,000 represents a gain of 469 coins in under a week, consistent with the company’s pattern of executing acquisitions at roughly weekly or bi-weekly intervals.
A treasury built in under two years
Strive’s transformation into a significant corporate Bitcoin holder is recent and fast. The company’s trajectory shifted sharply following its January 2026 merger with Semler Scientific, which contributed 5,048 BTC to Strive’s balance sheet in a single transaction.
Since that merger closed, the accumulation pace has not slowed. In late August 2026, the company acquired 1,800 BTC in one tranche. In early September, another 1,375 BTC followed before this latest 469-coin purchase.
Going from minimal Bitcoin holdings to 25,000 BTC in under two years places Strive among the top five to seven publicly traded corporate Bitcoin holders globally. The company trades on NASDAQ under the ticker ASST. Vivek Ramaswamy, best known to the broader public for his 2024 presidential campaign, co-founded the firm originally as an asset management challenger focused on anti-ESG investing.
What the 25,000 BTC milestone means for investors and competitors
The SATA structure deserves attention from anyone watching Strive’s balance sheet. Preferred stock carries obligations that common equity does not, including potential dividend or redemption requirements depending on the instrument’s terms. As the notional value of SATA climbs past $1.04 billion, a sustained drawdown in Bitcoin prices would compress the value of the treasury while leaving the preferred stock obligations unchanged.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
English (US) ·