Strive Targets No. 2 Bitcoin Treasury Spot – Here Is What It Could Take

• Strive CEO Matt Cole said the company could potentially end 2026 as the world’s second-largest publicly traded Bitcoin holder, although he stressed that this is not his base case.
• Strive acquired 3,156 BTC in August, bringing its total holdings to 23,156 BTC worth nearly $1.9 billion.
• More than $700 million in outstanding warrants, combined with additional financing capacity, could potentially give Strive as much as $1.4 billion to purchase more Bitcoin.

Strive could make a major jump up the rankings of publicly traded Bitcoin treasury companies before the end of 2026, according to CEO Matt Cole.

Speaking on the One Share podcast, Cole said it is possible for Strive to finish the year as the second-largest public holder of Bitcoin, although several factors would need to fall into place.

The company already accelerated its accumulation significantly in August, purchasing 3,156 BTC during the month. That followed just 136 BTC purchased in July.

Strive now holds 23,156 BTC worth nearly $1.9 billion, making it the fifth-largest publicly traded Bitcoin treasury.

Strive Could Unlock $1.4 Billion for Bitcoin

One potential catalyst is Strive’s more than $700 million in outstanding warrants, which expire in mid-October.

The warrants have an exercise price of $27. If Strive shares rise above that level and holders exercise them, the company could receive hundreds of millions of dollars in additional capital.

Cole said combining roughly $700 million from the warrants with another $700 million of potential digital credit capacity could give Strive as much as $1.4 billion to deploy into Bitcoin.

He described that scenario as potentially creating an “electric finish” to Strive’s 2026 accumulation strategy.

Strive Would Need to Accelerate BTC Purchases

Twenty One Capital currently holds the second-largest public Bitcoin treasury with 43,514 BTC, nearly double Strive’s current position.

With approximately 17 weeks remaining in the year, Strive would need to acquire around 1,200 BTC per week to surpass Twenty One, assuming its holdings remain unchanged.

Twenty One has not purchased additional Bitcoin since July 2025.

Cole said even an average accumulation rate of 1,000 BTC per week would represent substantial buying and could quickly push Strive higher in the rankings.

Strive recently overtook crypto exchange Bullish to claim the fifth-largest public Bitcoin treasury position.

Strive Shares Approach Key Warrant Price

Strive shares climbed to a year-to-date high of $26.84 on Thursday, putting the stock less than 1% below the warrants’ $27 exercise price.

The company has also significantly outperformed other major Bitcoin treasury stocks. ASST has beaten the 10 largest publicly traded Bitcoin treasury companies by an average of 82% this year, according to Bitcoin Treasuries data.

Cole separately predicted that Bitcoin could eventually rise above $500,000 by 2030, although he stressed that Strive’s balance sheet strategy does not depend on Bitcoin reaching that price.

For now, the company’s ability to exercise its warrants and maintain its recent pace of Bitcoin accumulation could determine how far Strive climbs up the treasury rankings before the end of 2026.

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