Strive Expands Bitcoin Treasury to 43,124 BTC With Latest Acquisition, Chasing Competitors in Public Markets

Dallas-based Bitcoin treasury company Strive has expanded its digital asset holdings to 43,124 Bitcoin following a fresh acquisition of 124 BTC executed over the course of last week. The latest purchase cements the firm’s prominent position among publicly traded corporate holders of the world’s largest cryptocurrency, bringing the total value of its stash to roughly $3.3 billion based on current market valuations.

With this accumulation, Strive now commands approximately 0.2% of the entire lifetime supply cap of 21 million Bitcoins that will ever be mined. The transaction underscores the ongoing corporate strategy of integrating digital assets directly onto corporate balance sheets—a playbook popularized by Michael Saylor’s Strategy in 2020 that has since been adopted by a growing cohort of publicly listed enterprises worldwide.

According to data compiled by Bitcoin Treasuries, Strive currently occupies the fourth spot among publicly traded corporate holders globally. The company sits just 390 coins behind Twenty One Capital, which holds 43,514 BTC, and trails Tokyo-listed Metaplanet by 876 BTC, with the latter maintaining a reserve of 44,000 Bitcoin. At prevailing market prices hovering around $77,000 per coin, those respective gaps stand at roughly $30 million and $67 million, giving Strive a clear mathematical path to climb the corporate Bitcoin ladder if current acquisition paces and market conditions hold.

SEC Disclosures and Funding Mechanics

The latest acquisition, covering the window from October 24 through October 30, was officially disclosed in a regulatory filing submitted to the U.S. Securities and Exchange Commission (SEC). Under federal securities regulations, publicly listed companies in the United States are required to submit such filings whenever material corporate events occur.

Strive CEO Matt Cole announced the purchase details publicly on social media platform X, noting that the company deployed approximately $10 million in capital to secure the 124 coins. This brought the average acquisition cost for the weekly batch to $80,526 per Bitcoin, inclusive of transaction fees.

The majority of the capital used to fund the purchase came from Strive’s existing cash reserves, which experienced a slight decrease from $504.4 million down to $490.4 million over the course of the week. However, the transaction also marked a notable milestone for the firm: Strive utilized its newly established at-the-market (ATM) program for shares of a security known as SATS for the very first time. According to Cole, proceeds from this SATS ATM program accounted for 100% of the firm’s external fundraising for the week. Additionally, the company continues to maintain a substantial position in preferred stock issued by Strategy, holding 505,000 shares of STRC valued at approximately $50 million.

The SATS Offering and Capital Structure

SATS operates as a preferred stock, representing a specialized category of equity security that guarantees holders a fixed dividend payout before any distributions can be made to common shareholders. In October, Strive executed a major public offering by selling 7 million shares of SATS at a price of $90 per share, successfully raising approximately $630 million in capital. These preferred shares carry a 15% annual dividend based on a $100 stated value, with distributions scheduled to be paid out every business day beginning November 9.

To facilitate ongoing capital management, Strive opened an at-the-market program on October 26, granting the firm the flexibility to issue and sell up to $1 billion more in SATS shares in small batches at prevailing market prices. According to the company’s official prospectus, management expects to service the hefty dividend obligations primarily by raising additional capital through ongoing share sales. To mitigate immediate risks, Strive has successfully set aside an 18-month reserve to cover dividend payments and reported zero long-term debt on its balance sheet as of October 23.

Financial metrics from the SEC filings place Strive’s amplification ratio—a metric measuring the company’s preferred stock and debt obligations relative to the underlying market value of its Bitcoin holdings—at 62.7%. This indicates that the firm carries roughly $62.70 of financial obligations for every $100 worth of Bitcoin it owns.

Competitive Landscape Among Public Bitcoin Treasuries

Despite paying an aggregate historical average cost of $87,785 per coin—amounting to roughly $3.8 billion in total expenditures against an earlier market value of $3.5 billion recorded on October 23—Strive’s leadership remains optimistic about the firm’s long-term trajectory in the public markets. Because Bitcoin prices have experienced downward pressure since those initial valuations, the company’s current pile is valued slightly below its cumulative purchase price, a common reality for corporate treasuries navigating high volatility market cycles.

Strive’s executive team has previously weighed ambitious growth targets. Speaking on the One Chair podcast in September, CEO Matt Cole addressed the possibility of ending the year 2026 as the second-largest public holder of Bitcoin. While clarifying that such a milestone was not necessarily his baseline forecast, Cole acknowledged that achieving it remained entirely within the realm of possibility.

Even so, the upper echelons of corporate Bitcoin accumulation remain dominated by legacy pioneers. Michael Saylor’s Strategy currently leads the global field by a staggering margin, holding an enormous repository of 849,327 Bitcoin—a total nearly twenty times larger than Strive’s entire reserve.

Meanwhile, competition immediately ahead of Strive remains dynamic. Twenty One Capital continues to hold 43,514 Bitcoin, the exact same balance it maintained when co-founder Jack Mallers stepped down from his role as CEO in July amid the collapse of a planned merger involving Tether’s Bitcoin business units. Following an 80% drawdown in the company’s stock price from its historical highs, successor Raphael Zagury has emphasized that Twenty One should be evaluated primarily through the lens of operational cash flow and strict capital discipline rather than pure accumulation alone.

On the other hand, Metaplanet—a Tokyo-listed firm that famously pivoted its core business operations from hotels to Bitcoin treasury management in 2024—holds 44,000 Bitcoin. Metaplanet successfully surpassed mining firm MARA in April to secure its spot as the third-largest public holder, backed by an aggressive corporate roadmap targeting a total accumulation of 100,000 Bitcoin by the end of 2026.

Based on last week’s observed accumulation rate of 124 Bitcoin, basic projections suggest Strive could potentially surpass Twenty One Capital within four weeks and overtake Metaplanet in approximately eight weeks, provided that neither competing firm executes additional treasury purchases in the interim.