Strive Buys 1,375 More Bitcoin, Bringing SATA Balance to Brink of $1 Billion
Summary
- Strive said it bought 1,375 Bitcoin at an average price of $79,281, bringing its total holdings to 24,531 BTC.
- Strive said funds raised through sales of SATA perpetual preferred stock lifted the SATA balance to $999 million, as it aims to break above $1 billion.
- Strive said it is targeting the No. 2 spot in corporate Bitcoin holdings while leaving open the possibility of raising as much as $1.4 billion backed by more than $700 million in unexercised warrants.
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Strive (ASST), which is pursuing a Bitcoin treasury strategy, expanded its holdings with another large purchase last week. The balance of its self-issued SATA preferred stock also moved close to $1 billion.
The Block reported on Sept. 8 that Strive bought 1,375 Bitcoin between Aug. 31 and Sept. 4 for about $109 million. An 8-K filing with the U.S. Securities and Exchange Commission showed the average purchase price was $79,281, bringing its total holdings to 24,531 BTC.
Chief Executive Officer Matt Cole wrote on X that 70% of the capital raised this week came from sales of SATA perpetual preferred stock. The SATA balance reached $999 million, and he said it was time to break through the $1 billion mark. During that period, SATA shares outstanding rose by 921,511, bringing the total to nearly 10 million shares.
The purchase extends Strive's push to overtake Twenty One Capital and move into second place among public companies by Bitcoin holdings. The Block estimated that, with about 16 weeks left in the year, Strive would need to buy roughly 1,200 BTC a week to pass Twenty One Capital by year-end. Cole said that was achievable, though not the base-case scenario, and that the company could raise as much as $1.4 billion through more than $700 million of unexercised warrants.
Meanwhile, Strategy, the largest corporate Bitcoin holder, neither bought nor sold Bitcoin last week, leaving its holdings unchanged at 845,050 BTC. Michael Saylor, chairman of Strategy's board, said the company instead repurchased $176 million of its STRC preferred stock and doubled its digital credit securities repurchase program to $2 billion from $1 billion. He added that Strategy held $6.5 billion in dollar assets as of Sept. 7.
