Strive Reaches 25,000 Bitcoin After $36.6M Stock-Funded Purchase
In brief
- Strive acquired 469 Bitcoin for $36.6 million, reaching 25,000 BTC total holdings
- SATA preferred stock notional value crossed $1.04 billion milestone after purchase
- Amplification ratio increased to 53.5%, reflecting $53.50 obligations per $100 Bitcoin
- Strive ranks fifth among public Bitcoin holders by total stack size
- Bitcoin holdings valued at approximately $1.95 billion at current market prices
Preferred Stock Financing Accelerates Growth
Matt Cole, CEO of Strive, said the capital raise came entirely from SATA holders, a shift from the company's prior purchase strategy. The week before, between August 31 and September 4, Strive bought 1,375 Bitcoin for approximately $109 million—but that purchase was split 70% between SATA and 30% through common stock. The all-preferred approach this time reflects Strive's confidence in its capital structure and the demand from SATA investors.
The purchase also marked a significant milestone for Strive's leverage profile. Amplification ratio—defined as notional preferred equity and debt measured against Bitcoin net asset value—climbed to 53.5%. In practical terms, that means Strive now carries approximately $53.50 in preferred obligations for every $100 of Bitcoin on its balance sheet.
Ranking Among Public Holders
Strive ranks fifth among public Bitcoin holders, behind Strategy, Twenty One Capital, Metaplanet, and MARA Holdings. Twenty One Capital, the Tether-backed firm, holds 43,514 Bitcoin—18,515 coins ahead of Strive. At current prices, Strive's stack is valued at roughly $1.95 billion, making it a substantial player in the institutional Bitcoin accumulation space.
The milestone reflects growing appetite among investors for leveraged Bitcoin exposure through publicly traded vehicles. Strive's ability to fund acquisitions entirely through preferred stock signals confidence in both its asset base and the market's willingness to hold its capital structure.
Frequently asked questions
What is SATA and how does it work?
SATA is Strive's Variable Rate Series A Perpetual Preferred Stock. It's a capital instrument that allows investors to hold preferred equity in Strive, with notional value tied to the company's Bitcoin holdings. SATA holders receive returns based on the performance of Strive's Bitcoin acquisitions and can be used to fund future purchases.
What does amplification ratio measure?
Amplification ratio is defined as notional preferred equity and debt measured against Bitcoin net asset value. At 53.5%, it means Strive carries $53.50 in preferred obligations for every $100 of Bitcoin on its balance sheet, reflecting the company's use of leverage to accelerate Bitcoin accumulation.
Where does Strive rank among public Bitcoin holders?
Strive ranks fifth among public Bitcoin holders, behind Strategy, Twenty One Capital, Metaplanet, and MARA Holdings. Twenty One Capital leads with 43,514 Bitcoin, placing it 18,515 coins ahead of Strive's 25,000 BTC position.
