Strive Acquires 6,182 Bitcoin, Pushing Holdings to 43,000 and Nearing Second-Largest Public Treasury Status
Bitcoin treasury company Strive has once again significantly expanded its Bitcoin holdings, purchasing an additional 6,182 BTC between October 17th and 23rd. This latest acquisition, costing approximately $511 million, brings the company’s total Bitcoin reserves to an impressive 43,000 coins. According to an 8-K filing submitted to the U.S. Securities and Exchange Commission (SEC), Strive CEO Matt Cole has publicly stated a goal for the company to become the world’s second-largest publicly traded Bitcoin treasury by the end of the year, a target he has championed since September 2026.
Currently, Strive ranks fourth in corporate Bitcoin holdings. Data from Bitcoin Treasuries shows MicroStrategy (MSTR) leading the pack with 848,517 BTC. Metaplanet follows with 44,000 BTC, then Twenty One with 43,514 BTC. Strive’s 43,000 BTC places it closely behind, with MARA trailing in fifth place at 35,577 BTC. Strive is now just 1,000 BTC shy of second-place Metaplanet, a gap that could be closed with an average weekly purchase of approximately 105 BTC.
The funds for this latest acquisition stem from Strive’s recently concluded Initial Public Offering (IPO). The company finalized the issuance of 7 million SATS preferred shares on October 20th, raising around $630 million. These preferred shares carry a 15% annual dividend, and Strive has secured sufficient funds to cover the first 18 months of dividend payments. The SEC filing indicates that Strive’s cash and cash equivalents stood at $504 million on October 23rd, a substantial increase from $317 million the previous week. The number of outstanding Class A shares also rose from 114.8 million to 118.1 million, an increase of approximately 3.3 million shares.
Ample Firepower for Future Acquisitions
In a separate SEC filing, Strive also established an at-the-market (ATM) offering program for up to $1 billion in SATS preferred shares. Proceeds from this program are designated for general corporate purposes, including further Bitcoin acquisitions, working capital, and other investments. This indicates that Strive’s capacity for Bitcoin purchases extends beyond the $630 million from its IPO, with at least an additional $1 billion in reserve. Concurrently, Strive continues to hold 505,000 shares of MicroStrategy’s STRC preferred stock, valued at $50.2 million on October 23rd, a slight increase from $49.3 million the prior week.
Maintaining a weekly purchase rate of around 105 BTC, at an approximate Bitcoin price of $80,000, would require an investment of roughly $840,000 per week, or $3.36 million per month, totaling $40 million to $50 million annually. While significant for many companies, this figure is conservative relative to Strive’s $630 million IPO and its $1 billion ATM program. This suggests Strive possesses considerably more potential for Bitcoin accumulation than its current pace indicates, with the capacity to accelerate purchases should Bitcoin experience a price correction.
Shifting Dynamics in Corporate Bitcoin Treasuries
Notably, MicroStrategy, the largest corporate Bitcoin holder, has recently paused its Bitcoin acquisitions to focus on repurchasing $200 million of its STRC preferred stock. This shift highlights a redistribution of capital within the corporate Bitcoin treasury landscape. While the established leader is reallocating funds to stabilize its equity through preferred stock buybacks, emerging challengers like Strive are directly converting IPO proceeds into Bitcoin. Strive’s “IPO to Bitcoin” model essentially leverages preferred shares to attract institutional capital, which is then converted into Bitcoin, creating a “preferred shares to cash to Bitcoin” financial chain. The sustainability of this model hinges on Bitcoin’s price performance to support the 15% dividend cost of its preferred shares.
The Race for Second Place Heats Up
With Strive just 1,000 BTC away from second-place Metaplanet, the competition is intensifying. Metaplanet, a Japanese company, is also actively increasing its Bitcoin holdings. If both entities accelerate their acquisition strategies, the year-end ranking battle could become even more dynamic. Another factor to consider is Strive’s potential dilution. The increase in Class A shares from 114.8 million to 118.1 million, coupled with the potential issuance of $1 billion in preferred shares, could exert pressure on earnings per share and potentially impact stock performance if Bitcoin prices decline by more than 10% by year-end. Overall, Strive’s $511 million Bitcoin purchase reinforces the trend of corporate Bitcoin treasuries moving from a “single leader” dynamic to a “multi-polar competition,” a positive signal for Bitcoin’s narrative as a corporate asset.
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