By Strive added 3,311 bitcoin in a single week, spending approximately $279.8 million as the company accelerated its attempt to climb the rankings of publicly listed corporate Bitcoin holders.
The Nasdaq-listed company purchased the bitcoin between October 5 and October 9 at an average price of approximately $84,500 per BTC, including fees and expenses, according to a regulatory filing Tuesday.
The acquisition increased Strive’s holdings from 29,462 BTC to 32,773 BTC, an 11.2% increase in one week. It also narrowed the gap with MARA, which last reported 35,577 BTC, to just 2,804 bitcoin.
Strive has now added 5,311 BTC across the past two reporting weeks after buying 2,000 BTC for approximately $168.8 million between September 28 and October 2.
How Close Is Strive to Overtaking MARA?
The latest purchase puts Strive much closer to becoming the fourth-largest listed corporate holder of bitcoin. Assuming MARA does not add to its treasury, another acquisition equal to roughly 85% of this week’s purchase would be enough for Strive to move ahead.
The harder target is Metaplanet. The Japanese company holds 44,000 BTC, leaving Strive 11,227 BTC behind. CEO Matt Cole has previously said Strive could potentially finish 2026 as the world’s second-largest public corporate Bitcoin holder.
To close the current gap with Metaplanet by year-end, Strive would need to acquire roughly 990 BTC per week on average over the remaining weeks of 2026, assuming Metaplanet makes no additional purchases.
That pace no longer looks purely theoretical. Strive held 23,156 BTC at the beginning of September after adding 1,800 BTC in late August. Its treasury has therefore grown by 9,617 BTC, or about 42%, in roughly six weeks.
Investor Takeaway
Strive is now close enough to MARA that another large weekly purchase could change the corporate Bitcoin rankings. The harder question is whether that growth is accretive after financing costs and dilution.
What Did Strive Issue to Finance the Expansion?
The Bitcoin purchase came alongside substantial changes in Strive’s capital structure.
Effective common shares outstanding increased from approximately 100.94 million on October 2 to 110.39 million on October 9, an increase of about 9.4%. Class A shares alone rose by more than 9.46 million.
At the same time, shares underlying traditional warrants declined by almost 8 million, suggesting warrant exercises were an important contributor to the changing share count and capital position, although the filing does not break out the exact proceeds attributable to each financing source.
Strive’s SATA perpetual preferred shares outstanding also increased by 532,094 to approximately 14.03 million. SATA currently carries a 13% annualized dividend and has become one of the company’s principal tools for raising money without relying entirely on common-stock issuance.
SATA’s ability to trade near its intended $100 par value matters because stronger demand allows Strive to issue additional preferred shares more efficiently and direct the proceeds toward further Bitcoin purchases.
The preferred structure reduces reliance on immediate common-equity issuance but introduces recurring dividend obligations and senior claims ahead of common shareholders.
Why Did Cash Increase Despite a $280 Million Bitcoin Purchase?
Strive’s cash and cash equivalents rose to $310.3 million from $284.7 million during the same week, even as the company acquired nearly $280 million of bitcoin.
That combination shows how aggressively the treasury strategy is being supported through capital-market activity. Rather than simply spending an existing cash balance on Bitcoin, Strive is simultaneously raising capital, issuing securities and converting portions of those proceeds into BTC.
The company also continues to hold 505,000 shares of Strategy’s STRC preferred stock, valued at approximately $50.3 million as of October 9. That creates an additional layer of exposure to the broader Bitcoin treasury financing ecosystem beyond Strive’s direct BTC holdings.
Investor Takeaway
Rising cash alongside heavy Bitcoin buying shows that capital raising remains open. For common shareholders, the relevant metric is whether BTC per diluted share rises faster than the securities issued to fund it.
Can Strive Keep Buying at This Pace?
The immediate constraint is less about access to Bitcoin than access to inexpensive capital. Strive’s model depends on continued demand for common shares, warrants and SATA preferred stock at prices that make additional BTC purchases economically attractive.
The October 9 figures illustrate both sides of that strategy. Bitcoin holdings grew 11.2% in one week, but effective common shares outstanding also rose 9.4%. That means the headline increase in treasury size overstates the improvement experienced on a per-share basis.
Strive’s rapid move toward MARA will therefore attract attention, but overtaking another company in total Bitcoin holdings is not itself evidence that shareholder economics have improved. The stronger test is whether each round of financing leaves investors with greater Bitcoin exposure per diluted share after accounting for preferred dividends, dilution and other capital obligations.