By How Fast Is Strive Building Its Bitcoin Treasury?
Strive purchased another 1,355 bitcoin for approximately $107.7 million last week, taking its holdings to 26,355 BTC as the company continues to expand its treasury through preferred stock sales and, for the first time, warrant exercises.
The Nasdaq-listed company bought the bitcoin between September 14 and September 18 at an average price of $79,475 per coin, including fees and expenses, according to its latest regulatory filing.
At a bitcoin price of roughly $85,600 on Monday, Strive’s treasury was worth more than $2.25 billion. The acquisition increased its holdings by about 5.4% in a single week after the company had reached the 25,000 BTC mark with a 469 BTC purchase the previous week.
Strive remains the fifth-largest publicly traded corporate bitcoin holder, behind Strategy, Twenty One, Metaplanet and MARA. Twenty One currently holds 43,514 BTC, leaving Strive 17,160 BTC short of moving ahead of it if neither company’s holdings otherwise change.
With roughly 14 full weeks remaining in 2026, closing that gap would require Strive to acquire approximately 1,226 BTC per week. At that pace, it could also pass MARA’s current 35,577 BTC balance during November, although the ranking remains dependent on purchases or sales by its competitors.
Why Do the Warrant Exercises Matter?
The latest purchase introduced another funding source into Strive’s treasury model. Holders exercised approximately 785,555 warrants during the week, generating about $21.2 million in gross proceeds.
Strive CEO Matt Cole said that after including the warrant proceeds, 57.7% of capital raised during the period came from SATA, the company’s Variable Rate Series A Perpetual Preferred Stock.
SATA shares outstanding increased by 786,194 during the week to approximately 11.18 million, while Strive’s effective common shares outstanding rose by just over 2 million to 97 million. Cash and cash equivalents also increased from $204.2 million to $229.6 million despite the $107.7 million bitcoin purchase.
SATA has become an increasingly important part of Strive’s financing system because it allows the company to raise capital without relying entirely on additional common-stock issuance. The preferred shares have also recovered toward their $100 par value after trading at a deeper discount earlier this year.
Investor Takeaway
Strive’s bitcoin accumulation increasingly depends on whether its capital structure can keep producing funding faster than shareholder dilution grows. SATA demand and warrant exercises now matter almost as much as bitcoin’s price because they determine how efficiently the company can increase BTC held per share.
Why Did TD Cowen Raise Its ASST Price Target?
TD Cowen raised its price target for Strive’s ASST shares to $44 from $32, citing faster-than-expected bitcoin accumulation and stronger growth in bitcoin held per fully diluted share.
Analysts Lance Vitanza and Jonnathan Navarrete now expect Strive to end 2026 with 32,105 BTC, compared with their previous forecast of 27,156 BTC. The firm also increased its projected full-year BTC Yield from 54.1% to 70.1%.
BTC Yield is intended to measure changes in the amount of bitcoin attributable to the company’s diluted share base. That makes the funding mix important: buying more bitcoin does not necessarily improve the metric if the company issues common equity at a faster rate than it accumulates BTC.
ASST traded near $29.65 during Monday’s session after reaching approximately $31.50 in premarket trading. The shares were down about 1.5% in early trading despite bitcoin climbing above $85,000 for the first time since January.
How Does Strive Compare With Strategy?
Strive bought more bitcoin than Strategy during the latest reporting period despite operating with a much smaller treasury. Strategy returned to the market with a 950 BTC purchase worth $75.7 million, increasing its holdings to 846,000 BTC.
Strategy also spent approximately $174 million repurchasing STRC preferred shares, meaning it deployed more than twice as much capital on preferred-stock repurchases as it did on bitcoin during the week.
The comparison shows how corporate bitcoin treasury strategies are becoming increasingly dependent on capital structure rather than purchases alone. Strive is using SATA, common equity and now warrant proceeds to expand its holdings, while Strategy is balancing new bitcoin acquisitions against the cost and market value of its own preferred securities.
For Strive, the next test is whether that financing engine can continue increasing bitcoin per diluted share as the treasury grows. The company is already buying at a pace that could move it higher in the corporate rankings, but maintaining that pace will depend on continued demand for the securities funding those purchases.