Key Takeaways:
Strive bought 1,107 Bitcoin for $94.5 million at an average price of $85,396 per coin.
Total holdings now stand at 27,462 BTC — approaching the 30,000 milestone.
The purchase was funded almost entirely through SATA, Strive's perpetual preferred stock.
Warrant exercises added another $12.4 million, with 85% of total capital coming from SATA.
Strive remains the fifth-largest publicly traded corporate Bitcoin holder globally.
Vivek Ramaswamy's Strive is back in the market. The Nasdaq-listed Bitcoin treasury company bought another 1,107 BTC for $94.5 million last week, according to a disclosure from CEO Matt Cole on X . The average purchase price was $85,396 per Bitcoin.
That brings Strive's total holdings to 27,462 BTC — putting the company within striking distance of the 30,000 Bitcoin milestone . At current prices, that treasury is worth well over $2 billion.
How Strive Pays for Bitcoin
This purchase wasn't funded by selling common stock. Strive used proceeds from its Variable Rate Series A Perpetual Preferred Stock, known as SATA .
SATA is an unusual instrument. Investors buy preferred shares at $100 par value and earn a 13% annual dividend, paid daily on business days. Strive takes that capital and converts it into Bitcoin . Warrant exercises during the same period added another $12.4 million, and including those proceeds, roughly 85% of the capital Strive has raised came from SATA .
The structure has one big advantage: it doesn't dilute common shareholders. Every Bitcoin Strive buys through SATA increases the amount of BTC per share without issuing new common stock .
But there's a trade-off. A 13% dividend is expensive capital. Whether the strategy works depends on Bitcoin appreciating faster than that 13% annual cost .
Strive's Bitcoin Strategy in Context
Strive was co-founded by Vivek Ramaswamy, best known for his 2024 presidential campaign . The company went public through a reverse merger and has been accumulating Bitcoin at a rapid pace since early 2026 .
The pace has been aggressive. In January 2026, Strive completed an all-stock acquisition of Semler Scientific, adding roughly 5,048 BTC to its balance sheet in one transaction . Since then, it has made regular weekly purchases — 1,800 BTC in late August, 1,375 BTC in early September, and now 1,107 BTC .
Strive now ranks as the fifth-largest publicly traded corporate Bitcoin holder, trailing Strategy (MicroStrategy), Twenty One, Metaplanet, and MARA .
Why This Matters
The corporate Bitcoin treasury trend has evolved significantly since MicroStrategy pioneered it in 2020. What started as an experimental strategy has become an asset class of its own.
Strive's approach is distinct because it avoids debt. The company has no bonds, no credit lines, and no leveraged positions that could trigger forced liquidation . CEO Matt Cole has described the company as "debt-free with zero margin requirements and zero encumbered bitcoin."
That's a different risk profile from Strategy, which has used convertible debt to fund purchases. Convertible notes have maturity dates and conversion mechanics that can create pressure at inconvenient moments. Perpetual preferred stock, by contrast, has no maturity date — Strive never has to repay the principal .
But the obligations don't disappear. With nearly $1 billion in SATA outstanding, Strive owes roughly $130 million per year in dividends . That's a fixed cash cost that must be paid whether Bitcoin goes up or down.
What to Watch Next
Strive's accumulation pace depends on its ability to keep selling SATA. As long as Bitcoin's long-term return exceeds the 13% dividend cost, the math works. If Bitcoin enters a prolonged downturn, the company would still owe those dividends while sitting on a depreciating asset .
The company's "amplification ratio" — a measure of Bitcoin exposure relative to net asset value — was 53.5% as of mid-September . Whether that ratio continues to grow will depend on both Bitcoin's price and Strive's ability to raise capital.
Strive isn't alone in this race. New entrants like XXI, BSTR, and Metaplanet are accumulating at their own paces . The ranking of corporate Bitcoin holders could shift quickly.
Frequently Asked Questions
How much Bitcoin does Strive hold now?
27,462 BTC, following the latest 1,107 BTC purchase .
How did Strive pay for the Bitcoin?
Through SATA, its Variable Rate Series A Perpetual Preferred Stock, which pays a 13% annual dividend .
Who founded Strive?
Vivek Ramaswamy, the former 2024 presidential candidate, co-founded the company .
What makes Strive different from Strategy?
Strive has no debt. It funds Bitcoin purchases through perpetual preferred stock rather than convertible notes .
Bottom line: Strive's latest purchase brings its Bitcoin treasury to 27,462 BTC. The company is funding its accumulation through a perpetual preferred stock that pays 13% — a bet that Bitcoin will outperform that cost over time. Whether the strategy pays off depends on both Bitcoin's price and Strive's continued access to capital markets.
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