Strive, the Dallas-based asset manager, expanded its Bitcoin treasury by more than a thousand coins in late September, bringing the total to a valuation of roughly $2.3 billion.

Purchase Details

Between September 21 and September 25, Strive acquired 1,107 Bitcoin for an aggregate price of $94.5 million. The average price paid, inclusive of fees, was $85,396 per BTC. The transaction was disclosed in a Form 8-K filing with the U.S. Securities and Exchange Commission.

Financing Structure

The bulk of the funding originated from Strive’s variable-rate perpetual preferred stock, known as SATA. Warrant exercises generated an additional $12.4 million, and altogether, 85% of the capital raised for the purchase derived from the preferred-stock offering. At a $100 stated value, the increase in SATA shares added roughly $1.22 billion in notional value to the company’s balance sheet.

Impact on the Treasury

The new acquisition lifted Strive’s Bitcoin balance to 27,462 BTC. Using the closing price of $83,943 on the Friday following the purchase, the holdings are valued at approximately $2.3 billion. This places Strive as the fifth-largest public holder of Bitcoin, trailing Strategy, Twenty One Capital, Metaplanet and MARA.

Comparison with Peers

Other treasury firms reported activity on the same filing day. Strategy added 1,665 BTC for $142.7 million, pushing its total to a record 847,666 BTC. Meanwhile, Bitmine, managed by Tom Lee, bought 17,362 ETH worth about $47 million, representing roughly 4.9% of the Ethereum supply.

Outlook and Scale Needed

To overtake Twenty One Capital’s target of 43,514 BTC by year-end, Strive would need to acquire an additional 16,050 BTC. At the current acquisition pace, that translates to roughly 1,235 BTC per week.

Why it matters

Strive’s reliance on preferred-stock financing illustrates a growing trend among publicly listed firms to expand crypto treasuries without diluting common shareholders. The sizable purchase reinforces the company’s commitment to Bitcoin as a core asset, while the scale required to surpass competitors highlights the intense competition among corporate treasuries for the premier digital store of value.