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Strive Adds $169M Bitcoin in Its Biggest Buy in Four Months
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- DeepHorus
Strive, a publicly traded Bitcoin treasury company, purchased 2,000 Bitcoin between September 28 and October 2 at an average price of approximately $84,422 per coin, marking its largest single acquisition in four months. The purchase, valued at roughly $169 million, was disclosed in a filing with the U.S. Securities and Exchange Commission. Strive's previous biggest buy came between May 23 and June 1, when it acquired 2,500 Bitcoin. The company now holds 29,462 Bitcoin as of October 2, representing a 48% increase in dollar value since July 2. At Monday's trading price of about $86,000 per Bitcoin, its holdings are worth approximately $2.5 billion.
Strive operates as a Bitcoin treasury company—a business model in which companies raise capital from investors and allocate it to Bitcoin rather than holding cash reserves. The company's Bitcoin stack grew significantly after agreeing in September 2025 to acquire Semler Scientific, a healthcare technology firm holding roughly 5,000 Bitcoin. Shareholders approved the deal in January, creating a combined stash of about 12,800 BTC. By late April, Strive held 14,557 Bitcoin, and that figure climbed to 20,246 by mid-August before reaching its current total.
The company funds these purchases largely through the sale of SATA, a type of preferred stock that pays holders a regular dividend ahead of ordinary shareholders. Each SATA share carries a $100 stated amount, and Strive currently pays an annual dividend rate of approximately 13%, disbursed every business day since June 16. SATA accounted for 70% of Strive's capital raised in the week ending September 4 and surged to 85% in the week ending September 25. The filing lists $284.7 million in cash and no debt on the company's balance sheet.
However, the filing also reveals a notable challenge: Strive's average cost basis stood at $90,170 per Bitcoin at the end of September, above the roughly $86,000 market price on Monday. This means Strive's position is underwater on paper, worth less than the company originally paid. Since Bitcoin generates no interest or dividend income, the approximately $13 annual payout per $100 SATA share must be funded from Strive's cash reserves or through additional capital raises, creating ongoing financial pressure.
Strive ranks fifth among publicly traded Bitcoin holders, trailing Strategy, Twenty One Capital, Metaplanet, and MARA, according to Bitcoin Treasuries data. Twenty One Capital holds 43,514 Bitcoin, leaving Strive 14,052 coins short of fourth place. For traditional investors, Strive's Nasdaq-listed stock offers exposure to Bitcoin through a standard brokerage account, while SATA provides a dividend-bearing alternative issued by a company backing nearly 30,000 coins.
Looking ahead, Strive's aggressive accumulation strategy hinges on continued investor appetite for preferred stock offerings and Bitcoin's ability to rebound above its $90,170 cost basis. Whether the company can sustain its dividend obligations while growing its holdings will be a key test of the Bitcoin treasury model.
