Strive Crosses $1 Billion in Preferred Equity to Reach 25,000 Bitcoin

WASHINGTON — Strive Asset Management has pushed its balance sheet preferred equity obligations past $1 billion while using financial engineering mechanisms to build digital treasury reserves and shield its common equity from significant dilution.

According to a Form 8-K filed with the U.S. Securities and Exchange Commission, the Nasdaq-listed asset manager reached an even 25,000 Bitcoin after buying 469 coins between Sept. 8 and Sept. 11. The acquisition cost $36.6 million, or an average of $77,954 per Bitcoin, taking the aggregate market value of Strive’s cryptocurrency reserve to approximately $1.95 billion.

The latest transaction was financed entirely through Strive’s Variable Rate Series A Perpetual Preferred Stock, known in capital markets by the ticker SATA. During the four-day buying window, the company issued 402,541 new SATA shares with a stated notional value of $100 per share.

That issuance lifted SATA’s total outstanding notional value from $999 million to approximately $1.04 billion. Since the capital raised through preferred share sales exceeded the Bitcoin purchase price, Strive’s unencumbered cash reserves increased from $202.6 million to $204.2 million over the same period.

Chief Executive Officer Matt Cole said 100 percent of the deployed capital came from SATA issuances. Strive issued only 34,206 Class A common shares during the weekly cycle, allowing the company to limit common stock expansion while adding to its Bitcoin holdings.

The company’s capital structure relies on perpetual preferred stock that pays daily dividends. Those obligations rank senior to common equity but junior to traditional debt, allowing corporate issuers to raise treasury-expansion capital without immediate equity dilution or fixed debt maturity schedules.

Strive’s “amplification ratio,” which tracks notional preferred equity and debt against the net asset value of its Bitcoin holdings, rose to 53.5 percent, Cole reported. Strive therefore maintains roughly $53.50 in preferred financial obligations for every $100 of Bitcoin held on its balance sheet.

The pace of buying was slower than during the prior tracking period. Between Aug. 31 and Sept. 4, Strive acquired 1,375 Bitcoin for approximately $109 million at an average price of $79,281 per coin. That allocation used a blended capital structure consisting of 70 percent preferred SATA equity and 30 percent common stock issuances.

Strive also left its secondary strategic holdings unchanged, retaining a 505,000-share position in STRC, a preferred stock product issued by Strategy.

Strategy, formerly MicroStrategy, pioneered the dedicated digital asset treasury approach by using convertible senior notes and equity offerings to accumulate commercial Bitcoin reserves. The framework has since spread to public entities including Tokyo-listed Metaplanet Inc., U.S. Bitcoin miner MARA Holdings, and Tether-backed Twenty One Capital.

Strive currently ranks as the fifth-largest publicly traded Bitcoin holder globally, behind Strategy, Twenty One Capital, Metaplanet, and MARA Holdings.

Fourth-ranked Twenty One Capital holds 43,514 Bitcoin, an 18,515-coin lead over Strive. Former Chief Executive Jack Mallers stepped down from Twenty One Capital in July. To close the gap before the end of 2026, Strive would need to acquire an average of approximately 1,234 Bitcoin per week across the remaining 15 weeks of the calendar year.