Strive Adds 2,000 Bitcoin as Treasury Holdings Near 30,000 BTC

Strive now holds 29,462 Bitcoin after spending roughly $169 million to acquire 2,000 coins between Sept. 28 and Oct. 2, according to a filing with the Securities and Exchange Commission. The purchase marks the Nasdaq-listed company’s largest accumulation since late May, when it bought 2,500 BTC over a nine-day stretch.

The latest acquisition came in at an average price of approximately $84,422 per coin. That entry point sits well below Strive’s blended cost basis of $90,170 per Bitcoin recorded at the end of September. With Bitcoin trading near $85,949 on Monday, the company’s entire position remains slightly underwater relative to its historical average cost, even as the most recent batch was purchased at a discount to current spot prices.

Unlike traditional corporations that hold excess liquidity in money market funds or short-term government bonds, Strive operates as a dedicated Bitcoin treasury company. It raises capital from public markets and converts those proceeds directly into digital assets. The model gained mainstream traction after Strategy, formerly known as MicroStrategy, pioneered the approach in 2020 by issuing convertible debt and selling equity to fund continuous purchases.

Strive accelerated this strategy dramatically following its September 2025 agreement to acquire Semler Scientific, a healthcare technology firm that held roughly 5,000 Bitcoin at the time. Shareholders approved the merger in January, instantly combining the two corporate stacks into a 12,800 BTC position. Since then, the company has more than doubled its holdings, climbing to 14,557 Bitcoin by late April, surpassing 20,000 by mid-August, and adding nearly another 10,000 coins through early October. Total holdings are now up 48% in dollar terms since July 2.

To finance the relentless pace of buying, Strive has leaned heavily on SATA, a series of preferred stock carrying a $100 stated value per share. The company currently pays an adjustable annual dividend yield of about 13%, translating to roughly $13 per year for every share outstanding. Because Bitcoin generates no yield, interest, or dividends on its own, those payouts must be covered entirely by Strive’s cash reserves or subsequent capital raises. The latest SEC filing lists $284.7 million in cash and zero debt.

Preferred stock has become the dominant engine for Strive’s funding. In the week ending Sept. 4, SATA issuances accounted for 70% of new capital. By the week ending Sept. 25, that figure reached 85%. This reliance on high-yield preferred equity differentiates Strive from peers that primarily utilize convertible senior notes, which typically carry much lower coupon rates but introduce maturity walls and potential dilution if the stock price surges past conversion thresholds.

For retail and institutional investors who prefer not to manage private cryptographic keys or navigate cryptocurrency exchanges, Strive offers indirect exposure to Bitcoin’s price movements through standard brokerage accounts. However, the stock carries risks distinct from spot Bitcoin exchange-traded funds. Spot ETFs charge low management fees and track the asset’s price directly, whereas a treasury company introduces operating expenses, dividend obligations, and equity premium volatility tied to broader stock market sentiment.

Among publicly traded entities, Strive ranks fifth globally in total Bitcoin held, according to industry tracker Bitcoin Treasuries. The company trails Twenty One Capital, which controls 43,514 coins, leaving Strive 14,052 BTC short of the fourth-place position. MARA, Metaplanet, and Strategy sit higher on the ledger, reflecting a widening corporate arms race to secure scarce digital supply.

Bitcoin traded at $85,949 early Tuesday, reflecting a 2.88% gain over the preceding 24 hours.