Strive Adds $280M in Bitcoin, Reaches 32,773 BTC Holdings

Nasdaq-listed asset manager Strive expanded its Bitcoin treasury to 32,773 coins after executing a $280 million purchase between Oct. 5 and Oct. 9, marking the firm’s largest single acquisition since January. The buy, disclosed in a Monday regulatory filing under ticker ASST, was completed at an average price of approximately $84,500 per coin including fees, bringing the total value of the company’s digital asset reserves to roughly $2.73 billion based on current market rates.

The timing placed Strive directly into a period of downward price pressure for the broader crypto market. Bitcoin traded near $87,000 earlier in the year before sliding through early October, allowing institutional buyers to accumulate below recent peaks. As of mid-October, the token has continued to face headwinds, trading around $83,130 with a 24-hour range between $81,018 and $84,074.

Strive’s latest move represents the third consecutive week of heavy buying. The firm deployed $169 million earlier in October—its largest purchase in four months at the time—after adding $94.5 million in late September to push past the 27,000-coin threshold. In less than three weeks, the company increased its holdings by more than 5,700 BTC.

This pace of accumulation is tied directly to structural changes in Strive’s balance sheet over the past several months. Led by CEO Matthew Cole, the company went public through a merger with Asset Entities and recently finalized a combination with Semler Scientific, a healthcare technology firm. Merging operating companies with cash-generating assets or clean balance sheets has become a standard mechanism for publicly traded firms seeking to raise capital specifically for digital asset purchases without diluting existing shareholders through traditional equity offerings.

Beyond its primary Bitcoin stack, Strive maintains a diversified treasury designed to support further acquisitions. A Monday filing showed the company holds approximately $310 million in cash alongside about 505,000 shares of Strategy’s STRC preferred stock, valued near $50 million. Holding preferred shares of the sector’s dominant corporate buyer provides Strive with yield-bearing exposure to another major Bitcoin treasury while keeping liquid capital available for spot market purchases.

Corporate cryptocurrency treasuries have proliferated rapidly since Michael Saylor’s Strategy proved that tying a public company’s valuation to Bitcoin accumulation could generate significant premiums over net asset value. That premium, however, relies heavily on continuous buying. When accumulation slows or Bitcoin enters prolonged drawdowns, the gap between a company’s share price and its underlying asset value can compress quickly, exposing shareholders to amplified downside risk compared to holding the digital asset directly.

Activity across the sector remains intense. Strategy recently added $21.5 million in Bitcoin while simultaneously repurchasing its own preferred stock to manage its capital structure. Outside the Bitcoin ecosystem, Solana-focused DeFi Development Corp. continues to accumulate SOL, and Ethereum treasury firm Bitmine is nearing a self-imposed ceiling. Bitmine chairman Tom Lee indicated the company will halt Ethereum purchases once its holdings reach 5% of the token’s circulating supply, signaling a potential shift from aggressive expansion to long-term holding.

Bitcoin currently trades at $83,130, reflecting a 2.78% decline over the trailing 24 hours as daily trading volume sits near $1.3 billion.