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Strive (ASST) purchased an additional 1,375 Bitcoin last week for approximately $109 million, bringing its total holdings to 24,531 BTC at an average purchase price of $79,281. The nominal balance of its self-issued preferred stock SATA reached $999 million, putting the company on the verge of crossing the $1 billion threshold. Holdings have grown 21.1% over the past three weeks, and Strive would need to acquire roughly 1,200 BTC per week to overtake Twenty One Capital as the second-largest corporate Bitcoin holder among public companies. Meanwhile, Strategy—the largest corporate holder—maintained its position without any Bitcoin trades last week, instead focusing on STRC preferred stock buybacks and expanding its redemption program.
Key Elements
Strive (ASST), which is pursuing a Bitcoin treasury strategy, purchased an additional 1,375 Bitcoin last week, bringing its total holdings to 24,531 BTC. At the same time, the nominal balance of its self-issued preferred stock SATA reached $999 million (approximately 1.3 trillion won), putting the company on the cusp of crossing the $1 billion (approximately 1.3 trillion won) threshold.
Matt Cole, CEO of Strive, disclosed the purchase details via his X account on the 8th (local time). According to an 8-K filing submitted to the U.S. Securities and Exchange Commission (SEC), Strive deployed a total of $109 million (approximately 150 billion won) between August 31 and September 4 to acquire Bitcoin at an average price of $79,281 (approximately 110 million won) per coin. At current market prices, the holdings are valued at approximately $1.9 billion (approximately 2.5 trillion won).
Cole stated, “This week, 70% of the capital raised came from SATA perpetual preferred stock sales,” adding, “The SATA balance has reached $999 million. It’s time to break through the $1 billion wall.” SATA is a variable-rate Series A perpetual preferred stock that pays a fixed 13% annual dividend and is structured not to track Bitcoin price fluctuations. During this period, SATA shares increased by 921,511, bringing the total issued shares to nearly 10 million.
Jeff Walton, Strive’s Chief Risk Officer (CRO), emphasized the pace of accumulation in a separate post. According to Walton, Strive’s Bitcoin holdings increased 5.9% week-over-week, marking the third consecutive week of growth exceeding 5%. The cumulative increase over the past three weeks stands at 21.1%, with holdings rising from 20,245 BTC to 24,531 BTC.
The Race to Catch Twenty One Capital
Strive currently ranks third among public companies by Bitcoin holdings, trailing Tether-backed Twenty One Capital (approximately 43,500 BTC). According to Bitcoin Treasuries data, Strive is the world‘s fifth-largest corporate Bitcoin treasury entity, holding more Bitcoin than SpaceX, Coinbase, and Trump Media & Technology Group.
The gap with Twenty One Capital is approximately 19,000 BTC, which would require weekly purchases of roughly 1,200 BTC over the remaining 16 weeks of the year to close. Cole acknowledged the goal is possible but not the base-case scenario. He added that Strive could raise up to an additional $1.4 billion (approximately 1.9 trillion won) through unexercised warrants exceeding $700 million (approximately 940 billion won).
Strive’s cash position also increased last week from $183.5 million (approximately 250 billion won) to $202.6 million (approximately 270 billion won)—meaning cash grew even after the Bitcoin purchases.
Structural Risks of the Preferred Stock Model
Strive’s SATA preferred stock strategy was designed as an answer to a problem common among Bitcoin-acquiring companies: how to raise capital without excessively diluting shareholder value or taking on debt with fixed repayment schedules. The company sells SATA shares at prices near the $100 (approximately 130,000 won) par value, deploys the proceeds into Bitcoin, and pays fixed dividends to preferred shareholders.
However, this structure has a real-world failure case. Strategy’s preferred stock STRC fell significantly below its $100 par value this year amid Bitcoin’s decline, forcing the company to sell Bitcoin for the first time since 2022 to cover dividend payments. SATA has remained closer to par value over the same period, but the mechanism is identical—and it has yet to be tested in a downturn as deep as the one Strategy experienced.
Strive’s history is short. The company went public through a merger with Asset Entities in September 2025, then acquired medical device manufacturer Semler Scientific, securing approximately 5,048 BTC in the process. Co-founded by Vivek Ramaswamy—former presidential candidate and current Ohio gubernatorial candidate—the company has purchased Bitcoin nearly every week since, alternating between common stock and SATA to fund its acquisitions.
During the <a href="https://xpertsstudio.com/chainlink-price-today-holds-12-67-as-crypto-market-cap-slides-3-47/” title=”Chainlink Price Today Holds $12.67 as Crypto Market Cap Slides 3.47%”>crypto winter, Strive posted a net loss of $265.9 million (approximately 360 billion won) in the first quarter, almost entirely attributable to impairment losses on its Bitcoin holdings amid falling prices. ASST shares plunged 86% from a post-merger high of $130 (approximately 170,000 won) to mid-May before rebounding alongside Bitcoin’s recovery. The company has since introduced daily dividend payments on SATA to enhance investor appeal.
Strategy’s Contrasting Approach
Strategy, the largest corporate Bitcoin holder, maintained its position at 845,050 BTC last week without buying or selling. Michael Saylor, Strategy’s Executive Chairman, instead announced the buyback of $176 million (approximately 240 billion won) worth of STRC preferred stock and doubled the size of its digital credit securities redemption program from $1 billion to $2 billion (approximately 2.7 trillion won). Saylor added that Strategy also holds $6.5 billion (approximately 8.7 trillion won) in dollar assets as of September 7.
The contrasting approaches of the two companies illustrate how even among firms that have adopted Bitcoin treasury strategies, capital-raising methods and growth trajectories are diverging. While Strategy focuses on enhancing shareholder value through buybacks and expanded redemption programs, Strive has chosen an aggressive path of Bitcoin accumulation and preferred stock issuance to scale up.
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Source: finance.biggo.com