Strive Grows Bitcoin Treasury to $1.9 Billion via Preferred Stock Sales
The Nasdaq-listed asset manager acquired 1,375 BTC, cementing its position as the fifth largest corporate holder of the cryptocurrency globally.
Strive, the Nasdaq-listed asset manager co-founded by Vivek Ramaswamy, has expanded its digital asset reserves with a $109 million investment in Bitcoin. The move underscores the firm's aggressive strategy to integrate cryptocurrency into its core corporate treasury.
Between August 31 and September 4, 2026, Strive purchased 1,375 Bitcoin at an average price of $79,281 per coin. This latest acquisition brings the company's total holdings to 24,531 BTC, valued at approximately $1.9 billion. According to CEO Matt Cole, the firm is now looking to "break the billion-dollar wall" regarding its capital structures.
The SATA Funding Engine
To finance this expansion, Strive relied on a specific capital raising mechanism. Approximately 70% of the funds used for the most recent purchase were generated through the sale of SATA, the company's preferred stock. This financial instrument now has a notional value of $999 million outstanding.
Founded in 2022, Strive entered the public markets in September 2025 following a merger with Asset Entities. This transition established the firm as the first publicly traded asset management Bitcoin Treasury Corporation. The company utilizes Bitcoin as a "hurdle rate" for capital deployment, a strategy designed to maximize long-term shareholder value by mirroring the corporate playbook pioneered by MicroStrategy.
Institutional Implications
By leveraging the SATA preferred stock structure, Strive is attempting to scale its Bitcoin holdings without the rapid shareholder dilution typically associated with issuing common stock. The SATA shares currently pay a fixed dividend of 13%, providing a yield for investors while granting the firm the liquidity needed for BTC accumulation.
This strategy has propelled Strive into the upper echelon of institutional holders; the firm is currently the fifth largest corporate Bitcoin treasury globally. However, the reliance on fixed-dividend preferred stock introduces a specific risk profile. If the price of Bitcoin drops significantly, the firm may face challenges meeting its dividend obligations relative to the value of its underlying assets.
Market Outlook
Strive's trajectory suggests a continuing push toward the top of the corporate treasury rankings. The firm is currently positioned as a major institutional player, challenging Twenty One Capital for the spot of the second-largest public Bitcoin treasury. Investors will be watching whether Strive continues to lean on the SATA structure to fund further acquisitions or if it pivots toward other financing methods as its treasury grows toward the $2 billion mark.