Strategy and Strive acquire $232M in Bitcoin, adding 2,773 BTC to corporate treasuries

Two of the most aggressive corporate Bitcoin buyers just went shopping again. Strategy and Strive collectively scooped up 2,773 BTC worth roughly $232 million, reinforcing a trend that has quietly reshaped how public companies think about their balance sheets.

Strive Inc., trading under the ticker ASST, has been on a tear. The company, co-founded by Vivek Ramaswamy and led by CEO Matt Cole, acquired 1,800 BTC for approximately $143 million in its most recent purchase. That works out to an average price of about $79,431 per Bitcoin.

This wasn’t a one-off move. Strive had already picked up 2,500 BTC for roughly $185 million earlier in the summer, building a treasury that has grown to approximately 25,000 BTC total. That pile is large enough to make Strive the 5th largest public corporate holder of Bitcoin globally.

Strategy, still the undisputed heavyweight of corporate Bitcoin holders under its ticker MSTR, added 4,603 BTC valued at around $370 million during the same late-August window.

Different playbooks, same conviction

What makes Strive’s approach notable is how it’s funding these acquisitions. The company relies on its Variable Rate Series A Perpetual Preferred Stock, ticker SATA, which carries a 13% dividend rate. Strive has maintained what it describes as a debt-free funding strategy, keeping strong cash buffers alongside its growing Bitcoin hoard.

Strategy takes a somewhat different tack. While it also uses equity programs to raise capital for Bitcoin purchases, the company has occasionally sold small amounts of its holdings.

Both companies track and disclose metrics like Bitcoin yield and amplification ratio through SEC filings. These are essentially performance indicators that help investors evaluate whether the treasury strategy is actually creating value per share, not just accumulating coins.

The 13% dividend on SATA is expensive capital, but if Bitcoin appreciates faster than 13% annually, the math works in Strive’s favor. The 13% dividend on SATA still needs to be paid whether Bitcoin is at $80K or $40K.

With Strive now holding 25,000 BTC and Strategy maintaining its position as the largest corporate holder by a wide margin, the corporate Bitcoin treasury race has matured from an experiment into an asset class strategy.