Strive, Inc. has been on a Bitcoin buying spree that would make even the most aggressive corporate treasurers blush. The company’s holdings have reached 19,864 BTC, valued at roughly $1.3 billion as of June 22, and its stock is responding accordingly.

Shares of ASST jumped approximately 10% on the back of the company’s latest treasury update, closing around $16.67. For a company that held 15,000 BTC just weeks ago in early May, the pace of accumulation has been nothing short of relentless.

From 15,000 to nearly 20,000 BTC in six weeks

In May, Strive scooped up 1,109 BTC at an average cost of approximately $76,989 per coin, bringing the total to 16,500 BTC. That was followed by a much larger purchase of 2,500 BTC for an aggregate $185 million, pushing holdings to 19,000 BTC.

Then on June 15, the company added another 73 BTC at an average price of roughly $63,646 each, bringing the running total to 19,105 BTC. The final push to 19,864 BTC came in the days that followed.

That accumulation trajectory places Strive somewhere in the range of 7th to 11th among public companies globally by Bitcoin holdings.

The debt-free playbook

What separates Strive from many of its Bitcoin-hoarding peers is how it’s funding the purchases. The company emerged from its 2025 merger with Asset Entities as a dedicated Bitcoin treasury management vehicle, and it’s leaned heavily on a financial instrument called the Variable Rate Series A Perpetual Preferred Stock, trading under the ticker SATA.

Instead of taking on debt or diluting common shareholders through stock offerings, Strive issues preferred shares that pay variable dividends of around 13%. The company maintains no debt on its balance sheet.

CEO Matt Cole has stated that Bitcoin serves as the benchmark for the company’s capital allocation decisions.

What this means for investors

For traders watching ASST, the stock has shown pronounced volatility around treasury announcements. Each purchase disclosure has functioned as a catalyst, which means the cadence of BTC acquisitions matters almost as much as the size.

At 19,864 BTC valued at $1.3 billion, Strive’s entire equity story is a levered bet on Bitcoin’s price trajectory, funded by preferred stock with a 13% yield obligation. If Bitcoin enters a prolonged drawdown, the company still owes those preferred dividends while sitting on a depreciating treasury.