Strive Buys 1,375 More Bitcoin, Bringing SATA Balance to the Brink of $1 Billion

Strive (ASST), which is pursuing a Bitcoin treasury strategy, added substantially to its holdings last week with another large purchase. The balance of its self-issued SATA preferred stock also approached $1 billion.

The Block reported on September 8 that Strive bought 1,375 Bitcoin for about $109 million between August 31 and September 4. An 8-K filing with the US Securities and Exchange Commission showed the average purchase price was $79,281, bringing the company's total holdings to 24,531 Bitcoin.

Chief Executive Officer Matt Cole wrote on X that 70% of the funds raised this week came from sales of SATA perpetual preferred stock. The SATA balance reached $999 million, he wrote, adding that it was time to break through the $1 billion threshold. Over that period, SATA shares increased by 921,511, bringing total shares outstanding to nearly 10 million.

The latest purchase extends Strive's push to overtake Twenty One Capital and move into second place among public companies by Bitcoin holdings. The Block estimated that, with about 16 weeks left in the year, Strive would need to buy roughly 1,200 Bitcoin a week to pass Twenty One Capital by year-end. Cole said that was possible, but not the base-case scenario, and added that the company could raise as much as $1.4 billion more through more than $700 million in unexercised warrants.

Meanwhile, Strategy, the largest corporate holder of Bitcoin, neither bought nor sold the token last week, keeping its holdings at 845,050 Bitcoin. Michael Saylor, chairman of Strategy, wrote that the company instead repurchased $176 million of its STRC preferred stock and doubled its digital credit securities repurchase program to $2 billion from $1 billion. He added that Strategy held $6.5 billion in dollar-denominated assets as of September 7.