Bitcoin Treasury & Asset management company Strive, Inc. (NASDAQ: ASST) has purchased an additional 2,500 Bitcoin between May 23 and June 1, 2026, spending approximately $185.2 million at an average price of around $74,092 per coin.
The purchase, disclosed in an 8-K filing with the SEC on June 2, pushes the company’s total Bitcoin holdings to 19,000 BTC, valued at roughly $1.35 billion based on Bitcoin’s price of $71,355 as of 4 PM EST on June 1.
CEO Matt Cole confirmed the acquisition on X, sharing a performance snapshot alongside the numbers: a quarter-to-date BTC Yield of 23.0%, a year-to-date BTC Yield of 36.7%, and an amplification ratio of 57.0%.
This is not a small purchase by any standard. At 2,500 BTC in roughly ten days, it ranks among the company’s most aggressive accumulation windows to date. Just a week earlier, Strive had reported raising enough capital to acquire approximately 2,624 Bitcoin in a single week through its SATA preferred stock instrument, more than doubling its prior weekly purchase record of 371 BTC.
The mechanics behind the buying spree
Strive funds its Bitcoin acquisitions primarily through two at-the-market equity programs tied to its Class A common stock (ASST) and its Variable Rate Series A Perpetual Preferred Stock (SATA). Rather than taking on debt, the company sells equity, takes the proceeds, and converts them into Bitcoin for its corporate treasury.
The SEC filing reveals the scale of recent dilution that accompanied the purchase. Class A shares outstanding jumped from 65,898,527 to 69,089,145, an increase of over 3.19 million shares. SATA preferred shares rose from 5,759,719 to 7,513,907, an increase of roughly 1.75 million shares. Class B shares dipped slightly.
Cash and cash equivalents, meanwhile, climbed from $93.3 million to $137.3 million, a $44 million increase that the company says was intended to maintain an 18-month dividend reserve for SATA holders.
That dividend reserve matters because SATA carries a 13% annualized dividend rate and is set to begin daily distributions on June 16. Strive has repeatedly stressed its commitment to keeping that payout funded, even as it continues pouring capital into Bitcoin.
A rapid ascent among corporate Bitcoin holders
Strive’s trajectory from zero to 19,000 BTC in roughly nine months as a public company is striking. The company completed its acquisition of Semler Scientific in January 2026, which brought in approximately 5,048 BTC and gave it a starting base of around 12,798 Bitcoin. Since then, it has added over 6,200 BTC through a relentless series of purchases funded by its equity programs.
As recently as late May, Strive was ranked as the seventh-largest public corporate Bitcoin holder, sitting just ahead of Coinbase at 16,492 BTC and Riot Platforms at 15,680 BTC. With 19,000 BTC, the company has now widened that gap considerably. For context, Strategy (formerly MicroStrategy) remains the dominant corporate holder with over 843,000 BTC, but Strive is rapidly climbing the ranks below it.
$4.2 billion fundraising expansion signals no slowdown
The timing of this purchase is notable. Just one day before the filing, on June 1, Cole announced on X that Strive expects to increase the size of both the ASST and SATA at-the-market programs by $2.1 billion each, a combined $4.2 billion in new fundraising capacity. Cole attributed the expansion to sustained increases in liquidity and investor demand for both securities.
As The Crypto Times reported, that expansion suggests the company is building a system where investor money is continuously converted into Bitcoin, scaling the approach rather than slowing it down.
The risk profile investors should watch
The bull case for Strive is straightforward: if Bitcoin appreciates, ASST shareholders benefit from amplified exposure because the company’s Bitcoin-per-share ratio can grow faster than Bitcoin’s price through accretive equity raises. The year-to-date BTC Yield of 36.7% is the metric the company uses to demonstrate this.
But the risks are equally clear. Strive’s average cost basis across its entire portfolio sits between $99,000 and $102,000 per Bitcoin.
With Bitcoin trading around $71,000 to $74,000 in recent weeks, the company is sitting on significant unrealized losses. Its annual report for the period ending December 2025 already showed a GAAP net loss of $393.6 million, nearly half of which came from unrealized declines in Bitcoin’s value.
Meanwhile, the 13% dividend obligation on SATA preferred stock continues regardless of where Bitcoin trades. If Bitcoin enters a sustained downturn, Strive could find itself paying high dividends while the assets backing those payments depreciate. Common shareholders, who sit below SATA holders in the capital structure, would absorb the pain first.
As Strive CEO Matt Cole noted at Consensus Miami in May, he expects a consolidation period among Bitcoin treasury companies, suggesting that not all firms running this playbook will survive. Whether Strive itself is positioned to endure that shakeout depends on Bitcoin’s price trajectory and the company’s ability to keep raising capital on favorable terms.
The bigger picture
Strive’s purchase lands at a moment when the broader corporate Bitcoin treasury movement continues to evolve. Publicly traded companies now hold more than 1.15 million BTC on their balance sheets. U.S. spot Bitcoin ETFs have seen billions in net inflows in 2026, though May also brought a record $2.43 billion in outflows, a reminder that institutional sentiment can shift quickly.
For investors tracking ASST, the key number to watch going forward is not just total Bitcoin held, but Bitcoin per share. With Class A shares now above 69 million and growing, and SATA shares above 7.5 million, the question is whether Strive’s equity raises are adding Bitcoin faster than they are diluting existing holders.
The company’s next balance sheet update, promised by Cole for pre-market on June 2, should provide fresh clarity on that question.
