Key Highlights
- Strive purchased 469 BTC for approximately $36.6 million between September 8 and 11.
- The acquisition brought the company’s Bitcoin holdings to 25,000 BTC.
- Strive said the purchase was funded entirely through proceeds from SATA, its perpetual preferred stock.
Strive, Inc. has increased its Bitcoin holdings to 25,000 BTC after purchasing another 469 BTC for approximately $36.6 million between September 8 and 11.
According to a September 14 post on X by Chairman and CEO Matt Cole, the company bought the Bitcoin at an average cost of $77,954 per BTC, including fees.
Cole said 100% of the capital raised for the purchase came from SATA, Strive’s perpetual preferred stock, which now has more than $1 billion in notional value outstanding.
Strive buys 469 BTC at $77,954 average
According to the Form 8-K filed with the SEC on September 14, Strive purchased the 469 BTC at an average price of approximately $77,954 per bitcoin, including fees.
The acquisition increased the company’s holdings from 24,531 BTC on September 4 to 25,000 BTC.
Cole confirmed the transaction on X:
“Strive acquired an additional 469 $BTC for $36.6M at an average cost of $77,954 per bitcoin, bringing total holdings to ₿25,000.”
He said the entire amount raised for the purchase came from SATA, which has now exceeded $1 billion in outstanding notional value.
SATA plays larger role in Bitcoin financing
The latest purchase follows two sizable Bitcoin acquisitions announced by Strive in recent weeks.
Between August 24 and 28, the company purchased approximately 1,800 BTC for $143 million, with SATA providing most of the financing.
From August 31 to September 4, Strive acquired another 1,375 BTC for approximately $109 million, with SATA accounting for about 70% of the financing.
The latest transaction therefore marks a further increase in the use of preferred-stock proceeds to fund Bitcoin purchases.
Strive raised approximately $40.3 million through new SATA shares, using part of the proceeds for the latest Bitcoin acquisition and retaining the remainder as cash.
SATA notional value tops $1 Billion
SATA is Strive’s Variable Rate Series A Perpetual Preferred Stock, which launched in November 2025.
The security has a stated value and liquidation preference of $100 and carries a cumulative dividend whose rate can vary over time.
Strive has increasingly used SATA as part of the financing structure for its Bitcoin purchases. Its outstanding notional value has now surpassed $1 billion.
The financing structure gives Strive another source of capital for asset purchases but also creates preferred-stock obligations that remain relevant regardless of Bitcoin’s market price.
Bitcoin amplification ratio reaches 53.5%
Following the latest acquisition, Strive reported a 53.5% Bitcoin-to-preferred-stock amplification ratio.
The company previously reported the ratio at approximately 25% when SATA launched in November 2025 and 37.2% by January 2026.
Strive has increasingly used preferred equity as a source of capital for its Bitcoin treasury strategy.
Rather than relying solely on common equity or operating cash flow, the company has increasingly used preferred securities to raise capital for additional Bitcoin purchases.
Financing adds balance-sheet exposure
The use of preferred stock introduces risks that differ from those associated with common equity.
Preferred securities can carry dividend, redemption and other contractual provisions that remain in place even if the value of the company’s assets declines.
For Strive, that creates an additional layer of balance-sheet exposure. A significant fall in Bitcoin’s market value could reduce the value of its holdings while leaving obligations associated with SATA outstanding.
The company’s financial position is therefore affected by both Bitcoin’s price and the cost and terms of the financing used to acquire it.
Bitcoin holdings continue to grow
Strive’s latest filing shows that its Bitcoin treasury has continued to expand alongside its use of SATA financing.
The company now holds 25,000 BTC, while SATA’s outstanding notional value has moved above $1 billion.
The latest transaction also highlights how Strive’s Bitcoin strategy is increasingly connected to its capital structure.
Future Bitcoin purchases could increase Strive’s exposure to BTC, while additional preferred-stock issuance could add to its financing obligations.
The balance-sheet impact will depend on Bitcoin prices, future financing terms and the company’s ability to meet those obligations.
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