Strive Inc., a Nasdaq-listed corporate Bitcoin treasury company that trades under the ticker ASST, has added another 1,355 Bitcoin (BTC) to its balance sheet for $107.7 million.
The purchase, disclosed on Monday, September 21, 2026, was made between September 14 and September 18, 2026, at an average price of $79,475 per coin and takes the company’s total holdings to 26,355 BTC as of September 18, 2026.
Bitcoin is the largest cryptocurrency by market capitalization and the reserve asset that a growing number of listed companies now hold on their balance sheets in place of, or alongside, cash. Strive is one of them, having built its treasury program through the vehicle that emerged from its merger with Semler Scientific earlier this year.
The Disclosure and the 8-K
Chairman and CEO Matt Cole announced the buy on his X account at 12:01:04 Coordinated Universal Time (UTC) on Monday, September 21, 2026. In the primary post, he tagged $ASST and $SATA. Forty-two seconds later, he shared a follow-up post pointing to the company’s Form 8-K filed the same day with the U.S. Securities and Exchange Commission (SEC). A Form 8-K is a current report used by U.S. public companies to disclose material events to shareholders. The filing is the formal disclosure behind the social post.
Strive is a publicly listed corporate Bitcoin treasury vehicle that emerged from the Semler Scientific merger earlier this year. The company has been running a weekly cadence of Bitcoin purchases funded largely through its preferred equity and, more recently, warrant exercises.
Treasury Math
The graphic attached to Cole’s post listed three figures: 1,355 BTC acquired, 26,355 BTC in total holdings, and a marked-to-market value of $2,139,367,125. The footer priced Bitcoin at $81,175 as of 4:00 p.m. Eastern Time on Friday, September 18, 2026. That mark is Friday’s spot reference, not a live Monday intraday print. At the $81,175 reference, 26,355 BTC does compute to roughly $2.14 billion.
The $79,475 average purchase price sits about $1,700 below Friday’s $81,175 reference. That is an unrealized spread at the graphic’s snapshot. It should not be read as realized profit and can close or invert once the Monday tape is applied.
Funding Mix: SATA Dominant, Warrants Now in the Stack
Cole disclosed the funding split for the week. Warrant exercises began last week and generated $21.2 million in gross proceeds. Including those proceeds, 57.7% of total capital raised has come from SATA, the ticker for Strive’s Variable Rate Series A Perpetual Preferred Stock. SATA has been the primary funding channel for the treasury program since the current issuance cycle began.
This is a shift from the previous weekly print. On September 14, 2026, Cole said 100% of the capital raised for the 469 BTC purchase between September 8 and September 11 had come from SATA. The latest split shows common-linked warrant cash is now part of the funding stack, even though preferred stock still supplies the majority.
Warrant exercises increase the common share count. That is dilution at the ASST level. Whether the buys are accretive on a Bitcoin-per-share basis depends on whether the coins added outpace the new shares issued. The Form 8-K is the place to check share counts, cash on hand, and any amplification ratio the company reports, since those line items were not included in Cole’s X text.
ASST in Pre-Market
ASST closed Friday, September 18, 2026, at $30.09, up 6.40% on the regular session on volume of about 16.2 million shares. Monday pre-market prints clustered in a tight band. It showed $32.00 as of 8:30 a.m. Eastern Time, up $1.91 or 6.35% from Friday’s close, with a pre-market range of $31.85 to $32.04.
It showed a delayed pre-market print of $32.30, up 7.34%. Yahoo Finance carried a print of $31.96, up 6.21%, at 7:03 a.m. Eastern Time.
SATA, the preferred used to fund most of the treasury program, closed at $100.01 on Friday and traded near $99.98 in Monday pre-market. The common equity is the instrument reacting to the Bitcoin add. The preferred is the funding tool.
Comparison to Recent Weekly Prints
The latest 1,355 BTC purchase is similar in size and price to the tranche Strive disclosed at the start of September, when the company bought 1,375 BTC for about $109 million at an average of $79,281 per coin, taking holdings to 24,531 BTC as of September 4, 2026.
It is not comparable in size to the smaller 469 BTC print between September 8 and September 11, which cost about $36.6 million at an average of $77,954 and pushed the treasury past the 25,000 BTC mark. That mid-month buy was disclosed on September 14.
Holdings have therefore moved from 24,531 BTC on September 4 to 25,000 BTC in mid-September to 26,355 BTC as of September 18, per the 8-K disclosure. That math is internally consistent with Cole’s figures.
Where Strive Sits Against Strategy
Strive remains a second-tier corporate Bitcoin holder relative to Strategy, the treasury vehicle chaired by Michael Saylor. In a separate disclosure also carried Monday, Strategy said it bought another 950 BTC and now holds 846,000 BTC. Strive’s 26,355 BTC is a small fraction of that stack. It is still material for ASST because the common equity is a leveraged claim on a much smaller treasury, which is one reason the stock tends to react on 8-K mornings.
Saylor replied to Cole’s post at 12:06:03 UTC with “₿1,355”, quoting the purchase size. The reply is secondary color and is not a confirmation of Strive’s filing.
Analysis
This is another capital-markets funded add, not an operating-cash purchase. The variables that matter week to week are the number of Bitcoin added, the SATA versus common and warrant funding mix, and whether Bitcoin per share is rising faster than share issuance.
Cole’s 57.7% SATA figure, after $21.2 million of warrant proceeds, means more than two-fifths of the latest raise is not preferred. That is a change in the funding profile even if the direction of travel, more BTC on the balance sheet each week, is the same.
The $2.14 billion treasury value is a mark at Friday’s $81,175 reference. If Monday’s Bitcoin tape holds firm, the same 26,355 BTC is worth more than the graphic implies. If the tape softens, the graphic overstates the Monday open. The holding size is the hard number. The dollar value is a function of the reference price.
The move is real in pre-market, but pre-market volume is thin. Thin books can exaggerate the first print after a headline like Cole’s 8:01 a.m. Eastern Time post. The regular-session open will be the first clean read on the reaction.
SATA carries a high variable dividend. Preferred notional above $1 billion, as disclosed after the September 14 filing, creates a standing cash obligation. Warrant exercises add common shares. ASST already carries high beta and a wide 52-week range of $7.02 to $85.20.
A 6% pre-market gap after a $107.7 million Bitcoin buy is consistent with how the stock has traded on prior 8-K mornings. It is not evidence that the market is underwriting unlimited issuance at these levels.
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