Strive Buys 2,000 Bitcoin for $169 Million in Largest…

Published: October 5, 2026 – 20:03 UTC

Strive bought another 2,000 bitcoin for approximately $168.8 million last week, its largest purchase since June, lifting its corporate treasury to 29,462 BTC and bringing the company within roughly 6,100 BTC of MARA.The Nasdaq-listed company acquired the bitcoin between Sept. 28 and Oct. 2 at an average price of $84,422, including fees and expenses. The purchase increased Strive's holdings from 27,462 BTC a week earlier and followed an aggressive September accumulation run that included a 1,355 BTC purchase for $107.7 million in mid-September.Strive also disclosed preliminary third-quarter figures showing that it acquired 8,137 BTC during the three months ended Sept. 30 at an average price of $78,885. It ended the quarter with 28,000 BTC, $284.7 million in cash and cash equivalents and about $50.2 million of Strategy's STRC preferred stock.

How Is Strive Funding Its Bitcoin Accumulation?

The latest purchase continues Strive's reliance on capital-market financing rather than operating cash flow alone. Its SATA perpetual preferred stock has become a central component of that strategy, allowing the company to raise capital while limiting direct common-equity issuance.SATA is designed around a $100 intended par value with a variable dividend rate. FinanceFeeds previously reported that SATA recovered toward its $100 par level after a sharp June selloff, an important development because the preferred stock's ability to trade near par affects Strive's capacity to continue raising capital efficiently.Strive's latest filing also showed its effective common shares outstanding increased from approximately 97.7 million on Sept. 25 to 100.9 million on Oct. 2, while SATA shares outstanding rose from 12.2 million to nearly 13.5 million. Traditional warrants outstanding declined by about 2.1 million shares over the same period as investors exercised warrants.

Investor Takeaway

Strive's ability to keep adding bitcoin depends partly on continued investor demand for SATA and other financing instruments. The relevant trade-off for common shareholders is whether BTC accumulation per diluted share grows quickly enough to offset dilution and the senior claims created by preferred stock.

What Does Strive's 63.2% BTC Yield Actually Measure?

Strive reported a year-to-date BTC Yield of 63.2% through Sept. 30 and an 18.5% yield for the third quarter. The company defines BTC Yield as the percentage change in bitcoin held per assumed diluted share, rather than a conventional investment yield or return generated by the bitcoin itself.Bitcoin per assumed diluted share stood at 27,801 satoshis at quarter-end. Strive also reported a 55.3% amplification ratio, which compares preferred equity and debt obligations with the value of its bitcoin treasury.Management said it wants to raise and maintain that ratio above 60% while bitcoin remains below $100,000. Strive had no debt principal outstanding at Sept. 30, but its SATA preferred stock had a stated amount of approximately $1.29 billion and annualized dividend obligations of about $168.2 million.The financing structure makes BTC Yield useful for tracking bitcoin accumulation relative to share growth, but the metric does not capture preferred-stock obligations, bitcoin price losses or the company's ability to service dividends.

Investor Takeaway

A rising BTC Yield does not automatically mean shareholders earned a comparable return. Investors also need to monitor dilution, preferred dividends, the market value of ASST and the cost of the capital being used to purchase additional bitcoin.

How Close Is Strive to the Largest Bitcoin Treasuries?

Strive's 29,462 BTC leaves it 6,115 BTC behind MARA's last reported total of 35,577 BTC. The gap has narrowed rapidly: Strive held only 23,156 BTC at the start of September after an earlier 1,800 BTC acquisition.The target above MARA has also moved. Metaplanet ended the third quarter with 44,000 BTC after selling 10,000 BTC and subsequently purchasing 11,000 BTC, producing a net increase of 1,000 BTC. The transaction pushed the Japanese company ahead of Twenty One, which last reported 43,514 BTC. FinanceFeeds covered Metaplanet's move to 44,000 BTC on Monday.That leaves Strive 14,538 BTC behind Metaplanet. Reaching 44,000 BTC by year-end would require purchases averaging more than 1,200 BTC per week over the remaining weeks of 2026, assuming Metaplanet does not increase its holdings further.Strategy remains in a different category altogether. It acquired another 334 BTC for $28.7 million between Oct. 1 and Oct. 4, taking its treasury to 848,000 BTC.

Investor Takeaway

The corporate Bitcoin ranking is becoming less important than how efficiently each company finances additional purchases. For Strive, the next test is whether it can close the gap with MARA and Metaplanet while continuing to increase bitcoin per diluted share without allowing preferred funding costs to erode the economics of the strategy.

Source: FinanceFeeds