Bitcoin: Strive Makes Another $109 Million BTC Purchase

The asset management company Strive has just reached a crucial milestone in its bitcoin strategy. According to a Form-8 K filing with the SEC made on September 8, 2026, it added 1,375 BTC to its crypto treasury. That represents about 109 million dollars. This brings Strive’s total bitcoin reserves to 24,531 BTC. This purchase is all the more spectacular as the SATA stock approaches a historic milestone: one billion dollars in face value.

Strive remains faithful to its systematic bitcoin accumulation strategy

Between August 31 and September 4, 2026, Strive acquired 1,375 BTC at an average price of $79,281. This latest bitcoin purchase therefore amounts to about 109 million dollars. The Nasdaq-listed company disclosed this information on September 8 in a Form 8-K submitted to the SEC.

On September 4, Strive held exactly 24,531 BTC (compared to 23,156 BTC a week earlier). Its crypto treasury thus grew by 5.94% in just five days. According to the current bitcoin price, this amount is now worth nearly 1.9 billion dollars. Enough to consolidate the company’s position! It now holds the fifth place among publicly traded companies holding bitcoin.

According to Bitcoin Treasuries data, Strive surpasses SpaceX, Coinbase, and Trump Media. However, it remains far behind Twenty One Capital whose bitcoin holdings currently amount to 43,514 BTC. To overtake it by the end of 2026, the company will need to buy about 1,200 BTC per week for 16 weeks (assuming its rival does not add any assets in the meantime).

SATA, the financial engine that feeds Strive’s bitcoin treasury

This is the name of its variable rate perpetual preferred stock (Variable Rate Series a Perpetual Preferred Stock). This instrument pays an annualized dividend of 13% distributed daily in cash, with no direct link to the bitcoin price.

According to Matt Cole, CEO of Strive, 70% of the funds raised last week come precisely from SATA sales. Common stocks provided the remaining 30%. The number of SATA shares outstanding increased by 921,511 in one week to reach 9,995,425. Their notional amount therefore now stands at 999 million dollars.

In this context, Cole said on X:

It’s time to break the billion-dollar barrier.

Thanks to this mechanism, Strive stands out from most bitcoin treasury companies that borrow through convertible bonds. Indeed, the company avoids conventional debt by:

• selling its preferred shares close to their face value of $100;
• reinvesting the funds in bitcoin purchases.

This strategy is, however, not without risk. The fact is that Strive will have to find other sources to pay the dividend if SATA were to sustainably fall below its peer. This is precisely what happened this year to STRC of Strategy. Result: Michael Saylor was forced to sell bitcoin for the first time since 2022.

Good to know: Strive has upstream 202.6 million dollars in cash (which is 19.1 million more than on August 28, 2026). It also holds 505,000 STRC shares valued at about 49.364 million dollars.

A crypto accumulation with an accounting unrealized loss

Strive keeps buying bitcoin even though its average acquisition cost far exceeds the current crypto market price. Over all 31 transactions since its launch, the company effectively shows an average cost of about $91,467 per BTC. During the last purchase, bitcoin traded around $78,500. That represents a gap of more than $12,000 per unit. This puts Strive at an unrealized loss on its entire position.

However, this crypto accumulation is not an isolated case. This is the third consecutive week where Strive’s bitcoin holdings have grown by at least 5%. Over three weeks, the accumulation even reached 21%. And since the beginning of the year, growth exceeds 225%.

On the stock market front, the company’s crypto bet seems to be paying off for now. Proof: the ASST stock surged 114% in 30 days. This performance is mainly explained by:

• accelerated purchases;
• growing volumes on SATA.

That’s not all! Strive’s cash treasury also seems to have increased. It climbed from 183.5 million dollars to 202.6 million dollars, despite the purchase. Matt Cole adds more than 700 million dollars in warrants that could unlock up to 1.4 billion dollars more for future bitcoin purchases.

Upstream, the company’s balance sheet grows alongside the number of shares. In one week, Class A common shares increased from 83,470,035 to 85,696,647. That equals 2,226,612 additional units. Even after the decline in Class B shares, the total effective common shares continued to grow by 1.79%: or 94,934,558.

Decoding: buying more bitcoin does not automatically guarantee an increase in BTC held per share. In other words, shareholder dilution can offset part of the expected economic benefit if the issuance of shares outpaces the bitcoin treasury.

With its latest bitcoin purchase, Strive is undoubtedly one of the most aggressive players in the institutional crypto market. The question remains whether its strategy will withstand a possible reversal.