Strive spent US$169 million to buy 2000 bitcoins, setting a record for the largest single transactio

Strive spent approximately US$168.8 million to increase its holdings of bitcoins last week, the largest single purchase since June.

Strive, a listed company, purchased another 2,000 bitcoins last week, with a transaction value of approximately US$168.8 million. This was the company's largest single purchase since June this year, pushing the total bitcoin held by its company's treasury to 29,462, narrowing the gap between its position and MARA to approximately 6,100.

The Nasdaq-listed company completed the acquisition between September 28 and October 2, with an average price of US$84,422 per piece (including fees and expenses). The purchase increased Strive's position from 27,462 bitcoins a week ago. The move follows its aggressive September accumulation plan, which included purchasing 1,355 bitcoins in mid-September for $107.7 million.

In addition, Strive also disclosed preliminary third-quarter data, showing that it purchased a total of 8,137 bitcoins in the three months ended September 30, with an average price of US$78,885 each. At the end of the quarter, the company held 28,000 bitcoins,$284.7 million in cash and cash equivalents, and approximately $50.2 million in Strategy STRC preferred stock.

How does Strive fund its Bitcoin accumulation?

The latest purchase continues to reflect Strive's reliance on capital market financing rather than solely on operating cash flow. Its SATA perpetual preferred stock has become a core component of the strategy, allowing the company to raise capital while restricting direct common stock issuance. SATA is designed around an expected face value of $100 and uses a variable dividend yield. Previous reports pointed out that SATA prices rebounded to face value levels close to $100 after a sharp sell-off in June. This is an important development because whether preferred shares can be traded at near par levels directly affects Strive's ability to continue to raise funds efficiently.

Strive's latest filing also shows that the number of its effective ordinary shares outstanding increased from approximately 97.7 million shares on September 25 to 100.9 million shares on October 2, while the number of SATA shares outstanding increased from 12.2 million shares to nearly 13.5 million shares. During the same period, the outstanding number of traditional warrants decreased by approximately 2.1 million shares as investors exercised the warrants.

Investor revelation

Strive's ability to continue to increase its Bitcoin holdings depends in part on investors 'continued demand for SATA and other financing instruments. For ordinary shareholders, the trade-off is whether the cumulative growth rate of diluted bitcoin per share is sufficient to offset the dilution effect and the senior claims from preferred shares.

What exactly does Strike's 63.2% Bitcoin yield measure?

Strive reported that its year-to-date Bitcoin yield as of September 30 was 63.2%, and its third-quarter yield was 18.5%. The company defines "Bitcoin yield" as the percentage change in Bitcoin held per share after an assumed dilution, rather than the traditional investment yield or return generated by Bitcoin itself. At the end of the quarter, the assumed diluted Bitcoin holdings per share were 27,801 satoshis.

Strive also reported a 55.3% amplification ratio, which compares the relationship of its preferred equity and debt obligations to the value of its Bitcoin vault. Management stated that as long as the Bitcoin price remains below $100,000, they want to keep the ratio above 60%. As of September 30, Strive had no outstanding debt principal, but its SATA preferred shares had a declared amount of approximately $1.29 billion and an annualized dividend obligation of approximately $168.2 million.

This financing structure makes "Bitcoin yield" an effective indicator of Bitcoin accumulation relative to stock growth, but it does not cover preferred stock obligations, Bitcoin price losses, or the company's ability to pay dividends.

Investor Revelation

Rising Bitcoin yields do not mean shareholders have received corresponding returns. Investors also need to monitor dilution, preferred stock dividends, the market value of ASST and the cost of capital used to purchase additional bitcoins.

How far is Strive from the largest Bitcoin vault?

Strive's 29,462 Bitcoin holdings put it behind the total of 35,577 last reported by MARA, a gap of 6,115. The gap is rapidly narrowing: After purchasing 1,800 bitcoins earlier, Strive held only 23,156 bitcoins in early September. Benchmarks for goals to surpass MARA are also moving.

Japanese company Metaplanet held 44,000 bitcoins at the end of the third quarter, thanks to the fact that it sold 10,000 bitcoins and then bought 11,000 bitcoins, a net increase of 1,000 bitcoins. The deal puts the company ahead of Twenty One, which last reported holding 43,514 bitcoins. Currently, Strive lags behind Metaplane by 14,538 bitcoins.

To reach its target of 44,000 bitcoins by the end of the year, and assuming Metaplanet no longer increases its holdings, Strive will need to purchase an average of more than 1,200 bitcoins per week for the remaining weeks of 2026. Strategy is in a completely different category. It purchased another 334 bitcoins between October 1 and October 4, spending $28.7 million, pushing its total treasury to 848,000 bitcoins.

Investor Revelation

The importance of corporate Bitcoin rankings is gradually giving way to the efficiency of companies in funding additional purchases. The next test for Strive is whether it can continue to increase the number of diluted bitcoins per share while closing the gap with MARA and Metaplane without letting the cost of preferred stock financing erode the economics of the strategy.