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BTC Strive purchased 2,000 bitcoins last week, the largest in four months.
Strive, a listed company, completed its largest bitcoin purchase in nearly four months last week. According to filings filed by the company with the U.S. Securities and Exchange Commission (SEC), between September 28 and October 2, Strive bought bitcoins at an average price of approximately $84,422 per coin, with a total investment of approximately $169 million.
Previously, Strive's largest single purchase occurred between May 23 and June, when it purchased 2,500 bitcoins, bringing the total number of bitcoins held by the company to 19,000. As of October 2, Strive's holdings had increased to 29,462 positions. Based on an average of US$86,000 each, these assets are worth approximately US$2.5 billion.
Bitcoin Treasury's expansion path
Strive belongs to the so-called "Bitcoin treasury company", a company that collects funds from investors and deposits them in Bitcoin instead of cash. In September 2025, Strive agreed to acquire medical technology company Semler Scientific, which held approximately 5,000 bitcoins at the time, and Strive's bitcoin reserves have continued to grow since then.
Shareholders approved the merger plan in January, bringing the total bitcoin reserves after the merger to approximately 12,800. By the end of April, Strive held 14,557 bitcoins; by mid-August, that number had climbed to 20,246.
The market is also moving as the holders wish. The average price last week was about 41% higher than its July level, and the dollar value of Strive's Bitcoin holdings has increased by 48% since July.
Where does the funds come from?
This filing did not clearly state the source of funds this week. But in recent weeks, Strive has raised most of its money mainly by issuing SATA preferred stock. SATA is a preferred stock that allows holders to receive regular dividends (i.e., cash dividends) ahead of ordinary shareholders. In the week ending September 4, SATA provided 70% of the funding; in the week ending September 25, that proportion rose to 85%.
Each SATA share has a par value of US$100, and Strive currently has an annualized payment rate of approximately 13%. The interest rate is adjustable and the company has announced that it will start paying dividends every business day starting June 16.
Simply put, investors provide cash to Strive, which currently pays approximately $13 a year for every $100 of shares. Since Bitcoin itself does not generate interest, these dividends must come from Strive's cash flow or further financing. Filing shows Strive has $284.7 million in cash reserves and no debt.
Floating book losses and market positioning
filing pointed out that as of the end of September, Strive's average bitcoin cost was US$90,170 per bitcoin, which was higher than Monday's bitcoin trading price of approximately US$86,000. On paper, this position is worth less than its purchase cost.
对于从未接触过加密货币的人士来说，这种结构非常简单：Strive 的股票在纳斯达克交易，允许投资者通过常规券商账户押注比特币；而 SATA 则提供股息收益，并由一家持有近 30,000 枚比特币的公司发行。
根据 Bitcoin Treasuries 的数据，Strive 在公开上市的比特币持有者中排名第五，仅次于 Strategy、Twenty One Capital、Metaplanet 和 MARA。其中，Twenty One 持有 43,514 枚比特币，Strive 目前与其相差 14,052 枚硬币。
