Strive purchased 469 bitcoins, increasing total position to 25,000 BTC

Strive purchased 469 bitcoins, bringing a total position of 25,000.

According to the U.S. Securities and Exchange Commission (SEC) Form 8-K, Strive purchased 469 bitcoins between September 8 and September 11 at an average price of approximately US$77,954 per bitcoin. The total cost of the transaction was approximately US$36.6 million, bringing the company's total Bitcoin treasury to accurately 25,000.

Prior to this latest transaction, Strive held 24,531 bitcoins. The addition of 469 pieces brought its balance to an integer milestone, further consolidating the company's momentum in rapidly accumulating bitcoins. CEO Matt Cole shared Strive's updated Bitcoin portfolio tracking data via Platform X after the deal was disclosed and wrote: "Strive is in a record-breaking season."

Financing method: Preferred shares rather than common shares

Unlike some previous acquisitions, Strive did not raise funds by selling common shares this time, but used the proceeds of its variable-rate Series A permanent preferred shares (code: SATA) to raise funds. In a company's capital structure, preferred shares typically outperform common shares in terms of dividends and liquidation claims. Strive used SATA to provide it with an independent fundraising channel while also limiting the number of common shares issued for this Bitcoin transaction.

Company disclosures show that the nominal issue value of SATA has exceeded US$1 billion. The preferred stock project has become Strive's core source of funding for Bitcoin purchases, although the company also used common equity in early rounds. This distinction is critical for Nasdaq-listed ASST stock holders, as new issues of common stock could dilute each existing shareholder's stake. Although preferred stock financing comes with costs and obligations such as dividend payments, the latest deal does not rely on new common stock gains.

Recent Acquisition Review and Ranking Improvement

This transaction follows several acquisitions in the short term. Between August 24 and August 28, Strive spent approximately US$143 million to purchase 1,800 bitcoins, with an average price of US$79,431 each. At the time, the deal increased Strive's holdings to 23,156, making it the fifth-largest publicly traded bitcoin holding company at the time.

Subsequent acquisitions added 1,375 bitcoins, and with this latest 469 bitcoins, Strive's position steadily increased from 23,156 to 25,000 bitcoins. In these two increases, Strive's total treasury increased by 1,844. It is worth noting that the average price of this acquisition is lower than the average price of US$79,431 paid for the batch in late August.

This latest total also marks a significant increase in open positions since April this year. At the time, Strive held 14,557 bitcoins and rose to ninth place with a bitcoin balance sheet of more than $1 billion.

Leverage amplification ratio rose to 53.5%

As the Bitcoin balance updates, Cole said Strive's "leverage ratio" has increased to 53.5%. The company uses the indicator to measure the ratio of Bitcoin exposure available to common shareholders to their net asset value. Although this is a key performance indicator in Strive's portfolio tracker, it is not a standard accounting figure such as earnings per share, revenue or cash flow.

The increase in the ratio suggests that Strive calculated more Bitcoin exposure for common shareholders than the net asset value used in the formula. This number changes when a company acquires Bitcoin or adjusts its capital structure, including preferred stock or common stock transactions. Since Bitcoin is a volatile asset, Strive's treasury strategy closely links the market value of its holdings to the price movement of BTC. A fall in the price of bitcoin could reduce the dollar value of the company's main reserve asset, while a rise in the price would increase its value. ASST shareholders gain exposure indirectly through listed companies rather than directly owning the underlying tokens.

Other assets on the balance sheet

In addition to the 25,000 Bitcoin treasury, Strive also reported holding approximately $204.2 million in cash as of September 11. This cash balance provides the company with assets that are not directly affected by the Bitcoin market price and can be used for operational needs or other corporate purposes.

In addition, Strive holds 505,000 STRC preferred shares issued by Strategy. According to the disclosure, the fair value of this position as of the reporting date was approximately US$49.81 million. Strategy designed STRC as a variable-rate preferred security. By holding these shares, Strive gained exposure to another U.S. -listed company with a balance sheet and financing plan closely tied to Bitcoin.

Part of Strive's current treasury was formed by merging with Semler Scientific. The transaction follows an earlier corporate restructuring involving Asset Entities, whose shareholders approved the merger with Strike in September 2025. As of September 3, 2025, Strive Asset Management held 69 bitcoins. Subsequently, through direct purchases, preferred stock financing, and assets acquired from Semler Scientific, Strive's reported balance increased to 25,000 as of September 11, 2026.