Strive adds $109 million in Bitcoin through SATA financing

Strive purchased 1,375 bitcoins, and corporate positions rose to 24,531 BTC

In the week ended September 4, 2026, Strive spent approximately US$109 million to purchase 1,375 bitcoins. After the acquisition, the total number of bitcoins held by its company reached 24,531.

Detailed trading data and position summary

According to Strive's Form 8-K filing with the U.S. Securities and Exchange Commission (SEC) on September 8, the company's average payment cost per bitcoin in this round of trading was US$79,281 (including fees and expenses). Prior to this, Strive had purchased 1,800 bitcoins the previous week for $14.3 million. During the two reporting periods, the company purchased a total of 3,175 bitcoins, with a total expenditure of approximately US$252 million.

As of September 4, Strive's bitcoin inventory increased to 24,531 from 23,156 on August 28, with a weekly growth rate of approximately 5.9%. This latest average cost is slightly lower than the $79,431 in the previous transaction, but both transactions occurred within narrow price ranges. As of September 9, the Bitcoin price was close to $79,300, which means that the market value of the 24,531 bitcoins held by Strive was approximately $1.95 billion. It should be noted that this is the current market valuation, not the company's historical total acquisition cost.

The SEC filing did not provide the total cost basis for all Strive's 24,531 bitcoins, nor did it disclose the specific wallet addresses where these bitcoins were held, so independent on-chain balance verification was not possible.

Funding sources: SATA preferred shares play a key role

CEO Matt Cole said about 70% of the funds raised last week came from the issuance of Strike SATA preferred shares. The SEC filing confirmed the increase in the number of preferred shares but did not explicitly mention the ratio.

Data shows that SATA shares outstanding increased by 921,511 shares, and the total increased from 9,073,914 shares to 9,995,425 shares. Given that the security has a face value of US$100, these outstanding shares represent a nominal value of approximately US$999.5 million.

Cole wrote on social media X: "It's time to break the billion dollar mark." He said that if the total number of outstanding shares exceeds 10 million shares, this goal can be achieved if the calculation continues to be based on SATA's par value. SATA is Strive's floating-rate Series A permanent preferred stock, has no maturity date, has a dividend yield based on a face value of $100, and is traded independently of ASST common stock on Nasdaq.

Strive adopts the At-the-Market plan to gradually release SATA. Company policy stipulates that newly issued preferred shares must not sell for less than a par value of $100. When the transaction price is equal to or above this level, Strive can raise funds for further Bitcoin purchases.

Common share issuance also supplements capital

In addition to preferred shares, the issuance of common shares also increases Strive's capital. This week, Strive's Class A common stock increased by 2,226,612 shares to 85,696,647 shares; Class B common stock decreased by 554,624 shares. The number of effective ordinary shares was ultimately 94,934,558 shares.

The company's assumed fully diluted shares increased by 1,625,200 shares to 98,148,551 shares. The figure includes valid common shares, employee options and unvested stock awards, but excludes the shares behind traditional warrants. These changes suggest that Strive did not fund its Bitcoin accumulation solely through preferred stock, but also provided capital support from its common stock issuance, although the document did not disclose the specific amount of cash generated by each financing channel.

Additional issuance of common shares will dilute the ownership rights of existing shareholders. Although SATA avoids issuing additional ordinary shares directly, it creates a preferred dividend obligation that must be paid before distribution to ordinary shareholders.

Financial Condition and Market Performance

Despite paying $109 million in Bitcoin purchases, Strive's cash and cash equivalents increased by $19.1 million to $202.6 million. In addition, its position in Strategy's STRC preferred stock remained unchanged at 505,000 shares, but its reported fair value increased by $212,000 to approximately $49.4 million.

ASST shares closed at US$27.16 on September 8, up about 0.2% on the day, with an intraday trading range of US$25.60 to US$27.63. This closing performance contrasted with an early decline reported shortly after the opening.

Competitive landscape and future outlook

Strive is working to rise among corporate Bitcoin holders. Currently, Twenty One Capital tops the list, while Strategy holds 845,050 bitcoins, maintaining a huge lead among all listed companies.

Cole has said Strive could become the second-largest company holder by the end of 2026, but he described this as a possibility rather than a basic scenario. Given that there are about 16 weeks left in the year, if competitor Twenty One no longer makes any purchases, Strive will need to buy about 1,200 bitcoins a week to overtake the other party. However, there are inherent uncertainties in this calculation: Twenty One may continue to buy bitcoins, fluctuations in bitcoin prices may affect Strive's ability to raise funds, and SATA's transaction prices may no longer remain at levels that support continued issuance.

In addition, Strive had more than $700 million in outstanding warrants as of the most recent discussion. Management estimates that these warrants could ultimately provide up to $1.4 billion in funding for additional Bitcoin purchases. The exercise of the warrants is contingent on the price of the common stock remaining above the relevant exercise price and the investor elects to use the warrants.

Strive's next SEC filings will show whether SATA's nominal value exceeds $1 billion and whether Strive has maintained its recent buying pace. Subsequent documents will also reveal how continued issuance has changed the number of its common and preferred shares.