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BTC Strive continues to climb, approaching the second place in corporate bitcoin holdings
Nasdaq-listed Strive (NASDAQ: ASST) continues to move towards second place in the corporate bitcoin holder rankings. The company's CEO Matt Cole disclosed the company's third-largest bitcoin purchase transaction, spending US$169 million to purchase approximately 2,000 BTC, further enriching its holdings.
Meanwhile, Strategy (NASDAQ: MSTR) led by Michael Saylor purchased 334 BTC and spent nearly US$29 million, pushing its total Bitcoin holdings to 848,000 BTC, setting a new record again.
Strategy hit a new low in buying volume in a single week, with frequent repurchase of preferred shares
According to Strategy's 8-K filing with the U.S. Securities and Exchange Commission (SEC), between October 1 and 4, the company wrote a check for US$28.7 million to purchase 334 bitcoins at an average unit price of US$85,838.80. The move brought its total bitcoin reserves to 848,000 BTC, surpassing the previously held all-time high of 847,666 BTC.
The US$28.7 million funding sources include US$15.7 million raised through the sale of 92,894 MSTR shares and US$13 million in cash held by the company.
It is worth noting that Strategy used US$73.7 million to repurchase its own STRC preferred shares during the quarter, involving 740,634 STRC shares. The previous week, the company spent $102.6 million on the same repurchase. For the quarter ended September 30, the company, led by Saylor, estimated that its digital asset holdings generated revenue of $20.91 billion.
Strive buys six times more than Strategy and has strong accumulation momentum
In contrast, Strive is in the midst of a strong Bitcoin accumulation cycle. The purchase of 2,000 BTC disclosed on October 5 was its third-largest single purchase, and the volume was approximately six times the purchase volume of Strategy during the same period.
Under CEO Matt Cole, Strive tends to make large-scale, one-week concentrated purchases, which is in sharp contrast to Strategy's slowing growth due to its overholdings. As early as September 21, Strive purchased 1,355 BTC at an average price of US$79,475 and spent US$107.7 million, which exceeded the purchase volume of 950 bitcoins disclosed by Strategy on the same day.
Previous acquisition records also included 1,800 bitcoins at the end of August and a purchase of 469 bitcoins, bringing the company's total position to exceed the 25,000 BTC mark.
How far is Strive from second place?
As of October 5, Strive ranked fifth among public corporate bitcoin holders with positions of 29,462 BTC, lagging behind Strategy, Tether-backed Twenty One (43,514 BTC), Metaplan (44,000 BTC) and MARA (35,577 BTC).
Strive's goal is to move to second place by the end of the year. Achieving this goal relies mainly on its SATA (Variable Rate Series A Permanent Preferred Shares), which pays daily dividends and has a nominal value of more than $1 billion. In addition, the exercise of warrants linked to common stock generated approximately US$21.2 million in revenue. Including these funds, SATA accounted for 57.7% of the funds raised by Strive during the September purchasing week.
Strategy, on the other hand, mainly uses a mixture of equity sales and cash to fund Bitcoin purchases, and focuses most of its capital firepower on preferred stock buybacks and dividend coverage.
