Key facts
- Strive's 43,124 BTC trails Twenty One Capital by 390 coins and Metaplanet by 876 coins, per Bitcoin Treasuries.
- Strive's coins cost an average of $87,785 each, or $3.8 billion in total, against a market value of $3.5 billion on October 23.
- Existing cash funded most of the purchase, falling from $504.4 million to $490.4 million over the week.
- Strive used its SATS at-the-market program for the first time, and it made up all of the week's fundraising.
- Strive's amplification ratio, preferred stock and debt against bitcoin value, stood at 62.7%.
- Strategy holds 849,327 bitcoin, nearly 20 times Strive's holdings.
Strive bought 124 bitcoin for about $10 million between October 24 and October 30 at an average of $80,526 each, including fees, the Dallas-based company said in an SEC filing disclosed on November 2. Chief Executive Matt Cole detailed the purchase on X. The buy lifted Strive's total holdings to 43,124 BTC, worth roughly $3.3 billion, or about 0.2% of the 21 million coins that will ever exist.
That leaves Strive fourth among publicly traded companies, 390 coins behind Twenty One Capital, which holds 43,514 BTC, and 876 BTC behind Metaplanet, which holds 44,000 BTC, according to Bitcoin Treasuries data. At a bitcoin price of about $77,000, those gaps are worth roughly $30 million and $67 million respectively.
Most of the money came from existing cash, which fell from $504.4 million to $490.4 million over the week. Strive also raised money for the first time by selling shares of a new security called SATS on the open market, Cole said, and that made up all of the week's fundraising. The company still holds 505,000 shares of Strategy's preferred stock, known as STRC, worth about $50 million.
SATS is a preferred stock, a type of share that pays a fixed dividend before common shareholders see anything. Strive sold 7 million of them at $90 each in an October offering that raised about $630 million, and they carry a 15% annual dividend on a $100 stated value, paid every business day from November 9. On October 26, Strive opened an at-the-market program, a way to sell new shares in small batches at the going price, for up to $1 billion more SATS. The prospectus says Strive expects to pay the dividends mainly by raising more capital, including selling more shares. The company has set aside 18 months of dividends in a reserve and reported no debt as of October 23.
Strive's amplification ratio, the preferred stock and debt it carries measured against the value of its bitcoin, stood at 62.7%, or about $62.70 of obligations for every $100 of bitcoin. Its coins cost an average of $87,785 each, or $3.8 billion in total, against a market value of $3.5 billion on October 23, per its prospectus. Bitcoin has slipped since, so the pile is now worth a bit less than Strive paid for it.
Cole has said ending 2026 as the second-largest public bitcoin holder is possible. "I wouldn't say that's my base case," Cole said on the One Chair podcast in September, "but I would say it's in the possible set of cards." Strategy holds 849,327 bitcoin, nearly 20 times Strive's pile.
Twenty One Capital still holds the same 43,514 bitcoin it had when co-founder Jack Mallers stepped down as CEO in July. His exit came as a plan by Tether to merge three bitcoin businesses collapsed. The stock had fallen more than 80% from its highs, and his successor, Raphael Zagury, has said Twenty One should be judged on cash flow and capital discipline. Metaplanet, a Tokyo-listed company that pivoted from hotels to bitcoin in 2024, holds 44,000 bitcoin after overtaking mining firm MARA in April. It has a stated goal of 100,000 by the end of 2026. At last week's pace of 124 bitcoin, Strive would pass Twenty One in four weeks and Metaplanet in eight, assuming neither company buys more.