Key Takeaways
- Bitcoin treasury firm Strive acquired another 2,822 BTC for $235 million, lifting its corporate treasury to 35,595 bitcoin.
- Strive overtook MARA by just 18 BTC, becoming the fourth-largest publicly traded bitcoin treasury.
- Strive reported $369.2 million in expected warrant proceeds as it pursues further bitcoin acquisitions.
Strive Adds 6,133 Bitcoin in Days, Claims Fourth Place
Strive isn’t wasting much time climbing the corporate bitcoin leaderboard. On Wednesday, Oct. 14, CEO Matt Cole announced that the company had acquired another 2,822 BTC between Oct. 12 and Oct. 13, paying an average of approximately $83,266 per coin. The acquisition followed Tuesday’s disclosure of a separate 3,311 BTC purchase worth roughly $280 million.
Combined, the transactions added 6,133 bitcoin to Strive’s treasury in little more than a week, representing approximately $515 million in acquisitions. The latest haul also rearranged the corporate pecking order, according to bitcointreasuries.net stats. With 35,595 BTC, Strive edged past MARA’s reported 35,577 BTC by just 18 coins, claiming fourth place among publicly traded bitcoin treasury companies.
That’s an exceptionally narrow lead in a contest involving billions of dollars’ worth of bitcoin. Strategy still dominates with approximately 848,250 BTC, followed by Metaplanet and Twenty One Capital, which hold 44,000 BTC and roughly 43,500 BTC, respectively.
$369 Million in Warrant Exercises Fuels Bitcoin Buying
Behind the buying spree sits an equally aggressive fundraising operation. Strive’s Oct. 14 Form 8-K filing disclosed that investors exercised 273.49 million traditional warrants covering approximately 13.67 million Class A shares between Oct. 12 and Oct. 13, generating expected gross proceeds of $369.2 million.
By Tuesday’s close, no traditional warrants from the company’s private investment in public equity (PIPE) transaction remained outstanding. Cole reported that 94% of traditional warrants had been exercised overall. The cash provides considerable purchasing power, although existing shareholders must contend with an expanding share count.
Strive has another financing arrangement in the works. On Oct. 13, the company announced plans to offer 5 million shares of its new SATS preferred stock, carrying a 15% cumulative annual dividend and a $100 stated value. That represents a proposed $500 million offering before expenses.
Strive’s Bitcoin Ambitions Meet Wall Street’s Reality
The buying has moved the needle, but Strive’s common shares haven’t enjoyed the same momentum. ASST closed Tuesday at $27.59, down 0.43%, before slipping further in Wednesday’s premarket trading. By 11 a.m. on Wednesday, ASST had shed 8%. Investors are weighing the company’s expanding bitcoin holdings against potential dilution and mounting preferred-stock obligations.
Cole’s stated ambition is considerably larger than fourth place. He wants Strive to finish 2026 as the second-largest publicly traded corporate bitcoin holder. Yet Strive’s newly claimed position rests on a mere 18 BTC advantage over the bitcoin mining firm MARA, while the next company ahead holds thousands more. For a business determined to climb the leaderboard, fourth place might prove easier to reach than to keep.
