Moving into second place among public corporate holders would require tens of thousands of additional coins and potentially billions of dollars in new financing.
Strive’s Bitcoin stash has grown to 36,818 BTC following a purchase of 4,045 coins for approximately $335 million last week, cementing its position as the fourth-largest corporate holder.
The company on Monday reported adding 1,223 Bitcoin for $100 million between Oct. 14 and Oct. 16, after accumulating 2,822 BTC for $235 million last Tuesday. The latest acquisition extends a buying campaign that has expanded its Bitcoin stash by more than 380% since the beginning of 2026, when the company held about 7,525 BTC.
Strive’s Bitcoin treasury is currently valued at over $3 billion, putting it 6,696 BTC behind Twenty One Capital, whose holdings have not been updated since late July.
Chief Executive Matt Cole has said Strive could potentially become the second-largest public corporate Bitcoin holder by the end of the year, though he does not consider that the most likely outcome.
To finance its treasury expansion, Strive has primarily used preferred stock and other capital-markets transactions, including at-the-market stock sales, PIPE deals and warrant exercises. Its cash balance was about $317.5 million as of Oct. 16. The company also has existing debt and preferred securities that rank ahead of its newly issued SATS preferred stock.
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Strive’s 15% SATS Series A preferred offering was priced at $90 per share, compared with a $100 liquidation preference. The sale of 7 million shares is expected to generate about $630 million in gross proceeds and settle on Oct. 20.
The company plans to use the proceeds for general corporate purposes, including Bitcoin and related purchases, and to set aside $22.50 per share to cover the first 18 months of SATS dividends. The high dividend rate makes the financing costly and adds a recurring obligation that must be met regardless of Bitcoin’s market performance.
Cole’s investment thesis centers on monetary debasement and the historical performance of scarce assets relative to money supply. He said gold has delivered a 9% annualized return since 1970, compared with 6.7% annualized growth in US M2, with the gap widening since the pandemic to 18.3% for gold versus 6.5% for M2.
Cole argues that Bitcoin offers a more compelling way to express the view that the dollar will lose purchasing power over time.
Strive reported a 63.2% Bitcoin Yield year-to-date in early October, compared with 23.9% in the second quarter.