Strive Buys 2,000 Bitcoin as Its Treasury Push Picks up Steam

Key Takeaways

Strive just bought 2,000 bitcoin in a week, roughly six times the 334 BTC Strategy acquired during its latest buying window. The $168.8 million purchase, made from Sept. 28 through Oct. 2 at an average price of $84,422 per coin, lifted Strive’s disclosed holdings to 29,462 BTC.

CEO Matt Cole announced the addition Oct. 5, the same day Strive filed its Form 8-K filing detailing the company’s latest bitcoin accumulation and treasury figures. Strive is clearly accelerating its buying campaign, but the sheer size of Strategy’s holdings shows how much ground remains between the two companies.

The bitcoin treasury giant Strategy now controls 848,000 BTC, leaving Strive’s 29,462 BTC treasury a fraction of its much larger rival’s stack despite the latest aggressive purchase.

A $169 Million Week

Strive entered the buying period with 27,462 BTC and emerged with exactly 2,000 more. Cole said 61.5% of capital raised during the week came through SATA, Strive’s variable-rate Series A perpetual preferred stock, while warrant exercises generated another $56.7 million.

The company’s quarter-end numbers show how quickly the treasury has expanded. Strive held 28,000 BTC on Sept. 30 at an average acquisition cost of $90,170. During the third quarter alone, it acquired 8,137 BTC at an average $78,885.

Strive’s Bitcoin Math

Strive isn’t judging its strategy solely by the size of the pile. It reported 27,801 satoshis (100,000,000 satoshis = 1 bitcoin) per assumed diluted share at quarter-end and a 99.4% Bitcoin Yield over the preceding 12 months. The company cautions that Bitcoin Yield isn’t a GAAP performance, valuation, or liquidity measure.

Its Amplification Ratio stood at 55.3%. While bitcoin remains below $100,000, management’s stated objective is to push that figure above 60% and keep it there.

Six Times Strategy’s Latest Buy

The comparison gets interesting. Top bitcoin treasury firm Strategy bought just 334 BTC for $28.7 million from Oct. 1 through Oct. 4, taking its holdings to 848,000 BTC. Strive bought nearly six times as many coins during its window, yet Strategy’s treasury remains about 29 times larger.

Cole has said second place among public bitcoin holders is possible by year-end, though it isn’t his base case. At 29,462 BTC, Strive still has a sizable gap to close. As of today, bitcointreasuries.net shows Strive is the fifth-largest bitcoin holder in terms of public companies.