Bitcoin Firm Strive Climbs Up the Treasury Ranks With Another Big Buy

Strive, the Dallas-based company co-founded by Vivek Ramaswamy, now holds 43,124 Bitcoin after buying 124 BTC more last week. That stash is now worth roughly $3.3 billion, and good for about 0.2% of the 21 million coins that will ever exist.

That leaves it 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 Bitcoin’s price of about $77,000, those gaps are worth roughly $30 million and $67 million, respectively.

Strive is a Bitcoin treasury company—a publicly listed firm that keeps Bitcoin on its balance sheet, so anyone with a brokerage account can get exposure by buying its stock. Michael Saylor’s Strategy popularized the playbook back in 2020, and several other companies followed suit, including Strive.

Its coins cost an average of $87,785 each, or $3.8 billion in total, against a market value of $3.5 billion on Oct. 23, per its prospectus. Bitcoin has slipped since, so the pile is now worth a bit less than Strive paid for it.

The latest purchase covers Oct. 24 through Oct. 30 and was disclosed today in an SEC filing, the report US-listed companies must submit when something material happens. Strive paid about $10 million, an average of $80,526 per Bitcoin including fees, CEO Matt Cole said on X.

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. It 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 Nov. 9.

On Oct. 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 Oct. 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.

BitcoinBTC · USD

$77,105−3.4%

24H7D1M1YYTD

Oct 27Oct 28Oct 30Nov 1Nov 3

$81.8k$80.1k$78.4k$76.7k

24h HighHigh$78,728

24h LowLow$76,592

VolVol$985.9M

→

$50$100$500

Buy

The company’s CEO 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.”

Saylor’s 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.