Strive brought its Bitcoin treasury to an even 25,000 coins, spending $36.6 million on its latest purchase at an average price just under $78,000 per coin. That is 469 BTC less than the company bought the week before, the slowest pace of accumulation in recent weeks.
The total value of the company's holdings reached roughly $1.95 billion at current prices. Strive funded the purchase entirely through sales of SATA preferred stock, whose outstanding notional value just crossed $1 billion.
Who Strive Is and Why the Market Watches It
Strive (ticker ASST) belongs to a group of public companies that turned their balance sheet into a Bitcoin treasury. According to a Form 8-K filed with the SEC on Monday, the company added 469 BTC last week, bringing total holdings to an even 25,000 coins.
CEO Matt Cole noted that 100% of the capital for the purchase came from sales of SATA, Strive's perpetual preferred stock. The outstanding notional value of these shares just crossed $1 billion, making them the main funding source for the strategy.
How the Company Keeps Its Debt Load in Check
Strive also raised its "amplification ratio" to 53.5%. The company defines this metric as the ratio of notional preferred equity and debt outstanding to BTC net asset value. In plain terms, for every $100 of bitcoin the company holds, it carries about $53.50 in preferred stock and debt obligations.
This approach sets Strive apart from some rivals that fund purchases mainly through common stock issuance. Preferred shares give investors fixed returns, while the company balances the risk of shareholder dilution against its debt load.
A Slower Pace: The Week's Numbers
The week before, Strive bought 1,375 BTC for roughly $109 million. The latest $36.6 million looks modest by comparison, even though the company still added nearly half a thousand coins to its treasury.
The slowdown has a simple explanation. The average purchase price crept right up to $78,000, and the bitcoin market swung sharply on Friday. The price spiked from $76,000 to nearly $80,000, then slid back toward $77,000 within seven hours.
The Race Among Public Bitcoin Holders
Strive now ranks fifth among public Bitcoin holders, trailing Strategy, Twenty One, Metaplanet and MARA. CEO Cole allows that the company could climb to second place by year end, though he calls that scenario something other than his base case.
Twenty One, backed by Tether, sits in third place with 43,514 coins and stands as the nearest target to overtake. To pass it, Strive would need another 18,515 BTC, assuming the rival does not add to its current stack. With 15 full weeks left in 2026, closing that gap would require averaging roughly 1,234 BTC a week, nearly triple last week's pace.
The Market Rewarded the Stock
Shares of ASST rose more than 4% in the first hours of Monday trading, tapping a year-to-date high just under $29. Investors keep treating the growing treasury as a positive signal, even as the pace of purchases slows.
For Bitcoin holders pricing in hryvnia, Friday's volatility gave a concrete reference point. Anyone watching the sharp spike toward $80,000 got a chance to buy Bitcoin for hryvnia on the pullback, once the price settled back near $77,000.
What the Largest Holder Is Doing
The largest public Bitcoin holder, Strategy, kept its stack unchanged for a second straight week at 845,050 coins. Instead of buying more, the company spent $139.3 million repurchasing STRC preferred shares from its own dollar cash reserves.
The diverging strategies among large holders show the Bitcoin treasury market maturing. Some companies keep expanding their positions through new funding instruments, while others focus on managing existing debt and capital structure.
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