A physical Bitcoin held in a hand, illustrating Strive’s 1,800 BTC purchase

Strive Adds 1,800 Bitcoin and Jumps to Fifth Place—But the Share Count Matters

By Isaac • August 31, 2026 11:27 am • Comments

Strive just made one of the week’s biggest corporate Bitcoin purchases, and it did more than add another line to a treasury leaderboard.

The company bought 1,800 BTC for roughly $143 million between August 24 and August 28. It paid an average of approximately $79,431 per coin, including fees and expenses, lifting its total holdings to 23,156 BTC.

That was enough to move Strive into fifth place among publicly traded corporate Bitcoin holders, according to current industry reporting. But the ranking is only half the story.

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Strive’s filing also shows a larger share count, more cash and a rapidly growing Bitcoin position. Investors now have to decide whether the added Bitcoin outpaced the dilution used to help build it.

The filing puts hard numbers behind the buy

In Strive’s August 31 SEC filing, the company reported that its Bitcoin balance rose from 21,356 BTC on August 21 to 23,156 BTC on August 28.

That is an 8.4% increase in one week. It followed a separate 1,110 BTC purchase reported the prior week, meaning Strive has been accumulating at a much faster pace as Bitcoin recovered toward the $80,000 area.

The same filing shows that cash and cash equivalents increased from $171.9 million to $183.5 million. Strive also continued to hold 505,000 shares of Strategy’s STRC preferred stock, valued at about $49.2 million as of August 28.

Those figures matter because Strive added $11.6 million of cash during the same period that it spent roughly $143 million on BTC.

That points back to the company’s capital-markets strategy—and to the new shares entering the picture.

The dilution question

Strive’s Class A share count increased by 3,579,147 during the week, reaching 83,470,035. When Class B shares are included, effective common shares outstanding rose from 89,683,423 to 93,262,570.

Issuing stock is not automatically destructive for a Bitcoin treasury company. If the capital raised buys enough Bitcoin at favorable terms, Bitcoin per share can still rise even while the number of shares expands.

That is the argument Adam Livingston made after reviewing the update. He calculated that Strive’s Bitcoin stack grew 8.43% while common shares increased 3.99%, producing a gain in gross satoshis per share.

That calculation is useful, but it is not a complete valuation model. Strive also has preferred securities and other senior claims that common shareholders must consider.

Bitcoin per share is one metric. The value left for each class of investor is the harder question.

Why fifth place matters

Cointelegraph reported that the new balance moved Strive past Bullish and into fifth place among public-company Bitcoin holders.

The purchase also followed Strive’s 1,110 BTC acquisition the previous week. That earlier batch cost roughly $81.5 million at an average of $73,409 per coin, so the company paid a higher price while accelerating the number of Bitcoin it acquired.

The timing coincided with a broader crypto rebound that began after the Treasury Department announced plans on August 19 to increase certain long-term bond buybacks. Lower yields helped risk assets, and Bitcoin climbed more than 23% before Strive completed its latest purchase.

Strive was not alone. Strategy announced another 4,603 BTC acquisition on the same day, showing that two of the largest public Bitcoin treasuries were active buyers as the market recovered.

The ranking can change as companies buy, sell or disclose updated balances. Still, reaching 23,156 BTC gives Strive a treasury worth roughly $1.8 billion at its latest average purchase price—a scale that makes each financing decision more consequential.

It also places Strive in a group where the gap to Strategy remains enormous. Strategy reported 845,050 BTC after its own latest purchase.

Strive remains far behind, yet its buying shows that the corporate treasury race now has more than one aggressive participant.

For Bitcoin, that is another source of large, recurring demand. For Strive shareholders, the next purchase matters less than the financing terms behind it.

The key is whether management can keep increasing Bitcoin exposure faster than it increases the claims against that Bitcoin.

This week’s numbers clear that first test on a gross per-share basis. The next filings will show whether Strive can keep doing it as the treasury grows and Bitcoin’s price changes.

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