Strive Buys 469 Bitcoin as Its Treasury Reaches 25,000 BTC

Strive has added another 469 Bitcoin to its balance sheet, bringing the company’s treasury to an even 25,000 BTC.

The latest purchase cost about $36.6 million and was made between September 8 and September 11 at an average price of $77,954 per Bitcoin, including fees and expenses.

That is a meaningful milestone on its own. The more important part of this update, however, is how Strive paid for it.

Cointelegraph reported that the purchase was funded entirely through sales of SATA, Strive’s variable-rate perpetual preferred stock. The company said SATA now has more than $1 billion in notional value outstanding, giving Strive a growing pool of preferred-equity capital it can use to add Bitcoin without relying only on common-stock issuance.

Strive acquired an additional 469 $BTC for $36.6M at an average cost of $77,954 per bitcoin, bringing total holdings to ₿25,000.

100% of the capital raised came from SATA, which now has over $1B notional outstanding.
We increased amplification ratio to 53.5%.$ASST $SATA pic.twitter.com/Nu3EYIBS4R

— Matt Cole (@ColeMacro) September 14, 2026

Strive CEO Matt Cole said the financing pushed the company’s “amplification ratio” to 53.5%. In plain English, Strive is using a larger preferred-capital layer to expand the amount of Bitcoin backing its common shares.

That structure can increase upside when Bitcoin rises and the company continues to raise capital on workable terms. It also means investors need to watch the obligations attached to the preferred shares. Preferred dividends and other contractual terms do not disappear just because Bitcoin has a bad quarter.

The Crypto Times separately confirmed the 469 BTC purchase, the $36.6 million cost, the $77,954 average price and the SATA funding source. Its review of the company’s filing also showed that Strive’s holdings increased from 24,531 BTC to 25,000 BTC during the reporting period.

Bitcoin was trading near $78,800 around the time of the announcement, putting the newest purchase close to break-even on a spot-price basis.

Strive’s larger treasury, though, is not designed around one day’s move. The company is making a long-duration bet that scarce digital property will outperform the cost of the capital used to acquire it.

Bitcoin priced in gold is reinforcing my view that the next Bitcoin cycle will be the strongest we have ever seen. The dollar thesis I wrote about below and the growing hunt for scarcity in an AI-driven world of abundance both point toward a powerful structural tailwind for… https://t.co/ZbGsWawGCw pic.twitter.com/4Y5WZhpANP

— Matt Cole (@ColeMacro) August 24, 2026

Cole has been explicit about the thesis behind that bet: he sees Bitcoin as a scarcity asset in a world where technology is making many other goods and services more abundant.

Strive’s pace has accelerated sharply. The company bought 1,800 BTC in late August and another 1,375 BTC in early September before this 469 BTC addition.

That run has turned Strive into one of the largest public corporate Bitcoin holders.

The 25,000 BTC headline will get the attention. The real story to follow is whether SATA can keep supplying capital on terms that grow Bitcoin exposure per common share without allowing preferred obligations to outrun the treasury’s value.

For now, Strive has reached its round-number milestone and made clear that it intends to keep building.

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