Strive Buys $690 Million in Bitcoin, Becomes No. 2 Corporate Holder

Strive increased its Bitcoin holdings by 6,182 BTC between October 17 and October 23, bringing its total reserves to approximately 43,000 BTC as the company pushes to climb the ranks of publicly traded corporate Bitcoin holders.

The increase was disclosed in a report filed with the US Securities and Exchange Commission (SEC) on Monday. The latest purchases underscore Strive’s continued commitment to Bitcoin as a core component of its investment strategy, as competition intensifies among public companies seeking to accumulate the digital asset.

According to Bitcoin Treasuries data cited in the report, Strive ranks fourth among publicly traded companies holding Bitcoin, placing it within reach of Metaplanet and Twenty One, which hold approximately 44,000 BTC and 43,514 BTC, respectively.

Strategy remains the dominant corporate holder, with 848,517 BTC, while MARA ranks among the top five with 35,577 BTC.

The gap between Strategy and its competitors remains substantial. However, holdings among the companies immediately below it are much closer, meaning fresh purchases could significantly alter their relative positions.

Strive Sets Sights on Second Place in the Bitcoin Rankings

Strive CEO Matt Cole has said the company aims to finish 2026 as the second-largest publicly traded corporate holder of Bitcoin. Reaching that position would require it to overtake the companies currently ahead of it while accounting for any additional purchases they make.

Based on the reported holdings, Strive needs to expand its reserves further to move past Metaplanet. Estimates cited in the report suggest the company would need to acquire an average of approximately 105 BTC per week to reach its target, although the pace required will depend on how its competitors adjust their own holdings.

The objective therefore involves more than accumulating a specific number of coins. Strive must maintain a purchasing pace that keeps it ahead of other companies pursuing similar treasury strategies.

Strive’s Cash Reserves Climb to $504.4 Million

Alongside its Bitcoin purchases, Strive reported a substantial increase in its cash and cash equivalents. As of October 23, the company held approximately $504.4 million in cash and equivalents, up from $317.5 million a week earlier.

The larger cash balance gives Strive additional financial flexibility as it manages its investment strategy and other corporate obligations. However, the report does not establish that these funds will be allocated entirely to Bitcoin purchases.

Strive also increased its outstanding Class A shares by approximately 3.3 million during the period, bringing the total to 118.1 million. The change is relevant to the company’s capital structure as it uses multiple financing channels to support its Bitcoin-focused strategy.

Strive Opens $1 Billion Preferred Stock Offering Program

In a separate filing submitted to the SEC on Monday, Strive announced a program to offer its SATA preferred stock, with a maximum value of $1 billion.

The company said proceeds could be used for general corporate purposes, including additional Bitcoin purchases, working capital and other investments. The program gives Strive another potential source of funding as it seeks to expand its digital asset reserves.

The $1 billion figure represents the maximum size of the offering program, not funds already raised. Nor does it mean that all proceeds will be used to buy Bitcoin.

The initiative forms part of Strive’s broader effort to diversify its financing options while continuing to build its Bitcoin position.

Strive Holds $50.2 Million in Strategy Preferred Shares

Strive’s investments extend beyond direct Bitcoin ownership. The company held approximately 505,000 shares of Strategy’s STRC preferred stock as of October 23, valued at around $50.2 million, compared with $49.3 million a week earlier.

Meanwhile, its holdings of Strategy’s SATA preferred shares remained broadly stable at approximately 14 million shares.

These investments give Strive exposure to financial instruments issued by another company with a Bitcoin-focused treasury strategy. However, preferred shares are distinct from direct Bitcoin holdings: their value and returns depend on the issuer’s financial position, the terms of the securities and broader market conditions.

The positions illustrate how corporate Bitcoin strategies can become interconnected, with companies investing not only in the cryptocurrency itself but also in financial instruments issued by other firms in the sector.

Strive Raises $630 Million Through Preferred Stock Offering

Earlier in October, Strive completed an offering of 7 million SATA preferred shares, generating approximately $630 million in gross proceeds before offering expenses, according to the report. The transaction was completed on October 20.

The preferred shares carry an annual dividend rate of 15%. Strive said it had set aside sufficient funds to cover dividend payments for the first 18 months.

While preferred stock can provide companies with capital to pursue investment opportunities, it also creates financial obligations. Strive must balance its plans to accumulate Bitcoin against the cost of financing and its responsibility to meet preferred dividend payments and other expenses.

This makes capital management an important part of the company’s strategy. Raising funds can accelerate Bitcoin purchases, but the long-term benefits depend partly on whether Strive can manage the associated costs without weakening its financial flexibility.

Bitcoin Accumulation Strategy Faces a Financing Test

Strive’s latest purchases, rising cash reserves and new preferred stock program point to a strategy built around expanding Bitcoin holdings while broadening the ways it can finance that growth.

Its ambition to become the second-largest publicly traded corporate Bitcoin holder adds a competitive dimension. With holdings among Strive, Metaplanet and Twenty One relatively close, new purchases could shift their rankings. Maintaining a higher position, however, would require Strive to continue acquiring Bitcoin as its rivals pursue their own strategies.

The key question is whether Strive can sustain that accumulation while managing the cost of capital and its preferred stock obligations. Its ability to raise funds is one factor; its ability to service those obligations while preserving sufficient liquidity is another.

Ultimately, Strive’s progress will be measured not only by how much Bitcoin it holds, but also by how effectively it finances those holdings. Continued accumulation could strengthen its position among corporate Bitcoin investors, while rising financing costs or pressure from dividend obligations could limit the pace at which it expands.