Strive crosses 25,000 Bitcoin after all-preferred 469 BTC buy

Strive (NASDAQ: ASST) bought 469 Bitcoin last week and paid for every coin with preferred stock, lifting its treasury to around 25,000 BTC. 

That action also pushed the notional value of its main financing tool past $1 billion for the first time. 

An all-SATA week, and the billion-dollar wall breaks

The asset manager acquired the 469 coins between September 8 and September 11 at an average of $77,954 each, spending roughly $36.6 million, according to a Form 8-K filed with the SEC on September 14.

That took its holdings from 24,531 BTC, where they stood at the start of the month, to 25,000.

However, the funding for this purchase came from SATA, which is Strive’s Variable Rate Series A Perpetual Preferred Stock, a floating-rate instrument that pays a 13% annualized dividend every business day. 

Matt Cole, Strive’s CEO wrote on X, “100% of the capital raised came from SATA, which now has over $1B notional outstanding,” and that the company “increased amplification ratio to 53.5%.” 

In its filing, preferred shares outstanding rose by 402,541, from 9,995,425 to 10,397,966. At SATA’s $100 stated amount, that is about $40.3 million of fresh preferred, lifting the outstanding notional to roughly $1.04 billion from $999.5 million a week earlier. 

Preferred did the work, common barely moved

Strive’s Class A shares rose by 34,206 to 85,730,853, and Class B shares held flat at 9,237,911. The prior week was not the same as Class A went up by more than 2.2 million shares, and SATA supplied 70% of the rise.

The $40.3 million of new preferred more than covered the $36.6 million Bitcoin bill, and the leftover explains why cash still ticked up, from $202.6 million to $204.2 million, even after the purchase. Strive’s 505,000-share position in Strategy’s STRC preferred stock stayed put.

Cole’s model pairs long-duration Bitcoin with long-duration preferred equity instead of debt or steady common-stock dilution. When SATA trades near or above its $100 par, Strive issues through an at-the-market program and converts the proceeds into Bitcoin; when it slips below par, issuance tends to pause. 

The 53.5% amplification ratio shows that preferred capital is carrying more of the load relative to common equity.

The bill that comes with the stack

The financing is not free. A 13% coupon on roughly $1.04 billion in notional works out to about $135 million a year, paid daily, against a treasury now worth close to $2.0 billion in Bitcoin plus more than $204 million in cash. A sustained drop in Bitcoin would compress the value of the treasury while leaving those preferred obligations fixed.

Strive, co-founded by Vivek Ramaswamy and led by Cole, went public through a September 2025 merger with Asset Entities and added about 5,048 BTC through its combination with Semler Scientific. 

It now ranks fifth among listed corporate Bitcoin holders, well behind Strategy’s 845,050 BTC. The buying pace has stayed brisk: 1,800 BTC in late August, 1,375 the following week, then this 469-coin top-up to hit the milestone.