Strive has purchased another 124 Bitcoin (BTC) for approximately $10 million, bringing its total holdings to 43,124 BTC. The latest acquisition strengthens the company’s position among the largest publicly traded Bitcoin treasury firms.
According to the November 2 update, Strive purchased the Bitcoin at an average price of $80,526 per coin. Chairman and CEO Matt Cole said the company funded most of the acquisition using existing cash, while also tapping its SATS preferred stock at-the-market (ATM) program for the first time.
The purchase comes after a much larger accumulation period in October, when Strive added thousands of Bitcoin to its balance sheet.
Strive Uses SATS Program For First Time
The latest purchase is notable because it introduces a new funding source into Strive’s Bitcoin accumulation strategy.
The company launched a $1 billion SATS preferred stock ATM program on October 26. The arrangement allows Strive to issue and sell preferred shares through the market, with proceeds available for Bitcoin purchases and other corporate purposes.
Cole confirmed that Strive used the program for the first time during the latest reporting period. Most of the purchase was still funded through existing cash, while all proceeds raised through the SATS ATM program during the week went toward acquiring Bitcoin.
Strive’s latest SEC filing showed that its cash and cash equivalents declined from $504.4 million to $490.4 million by October 30.
The company also reported a Bitcoin Amplification Ratio of 62.7%, a metric it uses to assess how its capital structure supports Bitcoin exposure for shareholders.
The SATS program is designed to give Strive another way to raise capital without relying exclusively on common stock issuance. However, preferred stock issuance still carries financing costs and potential implications for existing shareholders.
Strive Climbs The Public Bitcoin Treasury Rankings
With 43,124 BTC, Strive remains among the largest publicly listed corporate Bitcoin holders.
Strategy continues to lead the rankings by a significant margin, with 849,327 BTC following its latest purchase of 811 Bitcoin. Other major corporate holders include Metaplanet and Twenty One Capital.
According to Bitcoin Treasuries data cited by The Block, Strive currently ranks fourth among public companies holding Bitcoin, behind Strategy, Metaplanet, and Twenty One.
The latest acquisition also follows a rapid expansion of its treasury during October. Strive bought 6,182 BTC for approximately $511 million in the week ending October 23, bringing its holdings to around 43,000 BTC.
Related: Strive Buys $511M of Bitcoin, Unveils $1B SATS Preferred Program
The company’s long-term ambition is to become the second-largest publicly traded Bitcoin holder. It is now closing the gap with the companies ahead of it, although continued purchases by competitors could change the ranking.
Management Emphasizes Measured Bitcoin Accumulation
Cole and Chief Investment Officer Ben Werkman have emphasized disciplined capital allocation as the company expands its Bitcoin treasury.
Rather than focusing only on the number of Bitcoin acquired, Strive’s strategy involves managing the funding structure behind those purchases. The company aims to increase its Bitcoin exposure while balancing cash reserves, preferred stock financing, and shareholder value.
This approach comes as concerns about dilution remain a major issue for investors in corporate Bitcoin treasury companies. Issuing additional common shares can increase the number of shares outstanding, potentially reducing existing shareholders’ proportional ownership.
Preferred stock programs provide another funding route, although they introduce dividend obligations and their own financing risks. Strive’s use of SATS therefore represents a new step in its effort to expand Bitcoin holdings through multiple capital sources.
Corporate Bitcoin Demand Continues
Strive’s latest purchase adds to a broader wave of corporate Bitcoin accumulation. Strategy also announced an acquisition of 811 BTC for approximately $65.5 million on November 2, bringing its total holdings to 849,327 BTC.
Together, the two companies purchased 935 BTC in their latest reported acquisitions, showing that corporate treasury demand continues even as Bitcoin markets experience volatility.
For Strive, the latest 124 BTC purchase is smaller than its recent record acquisitions. However, the first use of its SATS ATM program gives the transaction broader significance for its financing strategy.
The company’s next challenge will be maintaining its accumulation pace while managing the cost of preferred stock financing and delivering sustainable value to shareholders.
