Strive Makes Largest-Ever Bitcoin Purchase With 6,182 BTC Buy

Strive emerged from the Asset Entities-Strive merger this year with Vivek Ramaswamy and CEO Matt Cole pursuing a MicroStrategy-style bitcoin treasury playbook, raising equity and preferred shares to buy coins rather than mine or custody them for clients. The company started 2025 holding just 12,800 BTC, a fraction of Strategy's stack, and has used repeated capital raises to climb the corporate holder rankings against MARA, Metaplanet and Twenty One.

The new $1 billion preferred-stock program gives Strive a way to keep buying bitcoin without adding bank debt, but it also means issuing more paper that carries a dividend obligation, the so-called SATS cost, regardless of where bitcoin trades. Shareholders get exposure to a fourth-place treasury now within 1,000 BTC of Metaplanet, while the company takes on a fixed payment obligation that has to be funded even if the bitcoin price stalls.

Strive's own disclosure that its treasury value sits below its total acquisition cost is the uncomfortable part of this accumulation race: buying bitcoin with preferred equity works only as long as investors keep subscribing to new offerings faster than the dividend bill grows. That is a financing bet dressed up as a bitcoin bet, and it concentrates risk in whichever company runs out of appetite from preferred buyers first.

Strive has said its goal is to finish 2026 as the second-largest corporate bitcoin holder, which means the next test is whether it draws down the new $1 billion ATM to close the gap with Metaplanet's roughly 44,000 BTC and Twenty One's 43,514 BTC. Watch for the pace of further SEC filings disclosing purchases and preferred-share issuance over the coming months.

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