Strive Taps Preferred Stock to Add 1,107 BTC, Lifting Treasury to 27,462 Coins

Strive isn’t just buying Bitcoin—it’s engineering the balance sheet to do it. The Dallas-based asset manager added 1,107 BTC last week for roughly $94.5 million, using its variable‑rate perpetual preferred stock (SATA) to shoulder most of the financing. In a Form 8‑K filed Monday, the firm said it paid an average of $85,396 per coin including fees across Sept. 21–25, taking its total stash to 27,462 BTC. At Friday’s $83,943 close, that trove sat near $2.3 billion.

Pace eased versus the prior week’s 1,355 BTC haul, but the funding mix held steady. CEO Matt Cole noted on X that warrant exercises contributed another $12.4 million, with SATA supplying 85% of capital raised. The preferred program expanded by about 1 million shares to 12.2 million outstanding; at a $100 stated amount, that’s roughly $1.22 billion in notional value. Class A common shares rose by approximately 649,000, and cash increased $19.2 million to $248.8 million.

Strive has leaned hard on SATA to accumulate coins. Earlier this month, a 469 BTC buy that pushed holdings to an even 25,000 was financed entirely with the preferred. A $109 million purchase in early September split funding 70/30 between SATA and common stock.

Market backdrop was choppy: Bitcoin traded around $83,418 at press time, down 3.55% on the day, with a 24‑hour range of $84,945 to $82,581 on $1.8 billion in volume. One odds model (Myriad) put a 57% chance that BTC finishes both this week and this month below $84,000.

On the leaderboard, Strive ranks fifth among public Bitcoin holders—behind Strategy, Twenty One Capital, Metaplanet, and MARA—per Bitcoin Treasuries data. Closing the gap with Twenty One’s 43,514 BTC by year‑end would require about 16,050 additional coins, or roughly 1,235 per week.

Peers were active as well. Strategy disclosed a 1,665 BTC purchase for $142.7 million, lifting reported holdings to a record 847,666 BTC. Tom Lee’s Bitmine added 17,362 ETH worth about $47 million, which the firm said brings it to 4.9% of Ethereum’s supply.

What matters here is the financing engine. SATA acts like a pressure‑valve: it provides dividend‑bearing capital that reduces common dilution while letting Strive steadily dollar‑cost average into BTC. That structure can align incentives when investors believe Bitcoin’s long‑term compounding outpaces the preferred’s cost, but it also introduces rate and distribution risk if markets tighten or the dividend reset bites. The weekly “catch‑up” math—1,235 BTC—looks feasible only if appetite for SATA remains healthy and execution risk stays low. Watch the cadence of preferred issuance, warrant take‑ups, and cash trends; they will tell you more about sustainability than one week’s coin count.

If Strive can keep its marginal cost of capital below the expected beta‑adjusted return of Bitcoin, the model compounds. If not, the chase for rankings becomes expensive. The firm is threading that needle—for now—by turning preferred equity into a BTC acquisition flywheel.