Strive adds 1,355 bitcoin, picks up pace toward year-end second-place treasury goal

Strive expands its bitcoin treasury

Strive bought 1,355 bitcoin for approximately $107.7 million between Sept. 14 and Sept. 18, according to a Form 8-K filing with the SEC. The company paid an average of $79,475 per bitcoin, bringing its total holdings to 26,355 BTC, currently worth more than $2.25 billion.

Strive now ranks as the fifth-largest public bitcoin holder, trailing Strategy, Twenty One, Metaplanet, and MARA. It needs another 17,160 BTC to surpass Twenty One's 43,514 BTC, assuming Twenty One does not add to its holdings.

Key numbers

• 1,355 BTC purchased for roughly $107.7 million
• Average purchase price of $79,475 per bitcoin
• Total holdings: 26,355 BTC, valued at over $2.25 billion
• 17,160 BTC needed to reach second place
• Roughly 1,226 BTC per week required to hit the goal with 14 weeks left in 2026

What the TD Cowen analyst report says

TD Cowen raised its ASST price target from $32 to $44, citing faster-than-expected bitcoin accumulation and growth in bitcoin held per fully diluted share. The firm now expects Strive to end 2026 with 32,105 BTC, up from its previous estimate of 27,156. TD analysts Lance Vitanza and Jonnathan Navarrete also raised their projected full-year BTC Yield, which measures bitcoin growth per share, from 54.1% to 70.1%.

ASST shares fell around 1.5% during the first hours of trading on Monday to about $29.65, after climbing as high as $31.50 in premarket trading, not far off a one-year high.

How Strive is funding its purchases

Strive's latest purchase marked the beginning of warrant exercises tied to its common stock (ASST). Holders exercised nearly 786,000 warrants last week, generating approximately $21.2 million in gross proceeds. Including that, nearly 58% of the capital raised during the week came through SATA, Strive's preferred stock, which continued to trade near its $100 par value on Monday.

Where Strive stands against competitors

With 14 full weeks left in 2026, Strive would need to acquire an average of roughly 1,226 BTC per week to reach second place. At that rate, it could overtake MARA, which holds 35,577 BTC, during the latter half of November. After that, number-three Metaplanet sits just behind Twenty One with 43,000 BTC.

For context, Strategy also resumed buying, acquiring 950 BTC for around $75.7 million, bringing its total to an even 846,000 BTC.

What is still unclear

It is not confirmed whether Twenty One or Metaplanet will add to their holdings in the coming weeks. If they do, Strive would need to acquire more BTC than currently calculated to reach second place. The article also does not specify how Strive plans to fund future purchases beyond the current warrant exercises and preferred stock sales.

Why this matters

The bitcoin treasury race among public companies has intensified. Strive's accelerated buying pace signals growing institutional confidence in bitcoin as a treasury asset. The company's approach of using preferred stock and warrant exercises to fund purchases offers a model for how other firms might finance large-scale bitcoin accumulation.

What happens next

Strive has 14 weeks remaining in 2026 to close the gap on Twenty One. At its current pace of roughly 1,226 BTC per week, it could reach second place by early 2027, or sooner if it accelerates purchases. TD Cowen's revised estimate of 32,105 BTC by year-end suggests the firm expects Strive to maintain its momentum.

Sources

• The Block
• SEC Form 8-K filing

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