Strive could become second-largest public bitcoin holder by end of 2026, CEO says

Strive CEO Matt Cole said the company could end 2026 as the world’s second-largest public holder of bitcoin if its outstanding warrants are exercised and the funds are used to buy more BTC.

Speaking on the One Share podcast, Cole noted that over $700 million in Strive (ASST) warrants, set to expire in mid-October, could provide the capital for a major bitcoin purchase. The warrants have a $27 exercise price, and Strive’s stock reached a year-to-date high of $26.84 on Thursday, nearing that threshold.

Potential for rapid growth in bitcoin holdings

Strive added 3,156 bitcoin in August, bringing its total holdings to 23,156 BTC, currently worth nearly $1.9 billion. This places the company as the fifth-largest public bitcoin treasury, according to recent data.

Cole said that if the warrants are exercised, Strive could deploy $700 million into bitcoin and have another $700 million in capacity for digital credit, totaling $1.4 billion for potential BTC purchases. He described this scenario as an “electric finish” to the company’s 2026 bitcoin accumulation.

To surpass Twenty One Capital, the current second-largest public bitcoin holder with 43,514 BTC, Strive would need to buy roughly 1,200 BTC per week for the remaining 17 weeks of the year, assuming Twenty One Capital does not acquire more. Twenty One Capital has not added to its bitcoin holdings since July 2025.

Key numbers

• Strive holds 23,156 BTC, worth nearly $1.9 billion.
• Strive added 3,156 BTC in August, up from 136 BTC in July.
• Over $700 million in warrants could fund additional bitcoin purchases.
• ASST stock reached a year-to-date high of $26.84, close to the $27 warrant exercise price.

What is confirmed

Strive currently holds 23,156 BTC, making it the fifth-largest public bitcoin treasury. The company added 3,156 BTC in August. Strive has $700 million in outstanding warrants with a $27 exercise price, expiring in mid-October. The stock price is nearing the exercise price.

What is still unclear

It is not certain whether the warrants will be exercised or if Strive will use the funds to buy more bitcoin. It is also unclear whether Twenty One Capital will acquire additional bitcoin before the end of the year.

Why this matters

If the warrants are exercised and Strive uses the funds to buy more bitcoin, the company could quickly climb the rankings of public bitcoin holders. This would mark a significant shift in the landscape of corporate bitcoin treasuries.

Sources

• The Block