Strive buys 2,000 bitcoin for roughly $169 million, nearing MARA's holdings

Strive bought another 2,000 bitcoin for roughly $169 million last week, marking its largest purchase since June. A Form 8-K filed with the SEC on Monday states that Strive purchased the bitcoin between September 28 and October 2. The filing puts the average purchase price at around $84,422 per bitcoin. The purchase brought Strive's total holdings to 29,462 BTC, worth roughly $2.55 billion, according to the filing.

Strive's latest acquisition was its largest since Strive bought 2,500 BTC on June 2. Strive now holds 6,115 BTC less than MARA, the fourth-largest public bitcoin treasury. MARA holds 35,577 BTC.

CEO Matt Cole said Strive funded the latest purchases primarily through sales of SATA preferred shares. Cole said SATA preferred share sales accounted for 61.5% of capital raised. Cole said warrant exercises generated $56.7 million.

Strive's preliminary third-quarter metrics in the 8-K filing show that Strive acquired 8,137 BTC during the period at an average price of $78,885. The filing also lists nearly $285 million in cash and cash equivalents as of September 30. Strive's year-to-date BTC yield has reached 63.2%. Strive reported an amplification ratio of 55.3%, measuring preferred equity and debt relative to the value of Strive's bitcoin. Strive said Strive aims to raise that ratio above 60% while bitcoin remains under $100,000.

Strive's goal of becoming the world's second-largest publicly traded bitcoin treasury became more difficult this past week. Japan's Metaplanet ended the third quarter with 44,000 BTC. Metaplanet sold 10,000 BTC and subsequently bought back 11,000 BTC to "demonstrate liquidity." The net increase of 1,000 BTC moved Metaplanet ahead of Twenty One into second place. Twenty One holds 43,514 BTC.

Strive holds 14,538 BTC less than Metaplanet's current total. With roughly 12 full weeks remaining in the year, Strive would need to add about 1,212 BTC per week to reach 44,000 BTC by year-end. That calculation assumes Metaplanet makes no further purchases. Strategy, led by Michael Saylor, remains far ahead of the other public bitcoin treasuries. Strategy added another 334 BTC for $28.7 million last week. Strategy's holdings reached 848,000 BTC.

Bitcoin was trading around $86,000 on Monday. Strive's ASST shares rose around 1.6% to $30.50 in the first hour of market trading. Strive's SATA preferred shares held steady at their intended par value of $100.