Strive adds 1,375 bitcoin as SATA nears 'billion-dollar' milestone

Strive acquired 1,375 bitcoin last week. The purchase cost approximately $109 million. Strive's total holdings reached 24,531 BTC. A Form 8-K filing with the Securities and Exchange Commission said Strive bought the bitcoin between Aug. 31 and Sept. 4. The bitcoin had an average purchase price of $79,281. CEO Matt Cole said sales of SATA perpetual preferred stock provided 70% of the capital raised during the week. SATA reached nearly $999 million in notional volume outstanding. SATA increased by 921,511 shares during the week. SATA had nearly 10 million shares outstanding. Strive cash and equivalents rose from $183.5 million. They reached $202.6 million. Strive's 505,000-share position in Strategy's STRC preferred stock remained unchanged. Strive needs to acquire approximately 1,200 BTC per week to overtake Twenty One Capital before the end of 2026. About 16 weeks remained in the year. The estimate assumes Twenty One Capital does not add to its holdings. Cole said the outcome was possible but was not his base case. Cole cited more than $700 million in outstanding warrants. He estimated that Strive could gain as much as $1.4 billion to buy more bitcoin. Strive shares rose above the warrants' $27 exercise price on Friday. The shares reached $27.27. The shares later fell 3.5% to approximately $26.20 shortly after Tuesday's market open. SATA traded at its intended $100 par value. Bitcoin recovered to $74,300 after falling to $73,700 hours earlier. That was bitcoin's lowest level in six days. Bitcoin had briefly risen above $82,300 on Thursday. Strategy did not buy or sell bitcoin last week. Strategy held 845,050 BTC. Executive chairman Michael Saylor said Strategy repurchased $176 million of its STRC preferred stock. Saylor said Strategy doubled its Digital Credit Securities Repurchase Program from $1 billion to $2 billion. Saylor said Strategy held $6.5 billion in U.S. dollar assets as of Sept. 7.