Asset management company Strive has just reached a crucial milestone in its bitcoin strategy. According to a Form-8 K filing with the SEC made on September 8, 2026, it added 1,375 BTC to its crypto treasury. That’s about $109 million. Which brings Strive’s total bitcoin reserves to 24,531 BTC. This purchase is all the more spectacular as SATA shares approach a historic milestone: a billion dollars in par value.
In brief
- Strive buys 1,375 BTC for approximately $109 million.
- His bitcoin treasury reaches 24,531 BTC on September 4, 2026.
- SATA sales provide 70% of weekly capital.
- The new actions, however, increase the risk of dilution.
Strive sticks to its strategy of systematic bitcoin accumulation
Between August 31 and September 4, 2026, Strive has acquired 1,375 BTC at an average price of $79,281. This latest bitcoin purchase therefore amounts to approximately $109 million. The Nasdaq-listed company reported this data on September 8 in a Form 8-K handed over to the SEC.
On September 4, Strive held exactly 24,531 BTC (compared to 23,156 BTC a week before). Its crypto cash therefore increased by 5.94% in just five days. According to the current price of bitcoin, this sum is now worth nearly $1.9 billion. Enough to consolidate the company’s position! She now occupies fifth place among listed companies holding bitcoin.
According to Bitcoin Treasuries dataStrive overtakes SpaceX, Coinbase and Trump Media. On the other hand, it remains far from Twenty One Capital whose bitcoin holdings currently stand at 43,514 BTC. To get ahead of it by the end of 2026, the company will have to buy around 1,200 BTC per week for 16 weeks (assuming that its rival does not add any assets in the meantime).
SATA, the financial engine that powers Strive’s bitcoin treasury
This is the name of its variable rate preferred stock (Variable Rate Series a Perpetual Perferred Stock). This instrument pours an annualized dividend of 13% distributed in cash on a daily basis, without any direct link to the price of bitcoin.
According to Matt Cole, Managing Director of Strive, 70% of the capital raised last week came from SATA sales. Common stock provided the remaining 30%. The number of SATA titles in circulation increased by 921,511 in one week to reach 9,995,425. Their notional outstanding therefore now reaches $999 million.
In this context, Cole said on X:
It’s time to break the billion dollar barrier.
Thanks to this mechanism, Strive stands out from most bitcoin cash companies who borrow through convertible bonds. In fact, the company avoids classic debt:
- by selling his preferred shares close to their par value of $100;
- by reinjecting the funds into the purchase of bitcoin.
This strategy is not without risk, however. The fact is that Strive will have to draw elsewhere to honor the dividend if SATA were to fall sustainably below its par. This is precisely what happened to Strategy’s STRC this year. Result: Michael Saylor was forced to sell bitcoin for the first time since 2022.
Good to know: Strive has $202.6 million in liquidity up front (i.e. $19.1 million more than as of August 28, 2026). She also retains 505,000 shares of STRC stock valued at approximately $49.364 million.
A crypto accumulation in full accounting loss
Strive continues to purchase bitcoin even though its average acquisition cost far exceeds the current crypto market price. Out of all 31 transactions carried out since its launch, the company concretely displays an average cost of around $91,467 per BTC. During the last purchase, bitcoin was trading around $78,500. This represents a difference of over $12,000 per unit. Which places Strive at a loss on its entire position.
However, this crypto accumulation is not an isolated case. This is the third consecutive week that Strive’s bitcoin holdings have grown by at least 5%. Over three weeks, the accumulation even reached 21%. And since the start of the year, growth exceeds 225%.
On the stock market, the company crypto bet seems to be bearing fruit for the moment. The proof, ASST stock jumped 114% in 30 days. This performance is mainly explained by:
- the acceleration of purchases;
- growing volumes on SATA.
That’s not all! There Strive cash flow also seems to have progressed. It went from $183.5 million to $202.6 million, despite the purchase. Matt Cole adds more than $700 million in warrants that could ultimately unlock up to an additional $1.4 billion for future bitcoin purchases.
Upstream, the company’s balance sheet grows at the same time as the number of shares. In the span of a week, Class A common stock increased from 83,470,035 to 85,696,647. This equates to an additional 2,226,612 units. Even after the drop in class B shares, the effective total of ordinary shares continued to increase by 1.79%: or 94,934,558.
Decryption: buy more bitcoin does not automatically guarantee an increase in BTC held per share. In other words, shareholder dilution can neutralize part of the expected economic benefit if the issuance of securities advances faster than the bitcoin cash flow.
With its latest bitcoin purchase, Strive has in any case established itself as one of the most aggressive players in the institutional crypto market. It remains to be seen whether its strategy will withstand a possible reversal.
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