BNY Mellon Raises Strive Stake 39% to 257,718 Shares

By Nathan Brooks

BNY Mellon increased its Strive holding by 39% to 257,718 shares, according to the reported holdings data. The roughly $6 million position represents a stock purchase, not a direct Bitcoin purchase, and gives BNY Mellon indirect exposure to more than 43,000 BTC held by Strive.

BNY Mellon has over $45 trillion in assets under custody and approximately $2.1 trillion in assets under management. The position is therefore small relative to the bank's overall portfolio. It is also small relative to the Bitcoin treasury company whose shares BNY Mellon bought, limiting the transaction's direct market effect.

The financing behind the coins

Strive, co-founded by Vivek Ramaswamy and led by CEO Matt Cole, reports more than 43,000 BTC on its balance sheet. That places the company among the largest publicly traded corporate Bitcoin holders, alongside MicroStrategy. Its funding model differs from the debt-heavy approach used by some peers: Strive has financed Bitcoin purchases mainly through stock offerings.

As of late 2026, Strive's reported balance sheet showed no debt. Without Bitcoin-backed loans, a sharp Bitcoin decline does not force Strive to sell holdings for lenders. Leverage adds risk, but the company still pays a substantial dividend on its preferred capital.

A central instrument is perpetual preferred stock yielding between 13% and 15%. These shares pay dividends but have no maturity date. For every $100 of preferred capital, the stated yield translates into $13 to $15 in annual dividend payments.

Strive can therefore avoid a repayment wall and lender-triggered Bitcoin sales, but it must maintain enough cash and financing access to service the preferred dividend regardless of Bitcoin's price.

Why the equity route matters

The purchase fits a broader institutional pattern: investors are using shares in Bitcoin treasury companies as a route to Bitcoin exposure rather than buying coins directly or through exchange-traded funds. Strive's Nasdaq-listed shares can fit existing systems, compliance processes and reporting lines. Direct Bitcoin ownership introduces a different operating burden involving wallets, private keys and specialized custody.

That distinction matters for BNY Mellon because the reported transaction concerns Strive shares. No evidence shows BNY Mellon bought Bitcoin directly as part of the move. Its exposure runs through a company that owns the coins, so the relevant variables include Strive's financing costs and the market value of its equity, not only Bitcoin's spot price.

What does the BNY Mellon stake change for investors?

For the broader market, the immediate effect of this trade is likely limited. The roughly $6 million position is small relative to BNY Mellon's portfolio and to Strive's Bitcoin holdings. Its clearest significance is the participation of a large institutional shareholder in a company that relies on equity issuance to accumulate Bitcoin.

For Strive, a growing institutional shareholder base could support the stock funding model. A company that buys Bitcoin by issuing shares needs continued investor demand for those shares. The trade also offers a test case for other firms considering a corporate Bitcoin treasury: preferred equity can fund purchases without creating Bitcoin-backed debt or mandatory collateral sales.

The practical question for investors is how much of the advertised Bitcoin exposure the financing can sustain. Strive's preferred dividend obligation does not decline when Bitcoin falls, while the company's ability to issue shares remains sensitive to investor appetite. The headline coin count alone therefore does not describe the full risk.

If more institutions adopt listed Bitcoin-treasury equities, the market structure will shift further toward public-equity financing of Bitcoin exposure, and Strive's next test will be whether it can sustain demand for its stock while servicing its 13%-to-15% preferred dividend obligations.