Strive added 1,107 bitcoins for approximately $94.5 million last week, pushing the asset manager's corporate treasury to 27,462 BTC, according to a Form 8-K filed Monday with the Securities and Exchange Commission. The purchase, conducted between September 21 and September 25 at an average price of $85,396 per coin, keeps Strive on an aggressive accumulation trajectory aimed at overtaking Twenty One for the No. 2 spot among publicly listed bitcoin holders.

The acquisition fell short of the prior week's 1,355 BTC addition but continued Strive's reliance on its SATA perpetual preferred stock as the primary funding vehicle. SATA accounted for 85% of the capital raised during the week, up from 57.7% the week prior, while warrant exercises contributed $12.4 million in gross proceeds, down from $21.2 million the previous week.

How is Strive funding the accumulation?

Strive has leaned heavily on its preferred equity program since launching it earlier this year. The SATA structure, marketed as a yield-bearing instrument for income-focused investors, allows the company to raise capital without issuing additional common stock. Capital raised through SATA can then be deployed into bitcoin purchases.

The shift toward SATA last week reflects management's preference for instruments with subordinate capital structures over dilutive common-share issuance. Strive common stock (ASST) traded down 0.3% to $29.35 on Monday, paring earlier gains. Year-to-date, ASST is up nearly 70%, while Strategy (MSTR) is down 6% and Twenty One (XXI) has lost 26%.

What separates Strive from second place?

Strive remains the fifth-largest public bitcoin holder, behind Strategy, Twenty One, Metaplanet and MARA Holdings. The company now needs another 16,053 BTC to surpass Twenty One's 43,514 BTC, assuming the Tether-backed firm does not add to its own reserves.

With 13 full weeks remaining in the year, Strive must acquire roughly 1,235 BTC per week to reach second place by year-end. CEO Matt Cole has said the company could reach that rank by the end of 2026, though he has characterized that outcome as aspirational rather than his base case.

Bitcoin's price fell over the weekend, trading near $83,000 at the time of writing, down from recent highs above $90,000. The lower price environment has not slowed Strive's purchasing cadence, though it does reduce the dollar value of each weekly tranche.

What are the operational implications?

Strive's preferred-stock-funded acquisition model differs from Strategy's approach, which has historically relied on convertible debt and at-the-market common stock offerings. The SATA structure carries a dividend obligation that Strategy's convertible notes do not, creating a higher fixed cost of capital for Strive.

The company's path to second place also depends on competitors standing still. Twenty One, backed by Tether, has been a relatively quiet accumulator since going public, but Metaplanet in Tokyo has executed multiple large purchases in recent months and could displace it in the rankings before Strive catches up.

Strive's Form 8-K filings provide shareholders with verified purchase data and material updates on the capital structure used to fund acquisitions. The next filing, expected after the close of the current weekly purchase window, will indicate whether the SATA program continues to anchor the funding mix at 85% or rebalances toward warrant exercises and other instruments as the year-end target approaches.