Strive acquired 2,000 bitcoin for roughly $169 million between Sept. 28 and Oct. 2, its largest purchase since June, according to a Form 8-K filed with the SEC on Monday. The buy lifts the bitcoin treasury firm's holdings to 29,462 BTC, worth approximately $2.55 billion, and puts it within striking distance of MARA's 35,577 BTC for the rank of fourth-largest public BTC treasury.

The company paid an average of around $84,422 per coin. The acquisition is Strive's biggest since it bought 2,500 BTC on June 2, and it now trails MARA by 6,115 BTC.

How did Strive fund the purchase?

CEO Matt Cole said Strive financed the buy primarily through sales of its SATA preferred shares, which accounted for 61.5% of capital raised, while warrant exercises generated $56.7 million. The preferred equity structure matters operationally: it lets the company accumulate bitcoin without issuing additional common-share dilution at current prices.

The 8-K also disclosed preliminary third-quarter metrics:

• Strive acquired 8,137 BTC in Q3 at an average price of $78,885.
• It held nearly $285 million in cash and cash equivalents as of Sept. 30.
• Year-to-date BTC yield reached 63.2%.
• Its amplification ratio — preferred equity and debt measured against the value of its BTC — stood at 55.3%.

Strive said it aims to push the amplification ratio above 60% while bitcoin trades under $100,000, signaling that further leveraged accumulation is planned rather than completed.

Why did the number-two goalpost move?

Strive's stated ambition of ending 2026 as the world's second-largest publicly traded bitcoin treasury became harder the same week. Japan's Metaplanet finished the third quarter with 44,000 BTC after selling 10,000 BTC and buying back 11,000 BTC — a sequence the company framed as an effort to "demonstrate liquidity" in its holdings.

That net 1,000 BTC increase pushed Metaplanet past Twenty One, which holds 43,514 BTC, into second place among public treasury companies. Strive now sits 14,538 BTC behind Metaplanet.

The arithmetic is demanding. With roughly 12 full weeks left in the year, Strive would need to add an average of about 1,212 BTC per week to reach 44,000 BTC by Dec. 31, assuming Metaplanet makes no further purchases — an assumption that looks aggressive given the Japanese firm's own accumulation pace.

Strategy, the Michael Saylor-led company, remains far ahead. It added 334 BTC for $28.7 million last week, bringing its total to 848,000 BTC.

What comes next?

Bitcoin traded around $86,000 on Monday. Strive's ASST shares rose about 1.6% to $30.50 in the first hour of trading, while its SATA preferred shares held at their $100 intended par value. With Strive targeting an amplification ratio above 60% and the year-end deadline for its second-place ambition approaching, the fourth quarter will test whether its preferred-equity funding engine can sustain purchases at the required pace of more than 1,200 BTC per week.