Strive, the Dallas-based asset manager, acquired 1,107 BTC for $94.5 million between Sept. 21 and Sept. 25 at an average price of $85,396 per coin including fees, according to a Form 8-K filed Monday with the SEC.

The purchase lifts Strive's corporate Bitcoin treasury to 27,462 BTC, worth approximately $2.3 billion at Friday's closing price of $83,943. The latest acquisition is smaller than the prior week, when the company added 1,355 BTC.

How did Strive fund the latest purchase?

Strive once again leaned on its variable-rate perpetual preferred stock, ticker SATA, to finance the buy. The structure pays dividends and lets the firm raise money with reduced dilution for common shareholders.

Designed as a perpetual instrument, SATA trades at variable rates that reset periodically and pays monthly dividends, giving Strive an alternative to straight common-share issuance.

CEO Matt Cole disclosed on X that warrant exercises generated $12.4 million of the proceeds, with SATA accounting for 85% of total capital raised during the period.

"Warrant exercises generated another $12.4M. Including those proceeds, 85% of total capital raised came from SATA," Cole wrote in a Sept. 28 post.

Strive's SATA share count grew by roughly 1 million shares during the period to 12.2 million. At the instrument's $100 stated amount, that puts notional value at approximately $1.22 billion.

Class A common shares outstanding rose by about 649,000 over the same window. The company's cash position expanded by $19.2 million to $248.8 million.

Strive has leaned on preferred equity across its accumulation program. The 469 BTC purchase earlier this month was funded entirely with the preferred stock, while a $109 million acquisition in early September split funding 70/30 between SATA and common equity.

Where does Strive rank among public Bitcoin treasuries?

Strive sits fifth among publicly listed Bitcoin holders, trailing Strategy, Twenty One Capital, Metaplanet and MARA, according to Bitcoin Treasuries data.

Twenty One holds 43,514 BTC. To match that figure by year-end, Strive would need to acquire roughly 16,050 additional coins, equivalent to about 1,235 BTC per week over the remaining weeks of 2026.

What are rival treasury firms disclosing?

Several peers reported new purchases the same day:

• Strategy added 1,665 BTC for $142.7 million, lifting its holdings to a record 847,666 BTC.
• Tom Lee's Bitmine purchased 17,362 ETH for approximately $47 million, bringing its Ethereum position to 4.9% of total ETH supply.

The disclosures arrive as listed Bitcoin-treasury vehicles continue converting capital-markets instruments into spot crypto exposure.

Strategy's convertible-note and at-the-market share-sale model differs structurally from Strive's dividend-bearing preferred, leaving the two issuers with distinct cost-of-capital profiles as both compete for institutional buyers of yield-linked crypto equity.

Strive's next material disclosure window arrives with its quarterly filing schedule, after which investors will see updated holdings, the latest preferred-share count and any fresh capital raised through SATA or common-equity issuance. The variable dividend terms on SATA will determine the cost of capital for any further Bitcoin accumulation funded by preferred issuance.