Strive, a Dallas-based Bitcoin treasury company co-founded by Vivek Ramaswamy, has increased its holdings to 43,124 BTC following the acquisition of 124 additional coins between October 24 and October 30. The purchase, disclosed in an SEC filing on November 2, cost approximately $10 million at an average price of $80,526 per Bitcoin. This accumulation places Strive fourth among publicly traded companies holding Bitcoin, trailing Twenty One Capital by 390 BTC and Metaplanet by 876 BTC. At current market prices, these gaps represent roughly $30 million and $67 million, respectively.
The latest buy was primarily funded through existing cash reserves, which decreased from $504.4 million to $490.4 million during the week. Additionally, Strive utilized its new SATS preferred stock program for the first time via an at-the-market offering. The SATS securities, sold at $90 each with a 15% annual dividend, were part of an October raise that generated about $630 million. Strive’s CEO Matt Cole reported an amplification ratio of 62.7%, indicating the level of obligations relative to Bitcoin value. While Strategy remains the dominant holder with 849,327 BTC, Strive aims to climb the rankings, with Cole previously noting that becoming the second-largest public holder by year-end is within the realm of possibility.
Strive’s entry into the top four public Bitcoin holders signals intensifying competition among corporate treasuries seeking to maximize digital asset exposure. By leveraging hybrid financing methods—combining cash reserves with novel preferred stock instruments like SATS—the firm demonstrates a sophisticated approach to capital allocation that differs from earlier models reliant solely on equity dilution or debt. However, the reliance on continuous capital raises to service high-yield dividends introduces structural fragility; if Bitcoin prices stagnate or fall, the cost of maintaining these obligations could pressure liquidity and limit future buying capacity.
The narrowing gap between Strive, Twenty One Capital, and Metaplanet highlights a volatile hierarchy where small weekly purchases can significantly alter market positioning. While Strive’s pace suggests it could overtake competitors within weeks if others remain inactive, this assumes static conditions that rarely exist in crypto markets. Investors should monitor whether Strive’s amplification ratio continues to rise as it uses leverage to accelerate accumulation, potentially increasing risk exposure compared to peers who may prioritize balance sheet conservatism over aggressive growth targets.
