Strive closes in on second-largest corporate bitcoin treasury with $511 million purchase

Bitcoin treasury company Strive Strive, Inc. (ASST) increased its Bitcoin (BTC) holdings by 6,182 BTC between Oct. 17 and Oct. 23, bringing its total treasury to 43,000 BTC, according to an 8-K filing with the Securities and Exchange Commission on Monday.

The firm is now rapidly closing in on Metaplanet and Twenty One for second and third spot among public company holders, currently sitting in fourth place. Strategy dominates the cohort with 848,517 BTC, while Metaplanet, Twenty One, and MARA make up the remainder of the top five, with 44,000 BTC, 43,514 BTC, and 35,577 BTC, respectively, per Bitcoin Treasuries data.

Strive CEO Matt Cole's long-stated aim is to end the year as the second-largest public bitcoin holder. The firm now needs to acquire an average of around 105 BTC per week to surpass Metaplanet's current haul.

Strive's up to $1 billion SATS at-the-market offering

Strive ended Oct. 23 with $504.4 million in cash and cash equivalents, up from $317.5 million a week earlier, according to the filing. Its Class A shares outstanding increased by approximately 3.3 million to 118.1 million over the same period.

The company also established an at-the-market offering program for up to $1 billion of its SATS preferred stock, according to a separate SEC filing on Monday. The proceeds may be used for general corporate purposes, including additional bitcoin purchases, working capital, and other investments, the firm said.

Strive continues to hold 505,000 shares of Strategy's STRC preferred stock, valued at $50.2 million as of Oct. 23, up from $49.3 million a week earlier. The number of SATA preferred shares outstanding was little changed at around 14 million.

Strive also closed its offering of 7 million SATS preferred shares on Oct. 20, bringing in roughly $630 million before expenses. The shares pay a 15% annual dividend, and the company has set aside enough to cover the first 18 months of payments.