Strive expanded its Bitcoin treasury again last week, buying 1,375 BTC for about $109 million and lifting its total holdings to 24,531 Bitcoin. The purchases were made between August 31 and September 4 at an average price of $79,281 per coin.
The latest buying also brought the company’s SATA balance to $999 million, just short of the $1 billion mark. According to CEO Matt Cole, most of the week’s funding came from sales of SATA perpetual preferred stock.
Another large treasury purchase
The new Bitcoin purchase continues Strive’s stated treasury strategy of building a larger corporate Bitcoin reserve. Based on the company’s latest figures, the 1,375 BTC acquired over the week added materially to a treasury that now stands at 24,531 BTC.
Cole said 70% of the funds raised during the week came from SATA perpetual preferred stock sales. Over the same period, SATA shares rose, bringing total shares outstanding to nearly 10 million.
SATA balance nears a milestone
Strive’s SATA balance reached $999 million, leaving it on the verge of crossing the $1 billion level. The source article described that figure as marking an intended move through the threshold, while also noting that the company still had additional financing capacity available.
Cole said Strive could potentially raise as much as $1.4 billion more through unexercised warrants. That prospect is central to the company’s ability to keep buying Bitcoin at a pace that could change its standing among public corporate holders.
Push to climb the public-company rankings
Strive has set its sights on passing Twenty One Capital and becoming the second-largest public company by Bitcoin holdings. The Block estimated that, with about 16 weeks left in the year, the company would need to acquire roughly 1,200 BTC per week to move ahead by year-end.
Cole indicated that such a pace could be achievable. Whether that happens will depend on Strive’s continued access to capital and its willingness to keep deploying it into Bitcoin at recent levels.
Where the larger market stands
At the top of the public-company rankings, Strategy remained far ahead with 845,050 BTC and reported no Bitcoin trading activity last week. The source article also said Strategy chairman Michael Saylor disclosed a $176 million repurchase of STRC preferred stock.
Saylor also said the company expanded its digital credit securities repurchase program to $2 billion from $1 billion and held $6.5 billion in dollar-denominated assets as of September 7. For Strive, the next confirmed marker will be whether it pushes past the $1 billion SATA level and sustains the purchase rate needed to challenge Twenty One Capital before year-end.
Source: en.bloomingbit.io