Strive, Inc. has acquired an additional 469 Bitcoin, valued at approximately $36.6 million, between September 8 and 11. This purchase increases the company’s total Bitcoin holdings to 25,000 BTC, a move funded through the issuance of Variable Rate Series A Perpetual Preferred Stock (SATA). According to the FactSheet, this strategy allows Strive to expand its Bitcoin reserves without diluting its common shareholders, provided Bitcoin’s price appreciation outpaces the dividend cost.
The recent acquisition brings Strive’s total Bitcoin holdings to 25,000 BTC, with an approximate current market value of $1.95 billion. This positions Strive as the fifth-largest public holder of Bitcoin globally. The company’s accumulation accelerated after its merger with Semler Scientific in January 2026, which added 5,048 BTC. Strive’s current holdings represent approximately 0.119% of Bitcoin’s total supply.
Preferred Stock Funding Mechanism
The company’s funding strategy involves issuing preferred stock, known as SATA. Investors purchase these shares at $100 each, and in return, receive a roughly 13% annualized variable dividend. This method enables Strive to deploy capital into Bitcoin without issuing common shares, thereby avoiding dilution for existing common shareholders. The total notional value of outstanding SATA shares exceeds $1.04 billion, with the latest round of preferred stock capital raised amounting to approximately $40.3 million.
Shareholder Implications and Leverage
This financial structure introduces a leverage effect for common shareholders. According to the FactSheet, common shareholders may benefit if Bitcoin’s price appreciation outpaces the 13% annual dividend cost. Each Bitcoin purchased with preferred stock proceeds increases the net asset value backing common shares, while the dividend obligation on SATA reduces future cash flows. Strive’s amplification ratio is reported at 53.5%.
Strive’s Strategic Pivot
Strive’s transformation into a significant Bitcoin treasury company has been rapid. Originally founded by Vivek Ramaswamy with a focus on asset management, the company’s pivot toward Bitcoin accumulation gained momentum following its merger with Semler Scientific. The company’s strategy relies on Bitcoin’s continued appreciation to ensure that gains exceed the dividend costs associated with its preferred stock financing.
As reported by the FactSheet, the appreciation of Bitcoin must outpace the 13% annualized dividend cost for common shareholders to realize a net benefit. Strive’s current Bitcoin holdings are valued at approximately $1.95 billion. The acquisition occurred on the Nasdaq.
Significance
The acquisition of Bitcoin through preferred stock issuances allows Strive to increase its Bitcoin holdings without diluting common shareholders, provided Bitcoin’s price appreciation outpaces the dividend cost.
Broader Context
Strive’s transformation into a Bitcoin treasury company has been remarkably fast.
