Strive Asset Management has bought another 1,110 bitcoin for about $81.5 million, pushing its total bitcoin holdings to 21,356 BTC.

The purchase is part of Strive’s strategy of building a large bitcoin treasury. The company is using money raised from selling its shares to buy more bitcoin, and is now ranking 7th among public bitcoin treasury companies.

According to a filing with the U.S. Securities and Exchange Commission, Strive bought the bitcoin between August 17 and 21. It paid an average of $73,409 for each bitcoin, including fees and expenses.

The latest purchase increased Strive’s bitcoin holdings by about 5.5%, from 20,246 BTC to 21,356 BTC. At bitcoin prices around $80,000, Strive’s entire bitcoin holdings are worth roughly $1.7 billion.

Strive has recently increased the pace of its bitcoin purchases. In a post on X, the company highlighted that it now holds 1/1000 of all bitcoin in existence.

Earlier in August, the company bought 147 BTC at an average price of just over $64,800. It then bought another 79 BTC at an average price of $63,231. Those two purchases totaled 226 BTC. The latest purchase of 1,110 BTC is almost five times larger.

The company’s previous large buy was in June, when it purchased 2,500 BTC for $185.2 million during a market dip, increasing its holdings to 19,000 BTC.

The latest purchase came as bitcoin prices were rising. Bitcoin climbed strongly during the previous week and traded near $80,000 on Monday. Strive CEO Matt Cole announced the purchase on X.

“Strive acquired an additional 1,110 BTC for $81.5M at an average cost of $73,409 per bitcoin, bringing total holdings to ₿21,356,” Cole wrote.

Investors reacted positively to the news. Strive’s Nasdaq-listed ASST shares closed at $18.22 on Friday, up nearly 13%. The news of recent bitcoin acquisitions, mixed with bitcoin’s price rally, pushed the stock price over $21.

The company’s stock has also posted strong gains this year as investors have increasingly focused on its bitcoin strategy.

Strive did not simply use its existing cash to make the purchase. The company raised money by selling new ASST common shares and SATA preferred shares through at-the-market offerings.

During the same period, Strive’s Class A share count increased by about 3.65 million, reaching 79.89 million shares. The company also issued 441,313 SATA preferred shares.
This approach gives Strive more money to buy bitcoin, but it also creates an important issue for shareholders: dilution.

However, Strive’s $SATA has maintained its $100 price tag despite occasional drops.

When a company issues more shares, each existing share represents a smaller part of the company. That means Strive needs its bitcoin holdings to grow faster than its share count if it wants to increase the amount of bitcoin backing each share.

One analysis of the latest filing found that while Strive’s total bitcoin holdings increased about 5.5%, its bitcoin per fully diluted share increased by only about 1.4%. That is still an increase, and is good news for the company.

Despite spending $81.5 million on bitcoin, Strive ended August 21 with more cash than it had a week earlier.

Cash and cash equivalents increased to $171.9 million, from about $154.8 million.
That suggests the company was able to raise additional capital while making its bitcoin purchase.

Strive’s SATA preferred shares are also part of this strategy. SATA was trading at about $100.01 on Tuesday, close to its $100 stated value. The preferred stock is designed to provide investors with income through a variable dividend.

Strive raised its annualized dividend rate to 13% in April.

Strive’s Bitcoin strategy has expanded rapidly since the company moved toward becoming a Bitcoin-focused treasury company.

Its acquisition of Semler Scientific earlier this year added thousands of bitcoin to its balance sheet and helped push Strive into the top ranks of publicly traded corporate bitcoin holders.