Strive has become the fifth-largest publicly traded company holding bitcoin after buying another 1,800 BTC for about $143 million. The company bought the bitcoin between August 24 and August 28 at an average price of $79,431 per coin, including fees and expenses.

The purchase increased Strive’s total bitcoin holdings from 21,356 BTC to 23,156 BTC.
With the latest purchase, Strive moved ahead of digital asset exchange Bullish in the ranking of public companies with the largest bitcoin holdings.

Only Strategy, Twenty One Capital, Metaplanet and MARA Holdings now hold more bitcoin among publicly traded companies.

Strive CEO Matt Cole confirmed the purchase on August 31. “Strive acquired an additional 1800 BTC for $143M at an average cost of $79431 per bitcoin, bringing total holdings to ₿23156,” Cole wrote on X.

At bitcoin prices around $77,000 at the time, Strive’s holdings were worth roughly $1.8 billion.

The latest purchase is part of a much faster buying pace for Strive. The company bought 1,110 BTC for about $81.5 million between August 17 and August 21. It then bought another 1,800 BTC the following week. Earlier in August, Strive also purchased 79 BTC for about $5 million.

In total, the company added nearly 3,000 BTC over a 15-day period. Its bitcoin holdings have grown rapidly as it continues to make bitcoin the main part of its corporate strategy.

Strive’s stock has also benefited from the buying spree. ASST shares rose more than 5% on Monday, extending a strong August rally. The stock had gained close to 100% during the month, according to market data cited in the reports.

Strive is mainly raising money through its stock rather than taking on large amounts of debt.

The company uses two publicly traded securities: its ASST common stock and SATA preferred stock. Both are sold through at-the-market programs, which allow the company to sell shares gradually rather than raising all the money in one large offering.

During the latest reporting period, the number of ASST shares increased from about 79.9 million to 83.5 million. The number of SATA preferred shares also increased.

The two programs raised an estimated $154.6 million during the period. About $143 million of that money went toward the latest bitcoin purchase.

SATA is particularly important to Strive’s strategy. The preferred stock currently offers a 13% annualized dividend, with dividends paid every business day.

Strive has also said it has eliminated its outstanding debt. CEO Matt Cole has described the company as having zero margin requirements and zero encumbered bitcoin.

The idea is to grow the bitcoin treasury without relying on debt that could force the company to sell bitcoin if prices fall sharply.

Strive’s approach is similar to the bitcoin treasury strategy used by Strategy, the largest corporate bitcoin holder. Strategy also returned to the market last week after a long pause, buying 4,603 BTC for about $369.7 million.

However, buying bitcoin with money raised from selling shares can create risks for existing investors. As more shares are issued, existing shareholders can become diluted.
There is also the obvious risk of bitcoin’s price falling.