Key points

  • Strive bought 469 BTC between September 8 and 11 at an average $77,954 including fees and expenses.
  • The company held 25,000 BTC and $204.2 million in cash and cash equivalents at the period's end.
  • Preferred-stock financing supported the purchase; the larger treasury does not remove financing and market risks.

Strive increased its Bitcoin treasury to 25,000 BTC after buying 469 coins for approximately $36.6 million, according to a September 14 filing with the U.S. Securities and Exchange Commission. The purchase gives investors a fresh view of how the company is expanding its digital-asset holdings through preferred-stock financing.

The transactions took place between September 8 and September 11 at an average price of approximately $77,954 per Bitcoin, including fees and expenses. Holdings rose from 24,531 BTC a week earlier. The disclosure reports completed purchases, rather than an authorization or a target for future buying.

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Preferred shares fund the expansion

The Block independently reported the acquisition and said chief executive Matt Cole attributed all capital raised during the week to SATA, Strive's perpetual preferred stock. The publication also reported that SATA had passed $1 billion in notional value outstanding. Those financing figures describe the securities supporting the treasury strategy, rather than additional Bitcoin already purchased.

The SEC filing shows SATA shares outstanding increased by 402,541 to 10,397,966. Cash and cash equivalents rose by $1.6 million to $204.2 million. Strive also continued to hold 505,000 shares of Strategy's STRC preferred stock, with a reported fair value of approximately $49.8 million.

How the model works

On its investor-relations website, Strive describes itself as a structured-finance company that measures capital deployment against Bitcoin. It says SATA is designed to provide cash flows to investors while allowing the company to pursue a spread between the cost of that financing and Bitcoin's potential long-term return. That is the company's stated business model, not a guaranteed outcome.

The distinction matters to the two groups of shareholders. Buyers of the preferred security are participating in a financing instrument, while common shareholders have exposure to the company's broader balance sheet and execution. A growing coin count alone does not establish that the financing produces an attractive return. Its cost and the performance of the assets bought with it also matter.

A different pace of buying

The Block put the latest acquisition below the previous week's 1,375 BTC purchase, which cost approximately $109 million. The comparison shows that buying can vary substantially from one reporting period to another. It does not establish a fixed weekly acquisition rate or a commitment to continue at either pace.

Strive's November 2025 investor presentation explains why it chose perpetual preferred equity: the financing has no fixed maturity and was intended to match a long-duration Bitcoin strategy. The same presentation says dividend payments depend on declaration by the board, and that unpaid cumulative dividends accumulate. Those structural features help explain the instrument; the presentation's initial dividend illustrations should not be mistaken for a current rate. A perpetual structure removes a scheduled repayment date, but it does not make financing free. The investor presentation itself cautions that illustrative returns are uncertain and may differ from actual outcomes.

What remains uncertain

The new filing identifies dilution and changing digital-asset, economic and interest-rate conditions among its risks. Future financing availability and Bitcoin prices remain uncertain. For now, the verifiable development is the completed purchase and the accompanying balance-sheet update; neither establishes what Strive will buy next or how its shares will perform.

Sources

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