Strive Crosses 25,000 BTC Milestone After Adding 469 More Bitcoin for $36.6 Million
A year ago, Strive held zero Bitcoin. This week, the company crossed a milestone that puts it firmly among the largest corporate holders of the asset on the planet — and it did it without touching a dollar of debt or common equity.
Strive, the Bitcoin treasury company co-founded by Vivek Ramaswamy and led by CEO Matt Cole, added 469 BTC to its balance sheet last week, spending $36.6 million at an average price of $77,954 per coin between September 8 and September 11. The purchase, disclosed in a Form 8-K filed September 14, pushed Strive’s total holdings to exactly 25,000 BTC — a round-number threshold worth roughly $1.95 billion at current market prices.
What makes the milestone notable isn’t just the size of the number. It’s how Strive got there. Cole said 100% of the capital behind last week’s purchase came from sales of SATA, Strive’s perpetual preferred stock, which has now cleared $1 billion in notional value outstanding — a figure he flagged as its own achievement. “Time to break the billion-dollar wall,” Cole wrote of the milestone, framing SATA’s growth as inseparable from the Bitcoin accumulation it’s funding.
That tweet, from the prior week, captures the run-up to this milestone directly: Cole disclosed a 1,375 BTC purchase for roughly $109 million at an average of $79,281 per coin, lifting holdings to 24,531 BTC with SATA notional at $999 million — one dollar short of ten figures. Last week’s smaller, 469 BTC add-on was what finally pushed both numbers over their respective thresholds simultaneously: 25,000 BTC in holdings, and more than $1 billion in SATA outstanding.
The financing structure matters because it distinguishes Strive’s approach from rivals that lean more heavily on convertible debt or dilutive equity raises to fund Bitcoin purchases. By routing capital through a preferred stock instrument, Strive is betting it can keep growing its BTC-per-share metrics without loading the balance sheet with maturity risk — a bet that only works if investor appetite for SATA keeps pace with the pitch. So far, that appetite has been strong enough to fund a 10x-plus expansion in less than a year, taking the company from roughly zero BTC to 25,000 BTC.
Strive is now the world’s fifth-largest publicly traded Bitcoin holder, trailing only Strategy, Twenty One, Metaplanet, and MARA — a ranking that puts a company founded in 2025 in direct company with some of the sector’s longest-running accumulators. Cole has previously said he believes Strive could plausibly grow its stack tenfold again over the next couple of years if capital markets cooperate, a target that would put it within range of the sector’s largest holders entirely.
For now, the 25,000 BTC line is the headline. What happens next depends on whether SATA demand keeps growing at the same pace that got Strive here.
Bitcoin treasury strategies carry meaningful company-specific and market risk; nothing in this article is financial advice. Readers curious how corporate Bitcoin treasuries and preferred-stock financing work can start with coin680’s Bitcoin Academy.