Strive adds 2,000 bitcoin in biggest buy since June, closes in on MARA

Strive picked up another 2,000 bitcoin for roughly $169 million last week, marking its largest purchase since June, putting it in striking distance of MARA for the fourth-largest public BTC treasury.

The company purchased the bitcoin between Sept. 28 and Oct. 2 at an average of around $84,422, bringing its total to 29,462 BTC worth roughly $2.55 billion, according to a Form 8-K filed with the SEC on Monday.

The acquisition was Strive's largest since it bought 2,500 BTC on June 2 and leaves the company 6,115 BTC behind MARA, which holds 35,577 BTC. 

Strive funded the latest purchases primarily through sales of its SATA preferred shares, which accounted for 61.5% of capital raised, while warrant exercises generated $56.7 million, according to CEO Matt Cole.

Strive also included preliminary metrics for the third quarter in the 8-K filing, revealing it acquired 8,137 BTC at an average price of $78,885 during the period. The company also listed holding nearly $285 million in cash and cash equivalents as of Sept. 30.

Its year-to-date BTC yield has reached 63.2%, while it reported an amplification ratio — a measure of its preferred equity and debt to the value of its BTC — of 55.3% and said it aims to push that above 60% while bitcoin remains under $100,000. 

Bitcoin treasury goalposts shift

While Strive closes in on MARA, the company's vision of becoming the world's second-largest publicly traded bitcoin treasury got a little tougher this past week.

Japan's Metaplanet ended the third quarter with 44,000 BTC after selling 10,000 BTC and subsequently buying back 11,000 BTC to "demonstrate liquidity." The net 1,000 BTC increase pushed Metaplanet past Twenty One, which holds 43,514 BTC, into the number-two spot.

That leaves Strive 14,538 BTC short of Metaplanet's current holdings. With roughly 12 full weeks remaining in the year, Strive would need to add an average of about 1,212 BTC per week to reach 44,000 BTC by year-end, assuming Metaplanet makes no further purchases.

Strategy, meanwhile, remains far ahead of the pack. The Michael Saylor-led company added another 334 BTC for $28.7 million last week, bringing its holdings to 848,000 BTC.

Bitcoin was trading around $86,000 on Monday. Strive's ASST shares were up around 1.6% to $30.50 in the first hour of market trading, while its SATA preferred shares held steady at their $100 intended par value.