Strive has reached a new milestone in its corporate Bitcoin strategy: 25,000 BTC.
The company added 469 Bitcoin last week in a purchase worth $36.6 million, pushing its total holdings to an even 25,000 BTC, valued at roughly $1.95 billion at current prices.
According to a Form 8-K filing released Monday, Strive paid just under $78,000 per Bitcoin for the latest batch. The purchase was smaller than the previous week’s aggressive accumulation, when the company bought 1,375 BTC for about $109 million.
The money behind the latest deal is also telling. CEO Matt Cole said all of the capital raised during the week came from sales of SATA, Strive’s perpetual preferred stock, which has now surpassed $1 billion in notional value outstanding.
That financing structure is becoming an increasingly important part of how Strive builds its Bitcoin treasury.
Strive Is Using Capital Markets to Keep the Bitcoin Engine Running
Strive also raised its so-called “amplification ratio” to 53.5%. The company defines the metric as “the ratio of notional preferred equity outstanding and debt to BTC NAV.”
In practical terms, for every $100 worth of Bitcoin on Strive’s balance sheet, the company has roughly $53.50 in preferred stock obligations and debt.
That makes the 25,000-Bitcoin milestone more than a headline number. It also highlights the financial machinery Strive is using to accumulate the asset at scale.
Strive is now the world’s fifth-largest publicly listed Bitcoin holder, trailing Strategy, Twenty One, Metaplanet and MARA. Cole has said the company could potentially move into second place by the end of 2026, although he has stressed that this is not his “base case” expectation.
The gap is still substantial.
To pass Twenty One, Strive would need to add another 18,515 BTC, assuming the Tether-backed company leaves its current holdings of 43,514 BTC unchanged.
With 15 full weeks left in 2026, that would require Strive to purchase about 1,234 Bitcoin every week.
For now, the market appears more interested in what Strive has already accumulated. Shares of its common stock, ASST, jumped more than 4% during the first hours of trading Monday, reaching a year-to-date high just below $29.
Bitcoin itself was trading near $78,000 after a turbulent Friday session. The cryptocurrency climbed from around $76,000 to almost $80,000 before sliding back toward $77,000 in roughly seven hours. Weekend trading was comparatively calmer.
And while Strive was adding Bitcoin, the industry’s biggest corporate holder was taking a different approach.
Strategy kept its Bitcoin holdings unchanged for a second straight week at 845,050 BTC. Instead, the company spent $139.3 million buying back STRC preferred shares, using cash held in U.S. dollars.
For Strive, the 25,000-Bitcoin mark signals how far its treasury strategy has already scaled. The bigger question now is how quickly it can keep adding to that pile — and how much of the growth will continue to come through the capital markets.