Strive, a Nasdaq-listed Bitcoin treasury company co-founded by Vivek Ramaswamy, acquired 2,000 BTC between Sept. 28 and Oct. 2 at an average price of $84,422 per coin. The $169 million purchase marked its largest acquisition in four months and brought total holdings to 29,462 BTC.
The timing matters: as of Oct. 2, with Bitcoin trading near $86,000, Strive's position carried an unrealized loss on pa. The company's end-of-September cost basis stood at $90,170 per coin—a $4,170 spread above spot price. This inverted margin reveals the structure of Strive's accumulation strategy: it is buying consistently regardless of price discovery, not waiting for tactical entry points.
The capital flow behind this steady-state buying is mechanical. Strive funds acquisitions primarily through SATA preferred stock sales. In the week ending Sept. 25, SATA issuance accounted for 85 percent of capital raised, up from 70 percent in early September. Each SATA share carries a stated amount of $100 and pays a 13 percent annual dividend—roughly $13 per share per year, distributed daily to preferred shareholders ahead of ordinary shareholders.
This is a recurring revenue model for the treasury function. Strive maintains $284.7 million in cash reserves and carries no debt, sufficient to cover dividend obligations and acquisitions. Because Bitcoin itself generates no yield, the company's arbitrage is structural: it issues high-dividend preferred equity to fund Bitcoin purchases, banking on BTC price appreciation to exceed the dividend drag over time.
Strive's Bitcoin stack has grown 48 percent in dollar terms since July 2024, despite the unfavorable current cost basis. That September 2025 acquisition agreement for Semler Scientific—a healthcare technology firm holding approximately 5,000 BTC—accelerated accumulation. Shareholders approved the deal in January, creating a combined total of about 12,800 BTC. By late April, holdings reached 14,557 BTC; by mid-August, 20,246 BTC; now 29,462 BTC.
The company ranks fifth among publicly traded Bitcoin holders, behind Strategy, Twenty One Capital, Metaplanet and Marathon Digital. Twenty One Capital leads with 43,514 BTC. Strive trails the second-largest holder by approximately 14,052 coins—a gap it is actively narrowing through sustained issuance.
