Strive Buys 1,800 Bitcoin and Moves Into No. 5

Strive, Inc. bought 1,800 bitcoin for $143.0 million during the week of August 24 through August 28, lifting holdings to 23,156 BTC and moving the company past Bullish into the fifth-largest bitcoin balance sheet in public equity markets.

In an 8-K filed with the SEC on August 31, 2026, the company reported an average purchase price of $79,431 per bitcoin, inclusive of fees and expenses. It is Strive's largest weekly purchase since the week reported June 2, when it added 2,500 BTC, and follows a 1,110 BTC purchase the week prior.

The buy was funded entirely by two at-the-market programs. Strive issued 803,099 shares of Variable Rate Series A Perpetual Preferred Stock, which trades as SATA, raising $80.3 million at the $100 par value. It issued 3,579,147 shares of Class A common stock for roughly $74.3 million, an implied average of $20.75 a share. Total proceeds came to about $154.6 million, of which $143.0 million went to bitcoin and $11.6 million to cash.

Preferred issuance nearly doubled. Strive sold 441,313 SATA shares the prior week and 803,099 this week. Friday marked seven consecutive days of SATA trading at par, after nine weeks trading below driven by depressed bitcoin prices. During this window, Strive's preferred equity ATM program was on pause. The company's policy is issuing shares into strength when SATA trades at $100.

Common issuance was flat by comparison, 3,579,147 shares against 3,646,300, even though ASST dollar volume more than doubled week over week. The stock traded between $18.55 and $24.38 during the period and closed at $22.80 on Friday. Strive's $20.75 average sits below the week's midpoint, which suggests the company was formulaic with their issuance strategy rather than pushing full on into the price rally.

Cash and cash equivalents rose to $183.5 million from $171.9 million. The STRC position held flat at 505,000 shares, so the $581,000 increase in fair value was mark-to-market rather than a purchase. That position ended the week at $49.2 million.

The two together give Strive $232.7 million against its preferred dividend obligation. SATA float now stands at 9,073,914 shares, a $907.4 million liquidation preference carrying a 13% rate, or $118.0 million a year. Cash plus STRC covers roughly 23.7 months of that obligation.

Strive has been extending that cushion. Chief Executive Matt Cole said on the Bitcoin Treasuries podcast in July that the company brought SATA to market with 12 months of coverage and built it to 18 months of STRC value plus dollars. It is now carrying nearly 24. Cole also argued in that interview that a bear market is when a treasury company should let its amplification ratio run to the high end rather than constrain it, since bitcoin is cheap on a cyclical basis.

The No. 5 spot

At 23,156 BTC, Strive passes Bullish, which holds 22,000, and takes the fifth position on our leaderboard of public bitcoin treasury companies. Strategy leads at 845,050 following its own purchase of 4,603 BTC reported the same morning. Twenty One Capital holds 43,514, Metaplanet 43,000 and MARA Holdings 35,577. SpaceX sits below Strive at 18,712.

Bitcoin Standard Treasury Company holds 30,021 BTC and would otherwise rank ahead of Strive. Its business combination with Cantor Equity Partners I (NASDAQ:CEPO) was terminated on August 20 under a Termination and Release Agreement signed by BSTR President Adam Back. BSTR agreed to pay Cantor $15 million, $10 million due September 19 and $5 million due December 1, and said it intends to withdraw its Form S-4. The private placements tied to the deal terminated automatically. Cantor Fitzgerald & Co.'s engagement letters as lead placement agent and as CEPO's financial advisor were also terminated.

BSTR has not announced an alternative route to public markets.

A note on our methodology

BSTR remains listed on the leaderboard at its position by holdings, marked with an asterisk. It does not hold a numbered rank. The company has no active agreement to list in public equity markets following the August 20 termination, and our leaderboard ranks companies with public equity or a pending path to it. Strive therefore takes No. 5 and Bullish No. 6.

This is a transitional treatment, not a removal. BSTR's holdings, filings and data remain on the site. If the company announces a new listing agreement, it returns to the numbered ranking at its position by holdings. We are monitoring for that announcement.

Sources: Strive, Inc. Form 8-K filed August 31, 2026. BSTR Holdings, Inc. Form 8-K filed August 20, 2026. Strategy Inc. Form 8-K filed August 31, 2026. Nasdaq market data.