Strive, the publicly traded asset manager pursuing an aggressive Bitcoin treasury strategy, has purchased another 1,800 Bitcoin for approximately $143 million, pushing its holdings to 23,156 BTC and vaulting the company into the top five publicly traded corporate Bitcoin holders.

CEO Matt Cole confirmed the purchase on Monday, saying Strive acquired the Bitcoin between Aug. 24 and Aug. 28 at an average price of $79,431 per BTC, including fees and expenses.

The latest purchase marks another sharp acceleration in Strive’s Bitcoin accumulation. Just one week earlier, the company disclosed the purchase of 1,110 BTC for approximately $81.5 million at an average price of $73,409 per coin. Across the two transactions, Strive added 2,910 BTC for roughly $224.5 million.

The buying spree has now pushed Strive past crypto exchange and digital asset infrastructure company Bullish, which holds about 22,000 BTC, according to BitcoinTreasuries.net data. Strive now ranks fifth among publicly traded corporate Bitcoin holders, behind Strategy, Twenty One Capital, Metaplanet and MARA Holdings.

Adam Livingston, an adviser to Saturn Credit, highlighted the speed of the expansion, noting that the latest acquisition alone increased Strive’s Bitcoin holdings by roughly 8.4% in just five business days.

Strive turns equity markets into a Bitcoin funding engine

Strive’s rapid rise up the corporate Bitcoin rankings is being powered not only by its conviction in BTC but also by its ability to tap public markets for additional capital.

The company has been using two Nasdaq-listed securities — ASST common stock and SATA preferred stock — through at-the-market issuance programs to fund its Bitcoin purchases. Rather than relying on a single large capital raise, the programs allow Strive to sell securities gradually when market conditions are favorable.

The latest regulatory filing showed that Strive’s Class A common share count increased by about 3.58 million during the week, while its SATA preferred shares increased by more than 803,000.

Although the company did not disclose how much of the $143 million Bitcoin purchase was financed through each program, the simultaneous increase in both securities indicates that equity issuance remains an important part of its treasury strategy.

That approach gives Strive additional firepower to keep accumulating Bitcoin, but it also introduces risks for investors. More common-share issuance can dilute existing shareholders, while SATA carries preferred dividend obligations. Strive has maintained a 13% annualized dividend rate on SATA and began paying declared cash dividends every business day in June.

In June, the company expanded the potential capacity of both its ASST and SATA programs by $2.1 billion each, giving it up to $4.2 billion in additional fundraising capacity.

The strategy is already producing a rapid transformation in Strive’s balance sheet. Including purchases earlier in August, the company added 2,989 BTC in just 15 days. Its Bitcoin treasury has grown from 20,167 BTC on Aug. 7 to 23,156 BTC by Aug. 28.

Despite spending $143 million on Bitcoin during the latest reporting period, Strive’s cash and cash equivalents also increased by $11.6 million to $183.5 million. The company continued to hold 505,000 shares of Strategy’s STRC preferred stock, worth approximately $49.15 million at the end of the period.

Strive also reported earlier in August that it had retired all outstanding short- and long-term debt, giving its Bitcoin strategy a different balance-sheet profile from a highly leveraged treasury operation.

Bitcoin rebound gives corporate buyers fresh momentum

Strive’s latest accumulation comes as Bitcoin and broader risk assets have rebounded sharply. Bitcoin climbed more than 23% from the market recovery that began Aug. 19, recently trading above $81,000 as lower Treasury yields helped support risk appetite.

The renewed institutional appetite is not limited to Strive. Strategy, the world's largest corporate Bitcoin holder, also announced Monday that it had resumed purchases after a pause since June, acquiring 4,603 BTC at an average price of $80,318.

That purchase pushed Strategy’s holdings back above 845,000 BTC following four Bitcoin sales since May.

For Strive, however, the latest acquisition represents more than another addition to its treasury. The company is rapidly closing the gap with the established corporate Bitcoin giants while using public-market financing to keep its accumulation machine running.

At a Bitcoin price of roughly $76,400 at the end of the latest reporting period, Strive’s 23,156 BTC stash was worth approximately $1.77 billion. But with its latest purchase price above the prevailing market level, the strategy remains heavily dependent on Bitcoin’s long-term performance — and on investors’ continued willingness to finance the company’s race for more BTC.