Strive accelerates bitcoin accumulation in push for higher public treasury ranking

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Strive expands bitcoin treasury

Highlights

Strive acquires 1,355 bitcoin for about $107.7 million at an average price of $79,475 per bitcoin between Sept. 14 and Sept. 18, raising its holdings to over $2.25 billion.
TD Cowen increases its ASST price target from $32 to $44, projecting Strive to hold 32,105 BTC by end of 2026, up from its prior estimate of 27,156.
ASST shares drop 1.5% to $29.65 on Monday after peaking at $31.50 premarket as bitcoin surpasses $85,000 and over $648 million in short positions are liquidated.

Latest purchase and funding activity

As reported by The Block, Strive buys 1,355 bitcoin for about $107.7 million between Sept. 14 and Sept. 18, according to a Form 8-K filing with the SEC. The company pays an average of $79,475 per bitcoin over the period, and its total holdings are worth more than $2.25 billion with bitcoin trading around $85,600 on Monday.

The latest purchase also marks the start of warrant exercises tied to Strive's common stock, ASST. Holders exercise nearly 786,000 warrants last week, generating about $21.2 million in gross proceeds, while nearly 58% of the money raised during the week comes through SATA, Strive's preferred stock.

TD Cowen raises its ASST price target to $44 from $32, citing faster-than-expected bitcoin accumulation and growth in bitcoin held per fully diluted share. The firm now expects Strive to finish 2026 with 32,105 BTC, up from its earlier estimate of 27,156.

Market positioning and sector implications

Strive remains the fifth-largest public bitcoin holder, behind Strategy, Twenty One, Metaplanet and MARA. It needs another 17,160 BTC to move past Tether-backed Twenty One's 43,514 BTC, assuming that holding remains unchanged, and with 14 full weeks left in 2026 the company would need to add about 1,226 BTC per week to reach second place.

At the current pace, Strive could overtake MARA, which holds 35,577 BTC, in the latter half of November. Metaplanet, now in third place, holds 43,000 BTC, just below Twenty One.

ASST shares fall about 1.5% in the first hours of trading on Monday to around $29.65 after rising as high as $31.50 in premarket trading, near a one-year high. The update comes as bitcoin climbs above $85,000 for the first time since January, gaining more than 5% in the past 24 hours as at least $648 million in short positions are liquidated.

Strategy also resumes buying after two weeks with unchanged holdings, acquiring 950 BTC for about $75.7 million to bring its total to 846,000 BTC. The company also spends about $174 million repurchasing STRC preferred shares.

Our earlier report on bitcoin’s rebound above $85,000 examined signs that the market may be transitioning out of the recent crypto downturn as fundamentals and capital flows improved. We also noted that, despite the U.S. Senate blocking the Clarity Act, a more supportive stance from regulators and shifting investor positioning helped underpin sentiment, though longer-term certainty still depends on durable legislation.

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