Strive CEO Matt Cole states to amplify further, market interprets it as the company will continue to increase Bitcoin holdings next week
Matt Cole, Chairman and CEO of Strive, a Bitcoin treasury company, stated on Sunday, "Turn amplification up some more," which the market interpreted as the company will continue to increase its Bitcoin holdings next week.
The company is in sync with Michael Saylor, founder of the world's largest Bitcoin treasury company, Strategy: hinting at increasing positions with a short phrase on Sunday and announcing specific purchase sizes on Monday. Cole only used "amplification" this time without directly mentioning buying, indicating that financing tools like preferred shares and warrants will further elevate Bitcoin exposure.
On September 21, Cole disclosed that Strive purchased 1,355 Bitcoins for $107.7 million, with an average cost of $79,475, raising total holdings to 26,355 Bitcoins. The warrants exercised that week contributed $21.2 million in gross revenue, with 57.7% of the fundraising coming from floating-rate perpetual preferred shares (SATA).
In the previous week, the company also bought 469 Bitcoins for $36.6 million at an average price of $77,954, bringing holdings to exactly 25,000 Bitcoins, while the nominal size of SATA had exceeded $1 billion, with a leverage ratio of 53.5%. The company has been increasing its positions for several consecutive weeks from late August to mid-September, with weekly sizes reaching 1,110 and 1,800 Bitcoins.
Strive refuses debt and margin, with funds for purchasing Bitcoins mainly coming from SATA, common stock ATM, and warrant exercises, aiming to maximize the leverage ratio of common stock ASST to Bitcoin without triggering forced liquidation. One of the company's public goals is to challenge the second-largest public market position by the end of the year, still about 17,160 Bitcoins short of Twenty One's 43,514 Bitcoins.
In market mechanics, the buyer is Strive, continuously converting cash into Bitcoin using preferred shares and warrants, while the seller is the spot and OTC counterparties willing to sell during the Sunday narrative window. Funds flow from SATA holders and exercising shareholders to Bitcoin spot, benefiting from the elasticity of ASST to Bitcoin and existing unrealized gains, while the pressure is on SATA's daily dividend coverage and subsequent marginal financing costs. The event-driven characteristics are clear: the Sunday hint itself will price in the expectations for Monday's disclosure.
Source: Public information
ABAB AI Insight
Strive, co-founded by Vivek Ramaswamy, has transformed from an asset manager into a Bitcoin amplification machine: refusing debt, not pledging Bitcoin, and using SATA perpetual preferred shares to generate daily dividends for continuous purchasing ammunition. By fall 2025, holdings are expected to be around 5,000 Bitcoins, and by 2026, they have quadrupled to 26,355 Bitcoins, with the strategy being to first expand SATA and then immediately convert warrant exercise cash into Bitcoin, rather than waiting for profits to buy.
Money flows along two tracks: one is SATA converting fixed income funds into Bitcoin inventory, and the other is ASST warrant exercises locking in cash from call options into spot immediately. The motivation is Cole's repeated emphasis that "the biggest risk is not a pullback, but having too few Bitcoins when it rises above $100,000." Strategically, the remaining weeks of 2026 are seen as a window, aiming to push the ranking from fifth to second with weekly increments of around 1,000 Bitcoins.
Similar cases include Strategy using convertible bonds and preferred shares to build holdings over 800,000 Bitcoins, and Metaplanet and MARA using their domestic capital markets to repeat the same "issue paper to buy Bitcoin" strategy. Strive is in an expansion phase: the leverage ratio has increased from around 40% at the beginning of the year to over 50%, but it has not yet entered a control or transformation phase, as it is still using the same SATA printer to pursue scale rather than contracting or hedging.
The structural judgment belongs to capital concentration. Once the public market turns "Sunday hints, Monday deliveries" into a tradable ritual, companies that can continuously issue preferred shares will concentrate retail and institutional cash into a few Bitcoin treasury balance sheets; pricing power shifts partially from spot exchanges to these companies' financing windows, and the industry chain is reconstructed from "buying Bitcoin themselves" to "issuing income tools to buy Bitcoin." The mechanism is: as long as preferred shares can still be issued at par, the leverage ratio can be elevated further without waiting for operating profits.
ABAB News · Cognitive Law
The hint itself is an accumulation order
Preferred shares are a printing machine, Bitcoin is a warehouse
The upper limit of the leverage ratio is determined by the financing window, not by price