Strive CEO Matt Cole Hints at Increasing Bitcoin Holdings Next Week
Strive CEO Matt Cole has posted a Bitcoin holdings Tracker chart on social media, following Michael Saylor's example, with the caption "Think ₿igger," suggesting an announcement of further Bitcoin purchases next week.
On October 5, he disclosed that Strive purchased 2,000 BTC at an average price of $84,422, totaling approximately $169 million, raising the company's total holdings to 29,462 BTC. Of this funding, 61.5% came from the issuance of SATA preferred shares, with warrants contributing $56.6 million.
This purchase marks the company's third-largest single acquisition in history, following the approximately 5,816 BTC from the merger with Semler Scientific and 2,500 BTC in mid-2026. In the third quarter, the company acquired a total of 8,137 BTC at an average price of $78,885.
Strive's total holdings have an average cost of around $90,400 to $90,700. The company stated it will continue to increase its leverage ratio while Bitcoin is below $100,000 and plans to maintain a debt-free status. As of September 30, the leverage ratio was approximately 55.3%, with SATA preferred shares totaling about $1.29 billion.
The company aims to maximize total returns for common shareholders through continuous issuance of preferred shares and warrants to finance Bitcoin purchases, further driving up the leverage ratio.
In the corporate Bitcoin treasury model, such anticipatory posts serve as event-driven signals to attract market attention to potential buying, with funds primarily flowing into Bitcoin from equity and preferred share financing channels, benefiting holding companies and related shareholders, while financing dilution and leverage risks are under pressure.
The company's stock code is ASST, and it has also disclosed key financial metrics for the third quarter and established a maximum $500 million SATA repurchase plan.
Source: Public Information
ABAB AI Insight
Matt Cole previously shifted Strive from anti-ESG asset management to a Bitcoin treasury model, publicly borrowing from Michael Saylor's strategy of continuous accumulation and anticipatory communication. Historically, the company has financed Bitcoin purchases multiple times through SATA preferred shares and warrants, and completed a merger with Semler Scientific to rapidly expand its holdings, growing from a low base to nearly 30,000 BTC.
The funding path involves raising capital through preferred shares and warrants, directly converting it into on-chain or OTC Bitcoin purchases to increase leverage ratios and amplify common stock exposure to BTC prices. The motivation is to accelerate accumulation while Bitcoin is at relatively low levels, reinforcing the company's positioning as a high-leverage Bitcoin proxy rather than merely holding cash.
This is similar to MicroStrategy's (now Strategy) path of continuously buying Bitcoin since 2020 through convertible bonds, ATM issuances, and preferred shares, and is close to the leveraged accumulation models of Asian treasury companies like Metaplanet. Currently, Strive is in a phase of rapidly expanding its holdings and optimizing its capital structure, attempting to improve its ranking in the corporate Bitcoin treasury space.
Essentially, this represents capital concentration: companies convert retail and institutional funds into concentrated Bitcoin holdings through equity and preferred share financing, strengthening the influence of leading treasury companies on marginal demand and narrative pricing power, driven by innovations in financing tools and market demand for BTC proxies.
ABAB News · Cognitive Law
- Anticipatory accumulation is a rehearsal for pricing power.
- Treasury = Financing × Holdings × Leverage.
- Retail buys coins, companies sell leverage.