Strive Adds 2,000 BTC and Moves Closer to MARA

Strive bought 2,000 BTC between September 28 and October 2, 2026, raising its holdings to 29,462 BTC. The purchase cost an average of $84,422 per coin, including fees and expenses, according to the company’s Form 8-K.

For shareholders, the purchase strengthens Strive’s claim that it is building a corporate bitcoin treasury rather than making an isolated allocation. It does not put the company close to overtaking MARA yet. The Bitcoin treasuries ranking puts Strive fifth, with 6,115 BTC less than MARA, while Bitcoin Standard Treasury Company sits between the two.

A Larger Position, Not a Lead

Strive held 27,462 BTC on September 25. Its holdings increased by the full 2,000 BTC to 29,462 BTC by October 2.

The purchase also increased Strive’s average quarterly acquisition pace. The company bought 8,137 BTC during the three months ended September 30 at an average cost of $78,885. Its quarter-end holdings were still preliminary and unaudited, with closing procedures unfinished.

MARA holds 35,577 BTC, according to the treasury ranking. Strive would need to add more than three times the size of its latest purchase to pass MARA, and more to clear Bitcoin Standard Treasury’s 30,021 BTC first.

Strive CEO Matt Cole has said second place among public bitcoin holders is possible by year-end, but that it is not his base case. The latest filing does not set out the additional purchases or financing needed to make that happen.

Funding Carries the Signal

The filing does not explain Strive’s motive in any detail. It shows how the company intends to grow the treasury, however, and raises questions about the cost of doing so.

Cole said 61.5% of capital raised during the week came from SATA, Strive’s variable-rate Series A perpetual preferred stock. Warrant exercises generated another $56.7 million.

At September 30, Strive reported $1.294 billion in SATA stated amount and a $168.228 million annualized interest obligation. The same balance sheet showed no debt principal. Preferred stock can still impose a substantial financing burden even when it sits outside the debt category used in that balance sheet.

Strive also set up a facility of up to $500 million to repurchase SATA preferred stock, subject to management deciding that a repurchase would serve the company’s long-term interests. That is a possible offset to the preferred stock overhang, but it is not a commitment to spend the full amount.

The Buy Matters, but Not for One Reason Alone

A 2,000 BTC purchase is meaningful because it represents about one quarter of Strive’s 8,137 BTC purchases for the quarter ended September 30. It also came at a lower average price than the company’s $90,170 average acquisition cost for its September 30 holdings.

Still, the filing does not provide enough evidence to treat the purchase as proof that investors see Strive as a stronger bitcoin treasury vehicle. Strive reported 27,801 satoshis per assumed diluted share, using a bitcoin market price of $83,577, and an Amplification Ratio of 55.3%. The company says it aims to keep that ratio above 60% while bitcoin remains below $100,000.

The more useful test is what Strive buys next and how much preferred capital it must raise to do so. The bitcoin purchase is substantial. The financing structure will determine whether it is a durable treasury strategy or a costly attempt to close the gap with larger holders.