Bitcoin asset manager Strive (ASST.US) has completed another round of treasury expansion, purchasing 469 BTC for approximately $36.6 million to bring its total reserves to exactly 25,000 coins, cementing its leading position among institutional holders. Data compiled by market trackers shows the transaction occurred between September 8 and September 11 at an average price of $77,954 per coin including fees, slightly below the prevailing spot price of $78,823 during that period.

Strive (ASST.US) Chief Executive Matt Cole confirmed the purchase was funded through proceeds from its perpetual preferred stock SATA, which has now surpassed $1 billion in notional value. Concurrently, SATA share count increased by 402,541 shares to approximately 10.4 million total. As of September 11, Strive (ASST.US) held $204.2 million in cash and equivalents, along with 505,000 shares of Strategy (MSTR.US) preferred stock STRC valued at roughly $49.8 million.

Following its acquisition of 1,800 bitcoins in late August, Strive (ASST.US) has climbed past Bullish (BLSH.US) to become the fifth-largest publicly traded institutional bitcoin holder. The company, founded by Vivek Ramaswamy in 2022 and merged with Asset Entities (ASST.US) in September 2025, saw its Nasdaq-listed shares jump 7% on Monday to $29, more than doubling over the past month.

With a market capitalization of $2.5 billion, Strive (ASST.US) now surpasses Japanese peer Metaplanet, which holds more BTC but carries a market value of just $1.9 billion. The stock also trades above its warrants with a $27 strike price expiring in mid-October. Should warrant holders exercise, Strive (ASST.US) stands to raise over $700 million in fresh capital. Cole projects that by year-end, Strive (ASST.US) could ascend to become the second-largest publicly traded institutional bitcoin holder, though he emphasized such a milestone is not an explicit objective.