Strive Buys $109M More Bitcoin, Tops 24,500 BTC

Highlights

Strive bought 1,375 more bitcoin for roughly $109 million, lifting its total holdings to 24,532 BTC.
The purchase caps a run of about 29 disclosed buys in 2026, growing Strive's bitcoin stack more than 225% this year.
Strive now ranks as the fifth-largest publicly traded corporate bitcoin holder, behind Strategy, Twenty One Capital, Metaplanet and MARA Holdings.
The company's average cost basis sits in the mid-$90,000s per coin, meaning its position currently carries a significant unrealized loss.

Strive Adds 1,375 BTC in Latest Buy

Strive, the bitcoin treasury company backed by Vivek Ramaswamy, bought another 1,375 BTC for roughly $109 million, pushing its total holdings to 24,532 bitcoin. The purchase is one of roughly 29 disclosed buys the company has made so far in 2026, a pace that has grown its treasury by more than 225% since the start of the year.

CEO Matt Cole, who runs Strive's day-to-day accumulation strategy, has taken to previewing purchases ahead of formal disclosure, part of what the company frames as a transparent approach designed to maximize bitcoin exposure per share for investors.

From Semler Scientific Roots to a Top-Five Treasury

Strive's bitcoin treasury traces back to its acquisition of Semler Scientific, which contributed an initial 5,048 BTC to the balance sheet before Strive began layering on additional purchases funded largely through common stock offerings and its SATA preferred stock. That funding approach has kept the company close to debt-free after it retired legacy obligations tied to the Semler deal, a contrast to some peers that have leaned more heavily on convertible debt to fund treasury growth. The buildout has been rapid: Strive entered the top 10 public bitcoin treasury holders earlier this year with a fraction of its current stack, and the latest purchase now places it fifth among publicly traded corporate holders, trailing only Strategy, Twenty One Capital, Metaplanet and MARA Holdings — a climb Strive has previously said it wants to extend toward the No. 2 spot using additional warrant-based funding. Strive's aggregate average cost basis across its full position sits in the mid-$90,000s per coin, a level reached during a period of higher bitcoin prices earlier in the year, while its most recent purchases — including this one and an August buy of 1,800 BTC for $143 million — have come in closer to the high-$70,000s per coin, meaning the company has continued buying through a period of comparatively lower prices even as its blended cost basis remains well above the current market.

An Aggressive Bet That Is Currently Underwater

The gap between Strive's mid-$90,000s cost basis and bitcoin's recent trading range near the high-$70,000s means the company's overall position currently carries a substantial unrealized loss, a dynamic that has drawn scrutiny from analysts skeptical of newer corporate bitcoin treasury vehicles that scaled up quickly during 2025's higher price environment. Unlike Strategy, whose average cost basis has been built up gradually since 2020 across multiple bitcoin cycles, Strive assembled the bulk of its position far more recently, leaving it more exposed to drawdowns from any single price cycle. The company's continued buying through the current dip mirrors a pattern seen elsewhere among corporate treasury vehicles this year, including smaller real-estate-linked treasuries that have kept adding to their own bitcoin allocations: firms with a stated mandate to accumulate a fixed amount of bitcoin per share tend to keep buying through price weakness rather than pause, on the theory that near-term price moves matter less than the long-run trajectory of a scarce, fixed-supply asset. Whether that approach proves durable will depend heavily on Strive's ability to keep raising capital through equity and preferred issuance without diluting existing shareholders faster than its bitcoin-per-share metric improves — a balance that becomes harder to strike the longer bitcoin's price stays below the company's cost basis.

What to Watch Next

The next signal to watch is whether Strive's pace of disclosed purchases continues at its 2026 cadence of roughly one every one to two weeks, or slows as the unrealized loss on its position widens. Investors will also be watching Strive's next capital raise for signs of whether demand for its common and preferred stock offerings holds up while the company's bitcoin position remains underwater, since continued access to cheap capital is what has allowed the 225% treasury growth this year in the first place. A sustained bitcoin recovery back above the mid-$90,000s would flip Strive's position to a paper profit and likely validate the aggressive accumulation strategy in the eyes of skeptics.

FAQ

How much bitcoin does Strive now hold?
Strive holds 24,532 BTC after its latest purchase of 1,375 coins for roughly $109 million, making it the fifth-largest publicly traded corporate bitcoin holder.

Is Vivek Ramaswamy running Strive's bitcoin purchases day to day?
Ramaswamy is Strive's founder and backer, but CEO Matt Cole oversees the company's ongoing bitcoin accumulation strategy and purchase disclosures.

Is Strive's bitcoin position profitable right now?
No. Strive's aggregate average cost basis is in the mid-$90,000s per coin, while recent purchases have come in near the high-$70,000s, meaning the overall position currently shows a significant unrealized loss.

How does Strive fund its bitcoin purchases?
Strive finances its buys mainly through common stock offerings and its SATA preferred stock, and has kept the company nearly debt-free after retiring legacy obligations from its Semler Scientific acquisition.