Strive closes in on second-largest corporate bitcoin treasury with $511 million purchase

What happened

Strive bought 6,182 bitcoin between Oct. 17 and Oct. 23, raising its treasury to 43,000 BTC, per an SEC filing. The purchase was reported at $511 million. Strive sits fourth among public company holders.

Confirmed

Global impact / market context

A $511 million purchase shows Strive using investor cash to buy bitcoin fast. Each purchase moves it closer to Metaplanet's 44,000 BTC, and the gap is now small, which is only a few weeks of buying at its needed pace.

Analyst inference

Public companies holding bitcoin compete on size. Strategy leads with 848,517 BTC, far ahead of the pack. Strive's $504.4 million cash balance and new $1 billion at-the-market offering, which is a way to sell stock over time, fund more buying.

Analyst inference

What to watch

1. Strive ended Oct. 23 with $504.4 million in cash, up from $317.5 million a week earlier. It needs about 105 BTC bought per week to pass Metaplanet's 44,000 BTC by year-end. Confirmed
2. Strive set up an at-the-market offering for up to $1 billion of SATS preferred stock, a type of stock that typically pays a fixed payout. Proceeds may be used for general corporate purposes. Proposed
3. Watch Strive's weekly bitcoin purchases and share count, which rose about 3.3 million to 118.1 million Class A shares. Faster share sales fund buying but spread ownership, so track both together. Analyst inference

Affected assets

• BTC — Bitcoin

Evidence

• theblock.co