Strive acquires $109 million in bitcoin as corporate treasury trend accelerates

Asset manager Strive has acquired 1,375 Bitcoin for $109 million, boosting its total holdings to 24,531 BTC ($1.9 billion). The purchase was largely funded by its SATA preferred stock, which is nearing a $1 billion milestone. Meanwhile, European competitor Capital B secured a €28.7 million placement backed by cryptographer Adam Back, who now holds a 17.77% stake. These moves highlight an accelerating corporate trend of using complex equity and warrant structures to aggressively accumulate Bitcoin.

Strive bitcoin acquisition

• ▪The purchase of 1,375 Bitcoin increased Strive's total holdings to 24,531 Bitcoin, which is valued at approximately $1.9 billion.
• ▪Strive's cash and cash equivalents increased from $183.5 million to $202.6 million during the week of its Bitcoin acquisition.
• ▪Strive's Bitcoin holdings grew by 5.9% week-over-week and 21.1% over a three-week period ending September 4, 2026.
• ▪Strive acquired 1,375 Bitcoin for approximately $109 million between August 31 and September 4, 2026, at an average price of $79,281 per coin.

SATA preferred stock mechanism

• ▪Strive's SATA preferred stock reached approximately $999 million in notional value outstanding, with outstanding shares increasing by 921,511 to nearly 10 million shares.
• ▪Strive raised 70% of the capital for its weekly Bitcoin purchase through sales of its Variable Rate Series A Perpetual Preferred Stock, known as SATA.
• ▪Strive's SATA preferred stock pays a fixed annual dividend of 13% and is designed to raise capital near its $100 face value without diluting common shareholders.

Adam Back Capital B stake

• ▪Adam Back's ordinary share ownership in Capital B stands at approximately 17.77% following his recent private placements.
• ▪If Adam Back fully exercises the warrants from his September 2, 2026 placement, Capital B would receive an additional €49.4 million in capital.
• ▪Adam Back committed capital across multiple rounds of Paris-listed Capital B, completing a €28.7 million private placement to purchase 376 Bitcoin.

Bitcoin treasury company rankings

• ▪Strive is the fifth-largest corporate Bitcoin treasury globally, ranking ahead of SpaceX, Coinbase, and Trump Media and Technology Group.
• ▪Capital B holds 3,521 Bitcoin, ranking among the top 30 publicly listed companies globally and sitting 84 coins behind Germany's Bitcoin Group SE.
• ▪Strategy remains the largest public Bitcoin treasury with 845,050 Bitcoin, and did not buy or sell Bitcoin during the week ending September 4, 2026.
• ▪Strive is attempting to close a 19,000 Bitcoin gap with Twenty One Capital, which holds approximately 43,500 Bitcoin as the second-largest public Bitcoin treasury.

Corporate treasury funding strategies

• ▪Capital B measures its treasury performance using 'BTC Yield,' which stood at 2.17% year-to-date as of September 7, 2026.
• ▪Strive has more than $700 million in outstanding warrants that could unlock up to $1.4 billion in additional capital for future Bitcoin purchases.
• ▪Corporate Bitcoin treasuries raise capital through specialized equity structures, such as Strive's SATA preferred stock and Capital B's French ABSA warrant-attached shares.

Debatable claims

• ▪BTC Yield is a misleading metric for evaluating corporate performance
• ▪Strive's aggressive Bitcoin accumulation poses an unacceptable risk to its shareholders

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