Strive invests $162 million to increase Bitcoin holdings, surpassing Galaxy Digital to rank among the top 5 globally.

In early November 2025, Bitcoin asset management firm Strive, founded by Vivek Ramaswamy, announced the completion of a $162 million Bitcoin acquisition, purchasing 1,567 BTC at an average price of $103,315 per Bitcoin, bringing its total holdings to 7,525 BTC (approximately $780 million), surpassing Galaxy Digital’s 6,894 BTC holdings.

The funding for this acquisition came from Strive’s Nasdaq-listed preferred stock SATA’s oversubscribed IPO, with an offering price of $80 per share, and the proceeds were dedicated to Bitcoin accumulation through a “Bitcoin Amplification Switch” mechanism. Strive also introduced a 12% capital return on capital (ROC) dividend model, joining institutional Bitcoin adopters like Tesla, CleanSpark, and Trump Media, marking further maturity in corporate Bitcoin treasury strategies.

Details of Strive’s Acquisition and Financial Innovation

Strive’s $162 million Bitcoin purchase employs an innovative corporate treasury structure centered on permanent preferred stock financing to achieve “non-dilutive Bitcoin accumulation.” Specifically, the company raised $162 million through Nasdaq-listed SATA preferred shares, all allocated to Bitcoin purchases, while its common stock (ticker: ASST) remains independently traded to avoid equity dilution.

CEO Matt Cole describes this mechanism as the “Bitcoin Amplification Switch”—when Bitcoin prices fall below a target threshold, the company uses preferred stock dividends to buy more BTC; when prices are high, purchases are paused, and cash is accumulated. This design makes Strive the “first fully preferred-stock-financed Bitcoin treasury company,” blending traditional corporate finance with crypto assets.

Transaction-wise, the 1,567 BTC acquired at an average of $103,315 per BTC was about 1.6% below the market price at the time (~$105,000), indicating possible OTC or algorithmic execution to reduce impact costs. Post-acquisition, Strive’s global ranking in BitcoinTreasuries.net moved from 18th to 14th, behind GD Culture Group (8,100 BTC) but ahead of Galaxy Digital (6,894 BTC).

Revenue Model and Investor Return Structure

Strive’s 12% ROC dividend model via SATA preferred shares creates a unique balance between traditional yield products and crypto risk exposure.

According to company disclosures, SATA pays variable monthly dividends targeting an annualized yield of 12%, with payments classified as “capital returns” rather than traditional dividends, offering potential tax advantages—ROC distributions are treated as principal repayment under US tax law, only taxed as capital gains after basis is recovered.

Chief Investment Officer Ben Werkman describes SATA as a “hybrid of traditional fixed income design and modern Bitcoin capital efficiency,” with dividend rates dynamically adjusting based on Bitcoin’s price performance: profits increase dividends when BTC rises, and maintain base dividends when prices fall.

Chief Risk Officer Jeff Walton added, “Bitcoin’s liquidity and transparency make it an ideal underlying asset for risk-aware yield instruments.” This model contrasts with Michael Saylor’s strategy—using debt issuance and equity dilution to accumulate Bitcoin—since Strive isolates dilution risk for common shareholders via preferred stock structures.

Historically, similar structures have proven feasible, as seen with CleanSpark, which raised $1 billion through convertible bonds, achieving a 28% increase in hash rate.

Strive Bitcoin Treasury Core Data

• Acquisition amount: $162 million (1,567 BTC)
• Average cost: $103,315 per BTC
• Total holdings: 7,525 BTC (~$780 million)
• Global rank: 14th (ahead of Galaxy Digital)
• Financing instrument: Nasdaq-listed SATA preferred stock
• Issue price: $80 per share
• Target dividend yield: 12% annualized (ROC model)
• Dividend adjustment range: $95–$105 (price stabilization target)

Industry Trends in Bitcoin Treasuries and Institutional Adoption

Strive’s Bitcoin accumulation reflects a broader trend in corporate treasury allocations in late 2025, with multiple listed companies publicly revealing similar strategies. According to BitcoinTreasuries.net, as of early November, global publicly listed companies hold about 980,000 BTC (roughly $102 billion), a 35% increase since the end of 2024.

This wave is driven by several factors: Bitcoin stabilizing above $100,000 boosts institutional confidence; US spot Bitcoin ETFs’ approval provides liquidity channels; and inflation hedging needs revive during the Fed’s rate-cut cycle. In comparison, Strive’s pace is notably ahead—its 7,525 BTC position was built from scratch in three months, while Strategy added 487 BTC (~$50 million), and CleanSpark raised $1 billion via convertible bonds for mining expansion. Trump Media and Tech Group disclosed a $215 million Bitcoin treasury allocation.

Industry-wise, tech firms (45%), asset managers (30%), and financial service providers (25%) dominate. Strive’s uniqueness lies in its focus as a “pure Bitcoin treasury”—its business model revolves entirely around Bitcoin accumulation and management, rather than holding BTC as a side business or inventory.

Market Impact and Investment Insights from Strive’s Bitcoin Accumulation

Strive’s Bitcoin treasury model offers investors an innovative tool to participate in crypto market dynamics, but with notable risk-return considerations. The 12% target yield on SATA preferred shares is attractive in a zero-interest environment, and the ROC structure offers tax advantages—distributions are treated as principal repayment, taxed as capital gains only after basis is recovered.

However, risks include Bitcoin price volatility affecting dividend payments, limited liquidity of preferred shares on exchanges, and the company’s high concentration in a single asset class. For potential investors, SATA should be viewed as a high-yield debt substitute, with a recommended allocation of no more than 5-8% of fixed income holdings.

In contrast, Strive’s common stock (ASST) provides higher leverage exposure to Bitcoin but with increased volatility. Overall, the successful financing of Strive indicates a shift in institutional acceptance of Bitcoin from experimental to core treasury asset, likely prompting more companies—especially cash-rich but slow-growing firms—to adopt similar strategies. Investors should monitor this trend for potential candidates, such as cash-rich tech or insurance firms considering Bitcoin treasury strategies.

Conclusion

Strive’s $162 million Bitcoin acquisition and its innovative treasury model mark a transition from exploratory to professionalized corporate Bitcoin strategies. By leveraging preferred stock financing and non-dilutive accumulation mechanisms, the company offers a new pathway for public market investors to engage with crypto assets, further deepening institutional adoption. As more firms emulate this approach, Bitcoin’s role as a corporate treasury asset will become more institutionalized, but investors must remain aware of concentration risks and volatility, balancing pursuit of returns with prudent asset allocation.