Strive Buys $85.4M in Bitcoin, Now 7th-Largest Public Holder

Strive disclosed that it purchased 1,109 bitcoin between May 19 and May 22 for roughly $85.4 million, increasing its total holdings to 16,500 BTC, according to a newly filed Form 8-K. The filing places the company ahead of Coinbase and Riot Platforms in public bitcoin holdings.

The company paid an average of just under $77,000 per coin for the purchases. With 16,500 BTC on its balance sheet, Strive exceeded Coinbase Global, which holds 16,492 BTC, and moved past Riot Platforms, which has reduced its bitcoin holdings this year to help finance expanding AI and data center projects and a growing partnership with AMD.

The filing also reported that Strive has fully repaid all outstanding debt and holds “zero encumbered bitcoin,” removing its bitcoin reserves from collateral arrangements. CEO Matt Cole posted on X that the company’s quarter-to-date BTC yield is 11% and its year-to-date BTC yield is 23.4%.

Strive outlined a plan for its SATA preferred shares that it refers to as a “daily dividend company” strategy. Starting in mid-June, the company said SATA will begin paying cash dividends every business day, with an annual dividend rate of 13%.

Shares of Strive (NASDAQ: ASST) rose more than 4% on Tuesday morning, trading near $19 and just below the company’s year-to-date high. The Form 8-K stated Strive is “evaluating a near-term refresh” of its at-the-market offerings tied to ASST and SATA.

Strive, founded by Vivek Ramaswamy, describes itself as a bitcoin treasury company that holds BTC as its primary asset. The company’s purchase and balance-sheet changes come amid a year in which several miners and crypto firms have adjusted or sold bitcoin holdings to fund operations or return capital to investors.