Strive just dropped $185.2 million on 2,500 bitcoin, according to an SEC Form 8-K filed June 2. The purchase brings the firm's total hoard to 19,000 BTC, making it one of the top ten publicly traded corporate holders of the asset. CEO Matt Cole, who used to manage a $70 billion portfolio at CalPERS, has been steering Strive hard toward a bitcoin treasury model — and this buy is the biggest sign yet that he's not letting up.
The $185M buy
Strive paid an average of $74,092 per coin for the latest tranche. The company now sits on 19,000 BTC, a position that puts it in the same conversation as MicroStrategy and a handful of other corporate whales. Cole took over last year and quickly reoriented the firm from its anti-ESG roots into structured finance and bitcoin accumulation. The filing didn't say exactly when the purchase settled, but it happened before the June 2 disclosure.
Funding the next wave
Strive isn't done loading up. The company plans to expand its at-the-market fundraising programs by a combined $4.2 billion — $2.1 billion each in common stock and SATA preferred stock offerings. That's a lot of dry powder for more BTC buys. Strive's SATA preferred stock is an unusual product: it targets a $99–$101 trading range, pays a 13% annual dividend (effective yield about 13.88%), and aims to become the first U.S.-listed security to hand out cash dividends every business day. The company also reported $137.3 million in cash and maintains an 18-month dividend reserve, so the treasury isn't stretched thin.
Yield metrics worth watching
Strive's quarter-to-date BTC yield sits at 23.0%, while the year-to-date figure is 36.7%. The amplification ratio — a measure of how much BTC per share the strategy generates — is 57.0%. Those numbers reflect a fairly aggressive accumulation pace, especially when you consider the plan to raise another $4.2 billion.
A rare sell order elsewhere
In a bit of a contrast, Strategy (MSTR) sold 32 BTC between May 26 and May 31 for $2.5 million, averaging $77,135 per coin. That's its first sale since December 2022. It's a tiny amount relative to their holdings, but the timing is interesting — while Strive is stacking, the old guard trimmed a sliver. Probably not a trend, but worth noting.
From anti-ESG to bitcoin treasury
Strive was founded in 2022 by entrepreneur Vivek Ramaswamy as an anti-ESG asset manager. The firm went public in September 2025 after shareholders of Asset Entities Inc. approved a merger, and now trades under the ticker ASST. Cole's pivot toward bitcoin as a corporate reserve asset marks a clear shift from the original mandate, but so far investors seem to be going along with it.
Next up: expect Strive to tap those expanded ATM programs soon. With $137 million in cash and a $4.2 billion fundraising runway, Cole has the ammunition to keep buying — and the SEC filing suggests he plans to use it.
