Strive disclosed in an SEC 8-K filing on August 24 that it bought 1,110 Bitcoin between August 17 and 21 for roughly $81.5 million, its largest purchase since June 1. The acquisition brings the firm's total treasury to 21,356 coins and trims its average cost per Bitcoin to $93,257 from $94,345. Even so, the reserve still carries a paper loss of about $292 million.
The numbers behind the buy
The coins were acquired at an average price of $73,409 each, including fees. That's a notable discount to where Bitcoin trades now — at press time, the coin sat at $79,787. Strive has now made three purchases this month: 147 coins in the first week, 79 in the second, and this week's 1,110, with the two smaller buys costing $14.5 million combined.
Since September 2025, Strive has spent $1.99 billion across 29 separate purchases and has never sold a single coin. Its total reserve is currently valued near $1.70 billion, sitting 14.66% below its cost basis.
Why Cole says the bottom is in
CEO Matt Cole told investors in the filing that he believes the Bitcoin bear market is over, pointing to breakouts against both the US dollar and gold. He expressed strong confidence for the next 12 to 18 months. That conviction is a big part of why Strive keeps adding even while its books show an unrealized loss.
The math isn't forgiving. Bitcoin would need to rally about 17% from its current level just to reach Strive's new break-even of $93,257. That's a tall order in a market that's been rangebound, but Cole's not blinking.
The gap with Strategy
Compare that to Strategy, the company formerly known as MicroStrategy. It raised $3.28 billion by selling stock in August but bought no Bitcoin at all. In fact, it has sold 6,916 coins since its last purchase on June 22. Strategy's average cost is $75,385, well below the market, so its position is comfortably in the green — a contrast to Strive's.
The 8-K doesn't outline Strive's next move, and there's no word on whether it plans to slow down. Cole's bet is that the bottom is behind us. The next few months will show whether that's a good read or just a costly one.
