Strive (ASST) bought another 21 Bitcoin between July 13 and July 17, 2025, spending about $1.3 million at an average price of $63,221 per coin. The purchase was disclosed in an 8-K filing with the SEC on July 21. CEO Matthew Cole said the company is buying Bitcoin 'hand over fist' and is funding the accumulation through perpetual preferred equity rather than convertible debt — a structure he says avoids the risk of forced selling if the stock drops.
Perpetual preferred equity strategy
Strive isn't using convertible notes like many of its peers. Instead, it's issuing perpetual preferred shares to raise cash for Bitcoin purchases. Cole argues that approach gives the company more flexibility — no debt maturity, no conversion that could dilute common shareholders at a bad time. The company has said it wants to build a $4.2 billion war chest for further Bitcoin buys. As of July 17, Strive held $157.4 million in cash and cash equivalents, up from $154.1 million a week earlier.
Strive's Bitcoin war chest
The latest purchase brings Strive's total Bitcoin holdings to 19,921 BTC, worth roughly $1.3 billion at current prices. That puts Strive among the top ten public corporate holders of Bitcoin. The leader remains Strategy (formerly MicroStrategy) with 843,775 BTC. Strive built its treasury in part through acquisitions — including Semler Scientific, which added over 12,000 BTC. The average cost of the latest buy, $63,221, is below Strive's earlier average acquisition cost, meaning the company is averaging down.
Share count and the bottom line
Strive's Class A shares outstanding increased to 73,869,961 from 73,426,164, while Class B shares dipped slightly. The company also holds 505,000 shares of Strategy's Variable Rate Series A Perpetual Stretch Preferred Stock (STRC), whose fair value fell to $43.1 million from $44.2 million. Strive reported a $393 million loss in its first six months as a public company, which it attributed to the accounting treatment of its Bitcoin holdings and share issuance. That's a big number, but it's mostly non-cash — tied to how GAAP treats digital assets and the equity-linked financing.
Strive has said it aims to build a $4.2 billion war chest for further Bitcoin purchases. The company hasn't given a timeline, but with cash reserves growing and a financing structure that doesn't force sales, it has room to keep buying. The next SEC filing will show whether the pace picks up or slows down.
