Strive has officially passed Coinbase to become the seventh-largest publicly known holder of Bitcoin on corporate balance sheets. The shift, which happened this week as Strive disclosed its latest BTC purchases, underscores how fast the corporate treasury rankings can change when firms pile into Bitcoin as a reserve asset.
How Strive climbed the ranks
Strive, the asset manager co-founded by Vivek Ramaswamy, has been buying Bitcoin in regular tranches since early 2025. The company doesn't announce every purchase, but its quarterly filings and on-chain wallet data tracked by industry observers show a consistent accumulation pattern. That steady drip pushed its stash past Coinbase's corporate holdings — a milestone that few predicted at the start of the year.
Coinbase, primarily a crypto exchange, holds Bitcoin on its own balance sheet as part of its treasury strategy, but its holdings have remained relatively flat. Strive's aggressive buying reflects a different philosophy: using Bitcoin as a long-term store of value rather than an operational hedge.
What the ranking shows
The list of top corporate Bitcoin holders is dominated by MicroStrategy (now Strategy), Tesla, and a handful of mining firms. Strive's leapfrog over Coinbase puts it in the company of Block and Hut 8 Corp. The exact BTC amounts are tracked by various analytics firms, and the rankings shift whenever a company makes a material disclosure.
Strive doesn't break out its Bitcoin holdings in a separate line item, but analysts infer the totals from its SEC filings and blockchain data. The company has been public about its view that Bitcoin is a superior treasury asset, and its actions back that up.
Strive's rise isn't just a vanity metric. It signals that the corporate Bitcoin treasury playbook is expanding beyond the early adopters. More mid-sized firms are considering allocating a percentage of cash reserves to Bitcoin, and Strive's strategy offers a template: accumulate quietly, disclose when required, and let the market catch up.
Coinbase, for its part, hasn't commented on losing the spot. The exchange still holds a significant amount of Bitcoin, but its relative position has slipped as others buy more aggressively.
The timing is notable. Bitcoin's price has been volatile in 2026, but corporate buyers like Strive appear undeterred. They're treating drawdowns as buying opportunities rather than reasons to pause.
What comes next is the open question. Strive could keep climbing the ranks — it's not far from overtaking the sixth-largest holder. Or it could slow its purchases if the market shifts. For now, the firm is buying, and the leaderboard is changing.
