Strive, a Bitcoin treasury and asset management firm founded by Vivek Ramaswamy, has overtaken Galaxy Digital to become one of the largest corporate holders of Bitcoin.
The company’s latest purchase of 7,525 BTC—worth around $162 million—was sourced directly from the open market, lifting its total holdings above Galaxy Digital’s 6,894 BTC, according to BitcoinTreasuries.net.
The Bitcoin acquisition was funded through proceeds from Strive’s recent initial public offering of SATA noncumulative perpetual preferred stock, priced at $80 per share.
The IPO was oversubscribed and expanded before listing on Nasdaq, reflecting strong institutional demand.
Strive’s CEO, Matt Cole, described the strategy as an “innovative model” for corporate Bitcoin accumulation, emphasising that it allowed the company to grow its Bitcoin reserves without issuing new common shares or corporate debt.
Cole called the move a “make or break” moment for the company, stating,
“We have shown the speed and precision to create long-term value with Bitcoin as our hurdle rate.”
The SATA preferred stock structure marks the first time a Bitcoin treasury firm has financed digital asset accumulation exclusively through perpetual preferred equity.
The offering gives Strive flexibility to expand its Bitcoin portfolio while preserving shareholder value in its ASST common stock.
The SATA shares deliver a 12% annual return on capital through adjustable dividends classified as Return of Capital (ROC), a setup favoured for its potential tax advantages.
Strive plans to adjust the dividend rate to keep the stock trading within the $95–$105 range.
Chief Investment Officer Ben Werkman described SATA as combining “the yield-stabilising nature of conservative fixed income with Bitcoin’s capital dollarisation efficiency.”
Chief Risk Officer Jeff Walton added that Bitcoin’s liquidity and transparent market structure make it ideal for modelling risk and return compared to other alternative assets.
Strive’s rapid ascent places it just behind GD Culture Group among the top global corporate Bitcoin holders.
The company’s growth mirrors an intensifying race among publicly listed firms and institutional investors to accumulate Bitcoin as a strategic reserve asset amid changing monetary policy conditions.
Recent weeks have seen several major firms increase their Bitcoin exposure, including Tesla, CleanSpark, and Trump Media & Technology Group.
Institutional inflows into Bitcoin exchange-traded products have also continued to climb, with market rumours suggesting that JPMorgan may have been allocated $340 million worth of BlackRock’s Bitcoin ETF shares.
Strive’s ascent has attracted notable backers, including Peter Thiel, JD Vance, and Bill Ackman, further reinforcing institutional confidence in Bitcoin as a corporate treasury asset.
Founder Vivek Ramaswamy personally increased his stake, acquiring 15,625 shares of SATA stock to bring his total direct and indirect holdings—via the Ramaswamy 2021 Irrevocable Trust—to 142.3 million shares.
The firm has signalled that its latest purchase is unlikely to be its last.
Executives hinted that if market conditions remain favourable, Strive could continue building its Bitcoin reserves at a pace unmatched by peers.
As one insider described it, this is “the first snowflake before an accumulation avalanche.”
Bitcoin’s rally above $105,000 has added to the optimism surrounding corporate accumulation.
Renewed investor confidence followed the resolution of the US government’s temporary shutdown and expectations of a Federal Reserve rate cut.
At the time of writing, Bitcoin trades at $105,297, down 0.8% on the day.
Technical indicators suggest strong upward momentum, with analysts eyeing a breakout above $106,000 that could propel prices toward $111,000.
Market data shows positive volume inflows and a narrowing MACD spread, supporting the case for continued institutional accumulation.
As the global shift toward Bitcoin-backed corporate treasuries gathers pace, Strive’s model of financing digital reserves through perpetual preferred equity could become a reference point for future institutional entrants seeking non-dilutive exposure to the world’s most traded digital asset.
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