Strive Bought Another 1,355 Bitcoin — and Diluted No One

NEW YORK — Strive said on September 21 it had bought another 1,355 bitcoin for about $107.7 million, at an average price of $79,475, lifting its treasury to 26,355 BTC. What sets the purchase apart is how it was paid for: chief executive Matt Cole said 57.7% of the funding came from SATA, the firm’s perpetual preferred stock, with a further $21.2 million raised through warrant exercises. No common shareholder was diluted to buy the coins.

It is the second buy this month. Days earlier Strive added 469 BTC to cross 25,000, and the SATA program has now surpassed $1 billion in notional value outstanding.

Why the funding source is the story

Bitcoin treasury companies have three ways to raise money to buy coins, and they are not equal. Selling common shares dilutes existing holders every time. Convertible debt has to be repaid or refinanced on a schedule. Perpetual preferred stock sits between them—permanent capital that pays a coupon but never comes due—which is why the firms racing to stack bitcoin covet it.

By leaning on SATA, Strive is copying the financing template Michael Saylor’s Strategy proved out, and using it to add coins without punishing the shareholders it already has.

The contest among bitcoin treasuries is no longer who wants coins most. It is who can buy them without charging the bill to their own investors.

How Strive got here so fast

Strive was a standing-start accumulator until its January 2026 merger with Semler Scientific, which dropped 5,048 BTC onto the balance sheet in a single transaction. From there the company has bought steadily, and 26,355 BTC now places it among the larger publicly traded corporate holders—still far behind Strategy’s 845,050, but climbing.

The risks travel with the model. Preferred stock is permanent for the issuer but a fixed obligation to service, and analysts have flagged Strive’s elevated price-to-sales valuation. Buying at an average of roughly $79,475—near the top of the month’s range—means the coins are underwater the moment price dips. The bet is that permanent, non-dilutive capital compounds faster than the coupon it costs to carry.

Why it matters: the fight to build a corporate bitcoin hoard has become a fight over financing, and Strive is showing that a company can keep stacking without asking its shareholders to pay for it.

The 1,355 BTC purchase, the $107.7 million cost, the $79,475 average price, the 26,355 BTC total and the 57.7% SATA share are per Bloomingbit and CryptoPotato (September 21, 2026). The earlier 469 BTC buy to 25,000 and the 5,048 BTC Semler contribution are per Cointelegraph and Crypto Briefing. Informational only — not financial advice.