Strive, Inc. moved on weakness in bitcoin’s price, acquiring 2,500 BTC for roughly $185.2 million at an average of $74,092 per coin. The purchase, disclosed via an SEC Form 8-K filing on June 2, lifts the Dallas-based treasury company’s total bitcoin holdings to 19,000 BTC — planting it among the top ten publicly traded corporate holders of the asset.
Strive launched in 2022 as an anti-ESG asset manager, founded by entrepreneur Vivek Ramaswamy with a focus on shareholder-first capital allocation. In September 2025, shareholders of Asset Entities Inc. approved a merger with Strive Enterprises to form a combined, publicly listed entity under the ASST ticker.
The transaction gave Strive an initial 69 BTC through a Section 351 exchange and opened the door to large-scale bitcoin accumulation.
CEO Matt Cole, who previously managed a $70 billion portfolio at CalPERS and held direct relationships with the Fed and Treasury during quantitative easing, reoriented the company toward structured finance and a bitcoin treasury model.
Under his leadership, Strive has grown from zero BTC to 19,000 in under a year, using a mix of equity offerings, its Variable Rate Series A Perpetual Preferred Stock (SATA), and capital markets activity to fund purchases.
Strive (ASST) also said yesterday it plans to expand its at-the-market fundraising programs by $4.2 billion, increasing both its common stock and SATA preferred stock offerings by $2.1 billion each to accelerate Bitcoin accumulation.
Strive’s capital structure behind the buys
Strive’s ability to keep acquiring bitcoin at scale depends on its layered capital structure. SATA, its perpetual preferred shares listed on Nasdaq, targets a $99–$101 trading range and is designed to minimize volatility while generating recurring dividends.
The company pairs this with Class A and Class B common equity and cash reserves. In the June 2 filing, Strive reported cash of $137.3 million, up $44 million over the measurement period, and confirmed it maintains an 18-month dividend reserve.
The quarter-to-date BTC yield stands at 23.0% and the year-to-date yield at 36.7%, with an amplification ratio of 57.0%. These metrics matter because Strive frames its performance not in dollar returns but in bitcoin-denominated terms — the goal being to outperform raw BTC exposure and justify the equity premium.
The backdrop for Strive’s purchase is the first confirmed bitcoin sale by Strategy (Nasdaq: MSTR) since December 2022. Between May 26 and May 31, Strategy offloaded 32 BTC for $2.5 million at an average of $77,135 per coin — a fraction of its 843,706 BTC treasury but a departure from its pure-accumulation posture.
The proceeds went toward funding preferred stock dividends (STRF, STRC, and related instruments), with a $900 million USD reserve earmarked for obligations.
Strive plans to make its SATA preferred stock the first U.S.-listed security to pay cash dividends every business day, maintaining a 13% annual dividend rate that compounds to an effective yield of about 13.88% while backing the strategy with a growing Bitcoin treasury.
The company says the structure is designed to appeal to income-focused investors seeking frequent cash flow, while also providing exposure to Bitcoin through a debt-free balance sheet and continued Bitcoin accumulation strategy.
