Strive overtakes Coinbase in BTC holdings, replaces Strategy in buying lane with $85M purchase

Strive (NASDAQ: ASST) has bought a fresh batch of 1,109 Bitcoins, according to the firm’s CEO earlier today, for approximately $85.4 million, bringing its total holdings to 16,500 BTC. 

The company has now leapfrogged Coinbase and the selling Riot Platforms to become the seventh-largest publicly traded corporate Bitcoin holder. 

Is Strive replacing Strategy as the top Bitcoin buyer? 

Strive’s purchase took place in the same week that Strategy, the company that started the corporate Bitcoin accumulation trend and holds more than 843,000 BTC, paused its weekly purchases and redirected its resources toward retiring $1.5 billion in convertible debt due in 2029. 

Strive’s CEO, Matt Cole, disclosed on X that the company paid an average of roughly $76,989 per coin for the latest batch of its Bitcoin purchases. The company has made 17 separate Bitcoin purchases since September 2025, when it held just 69 BTC. The value of its total holdings across all purchases now sits at $1.64 billion, with an overall average price of $99,617 per coin.

When Strive completed its acquisition of Semler Scientific in January, it inherited roughly 12,798 Bitcoins and became the 11th-largest public corporate holder at the time. The company’s holdings have exploded since then through the use of a series of at-the-market programs tied to its Class A common stock and its Variable Rate Series A Perpetual Preferred Stock, which trades under the ticker SATA.

Strive now ranks seventh among public companies on the BitcoinTreasuries.net leaderboard, just ahead of Coinbase (16,492 BTC) and Riot Platforms (15,680 BTC). 

Coinbase only needs to buy eight coins to close the gap. Cryptopolitan reported that the gap with Riot, meanwhile, has widened after the company sold 3,778 Bitcoins in Q1 2026 for $289.5 million, citing rising energy costs. Riot’s treasury fell 18% to 15,680 BTC by the end of March.

How does Strive intend to keep pace with its dividend plan? 

Strive facilitates its Bitcoin purchases through SATA because it pays a 13% annualized dividend and has no fixed maturity date. Cryptopolitan recently reported that the initial $149.3 million SATA offering in November 2025 funded Strive’s purchase of 1,567 BTC. 

Strive disclosed in its latest SEC filing that it might refresh its ATM programs for both Class A shares and SATA stock, giving the company additional flexibility for future raises and purchases.

Cash and equivalents rose to $93.3 million from $87.3 million, and Strive holds over $50 million in Strategy’s STRC preferred stock. 

Cole said in May that Strive had eliminated all its outstanding debt, be that short- or long-term. However, the company’s average acquisition cost of $99,617 per coin is well above the current spot price of roughly $77,000, meaning its total position carries an unrealized loss of approximately $373 million.

ASST shares have gained 133% over the past three months, outperforming other Bitcoin treasury companies. The stock closed at $18.21 on Friday and rose 3% in premarket trading on Monday alongside Bitcoin’s move back toward $77,000. On a one-year basis, however, ASST remains down more than 88% from its 2025 high. 

Strive has planned a daily rollout of SATA dividends starting June 16 to fund more purchases.

Cole said the move would make Strive the first listed company to offer daily dividend payouts. Saylor called the model “impressive.”

However, Strategy still holds more than 50 times Strive’s stack, and commands a market capitalization many multiples larger. The firm’s BTC yield of 23.4% year-to-date and its amplification ratio of 45.2%, both disclosed by Cole, suggest the company is growing its per-share Bitcoin exposure at a pace that has caught Wall Street’s attention. Analysts reportedly now see a price target as high as $38 for ASST.

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