Strive acquires 789 BTC, bumping ninth-largest corporate bitcoin treasury over 14,000 BTC

Bitcoin treasury firm Strive has continued buying coins, most recently acquiring 789 BTC for $61.43 million at an average cost of about $77,890 per bitcoin, according to CEO Matt Cole on Monday.

The firm now holds 14,557 BTC, worth about $1.3 billion at bitcoin's current price, according to The Block's data. This makes the firm the ninth-largest holder, ahead of bitcoin miner Hut 8 and behind Coinbase, according to Bitcoin Treasuries.

Like Michael Saylor’s Strategy, Strive also issues a preferred security called the Variable Rate Series A Perpetual Preferred Stock (SATA), designed to maintain a strike price between $99-$100, while offering a variable monthly dividend.

The firm raised about $160 million in SATA’s first offering last year and about $225 million in an upsized follow-on offering.

Strive also recently tightened SATA’s trading range while boosting its dividend yield to 12.75%, and announced plans to work with Tuttle Capital Management to create an ETF that would track SATA and Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock (STRC).

The firm first ramped up its bitcoin accumulation from capital markets activities, including purchasing 5,886 BTC after a PIPE investment and 5,048 BTC from its acquisition of Semler Scientific last year.