Published: August 26th, 2026
Strive Asset Management bought 1,110 Bitcoin last week for about $87.5 million as the public company continued to expand its digital asset treasury (DAT) strategy.
According to a filing with the Securities and Exchange Commission (SEC), purchases made between August 17 and 21 took Strive's Bitcoin holdings from 20,246 BTC to 21,356 BTC, worth roughly $1.7 billion. The company paid an average of $73,409 per coin.
Strive also issued millions of new shares to help fund its Bitcoin strategy. Its Class A share count rose by 4.8% to 79.89 million. The company also issued 441,313 shares of SATA, its perpetual preferred stock, taking the total to 8.27 million.
The result solidifies a new reporting metric for companies building cryptocurrency treasuries. Owning more Bitcoin is one part of the equation. Investors also care about how much Bitcoin each share represents.
Strive's Bitcoin holdings increased 5.5% during the week, while its Bitcoin per-fully-diluted share increased by only about 1.4%.
Strive was co-founded in 2022 by Vivek Ramaswamy, the former Republican presidential candidate, and has made Bitcoin accumulation a central part of its corporate strategy. A year ago, it held no Bitcoin. It now owns more than one in every 1,000 of the Bitcoins that will ever exist.
Strive chief executive Matt Cole highlighted that progression in a post on X. He also pointed to a sharp change in investor sentiment towards Strive's shares. He said February 19 marked the bottom of the bear market for ASST, the company's stock, after which sentiment improved considerably.
Strive ended August 21 with $171.9 million in cash and cash equivalents, compared with $154.8 million a week earlier. That leaves the company with a larger Bitcoin position and more cash despite the latest purchases.
The company used at-the-market offerings, allowing it to sell newly issued securities at prevailing market prices. SATA traded around or above its $100 face value during the period, allowing the company to issue the preferred stock without selling below that level.
Japan's Metaplanet provides a useful comparison. The investment firm added 2,823 Bitcoin during the second quarter, spending almost ¥35.9 billion, or about $222 million. Its holdings reached 43,000 BTC by the end of June.
The purchase price averaged roughly $78,608 per Bitcoin, making it Metaplanet's smallest quarterly Bitcoin acquisition in a year. The slowdown was pronounced compared with the 17,473 BTC it accumulated in the third quarter of 2025.
Metaplanet has continued to target 100,000 BTC by the end of 2026 and 210,000 by the end of 2027. At its recent rate of accumulation, those targets look increasingly demanding.
The company's balance sheet also demonstrates the risk attached to aggressive treasury strategies. Metaplanet valued its 43,000 Bitcoin at about ¥409 billion, or $2.5 billion, at June 30. It had paid roughly ¥659 billion, or $4.07 billion, for the holdings. The difference represented an unrealised loss of about $1.5 billion.
Bitcoin fell more than 20% during the quarter, ending June at about $58,800.
Metaplanet has relied heavily on borrowing and bonds to finance its purchases. It has also generated income by selling options against its Bitcoin through a programme called “Bitcoin Income Generation”. New common shares have been issued when the company's market value remained above the value of its Bitcoin holdings.
That premium, usually described as mNAV, is crucial to the treasury-company model. When shares trade above the value of the underlying Bitcoin, issuing stock can increase the amount of Bitcoin attributable to shareholders. When the premium disappears, the same transaction can dilute them.
Bitmine Immersion Technologies bought another 32,447 ETH last week, worth about $81 million, bringing its Ethereum holdings to 5,847,611 ETH as of August 23. The company values the position at roughly $15 billion.
Bitmine's stated ambition is to own 5% of Ethereum's total supply. With about 120.7 million ETH in circulation, that threshold is approximately 6.04 million ETH. Bitmine therefore needs roughly another 187,000 ETH to reach its target.
The timing has been favourable. Ethereum has risen about 31.5% over the past seven days, outperforming Bitcoin's gain of roughly 24% over the same period.
Tom Lee, Bitmine's chairman, described the move as a possible signal of a larger rally. He noted that Ethereum's weekly gain of more than 30% was its strongest since May 2025 and had previously preceded substantial moves higher.
Lee attributed the improving market environment to easier financial conditions, stronger political support for crypto and Treasury purchases of longer-dated bonds.
Bitmine's strategy has another component: staking. The company says 5.07 million ETH, or 87% of its holdings, is staked. It projects annual staking revenue of about $330 million.
Corporate crypto treasuries have become an increasingly visible way for investors to gain exposure to digital assets through public equities. Companies can raise capital, acquire crypto and potentially compound their holdings when their shares trade at a premium to the underlying assets.
Staking, lending or other yield strategies can add another source of revenue, but naturally there are risks attached.
Falling crypto prices reduce the value of the treasury while a narrowing equity premium can limit a firm's ability to raise capital. Debt adds financing costs and preferred securities create additional claims on the company.
Strive's latest purchase captures the tension neatly. Its Bitcoin holdings grew substantially in a single week, yet the Bitcoin represented by each fully diluted share increased much less.
The corporate Bitcoin trade therefore has two numbers to watch. One is the size of the stack. The other is how much of that stack belongs to each investor.
