According to Woofun AI, Strive (ASST.US) recently purchased 2,000 bitcoins for about US$169 million through a large-scale increase in holdings. This move brought it significantly closer to MARA (MARA.US) in the competition for the ranking of publicly held bitcoin assets.
Details of the transaction show that Strive completed its largest single purchase since purchasing 2,500 bitcoins on June 2 between September 28 and October 2, with an average purchase price of $84,422. So far, the company's total Bitcoin holdings have climbed to 29,462, with a total market capitalization of around $2.55 billion, but still 6,115 fewer than MARA, which holds 35,577 bitcoins.
According to data compiled by Woofun AI, Strive's financing structure is highly dependent on SATA (SATA.US) preferred stock sales, which contributed 61.5% of the financing amount, while the exercise of warrants brought in $56.7 million in capital. Preliminary third-quarter data disclosed by CEO Matt Cole in the 8-K file indicates that the company purchased 8,137 bitcoins at an average price of $78,885 during the quarter. As of September 30, Strive has nearly $285 million in cash and cash equivalents. Its Bitcoin yield has reached 63.2%, and the ratio of preferred stock and debt to Bitcoin asset value is 55.3%. The company plans to increase this ratio to more than 60% as the price of Bitcoin falls below $100,000.
The evolving competitive landscape has dramatically increased the pressure for Strive to catch up. Japanese company Metaplanet first sold 10,000 bitcoins at the end of the third quarter, then repurchased 11,000 to show liquidity, increasing its holdings to 44,000, surpassing Twenty One (XXI.US), which holds 43,514 bitcoins, and ranks second in the world.
That means Strive is currently 14,538 bitcoins less than Metaplanet. Given that there are about 12 weeks left in the year, if Metaplanet stops purchasing, Strive will need to buy an average of about 1,212 bitcoins per week to reach the target of 44,000 by the end of the year. This is an extremely challenging path to catch up with.
Industry leader Strategy (MSTR.US), led by Michael Saylor, bought 334 bitcoins for $28.7 million last week, with a total holding of 848,000, and is still far ahead. Bitcoin traded at around $86,000 on Monday, and Strive's ASST stock rose about 1.6% to $30.50 within the first hour of opening, while its SATA preferred stock price remained unchanged at a pre-determined face value of $100. In a market full of giants, whether Strive's aggressive holdings increase strategy can reverse ranking disadvantages still depends on subsequent capital efficiency and market fluctuations.