Strive buys 1,375 Bitcoin for $109M

• Strive, Inc. has bought 1,375 Bitcoin for about $109 million.
• The purchase lifted its holdings to 24,531 Bitcoin as shares fell 3.5% after the market opened.
• Its SATA preferred stock has reached nearly $1 billion in outstanding notional value.

Strive, Inc. has bought 1,375 Bitcoin (CRYPTO:BTC) for about $109 million, lifting its holdings to 24,531 BTC.

The company bought the Bitcoin between August 31 and September 4 at an average price of $79,281 per coin.

The purchase has taken place as Strive’s SATA preferred stock has approached $1 billion in outstanding notional value.

SATA shares rose by 921,511 during the week to 9.995 million, while Strive’s cash and equivalents increased to $202.6 million.

Following the announcement, Strive shares fell 3.5% to about $26.20 shortly after Tuesday’s market open.

Strive would need to buy about 1,200 BTC each week to overtake Twenty One Capital this year, based on The Block’s calculation.

The latest purchase comes after Strive bought 1,800 BTC for about $143 million the previous week, while its Bitcoin holdings have continued to expand through SATA funding.

At the time of reporting, Bitcoin price was $78,676.61.