TL;DR
- Strive added 3,156 BTC in August and now holds 23,156 BTC, making it the fifth-largest publicly traded corporate Bitcoin treasury.
- More than $700 million in outstanding ASST warrants could unlock major buying capacity if shares clear the $27 exercise price before mid-October expiry.
- To overtake Twenty One Capital for second place, Strive would need roughly 1,200 BTC per week on average through year-end, assuming its rival makes no additional purchases.
Strive Asset Management has accelerated its Bitcoin accumulation, adding 3,156 BTC in August after purchasing only 136 BTC in July. The company now holds 23,156 BTC worth nearly $1.9 billion, making it the fifth-largest publicly traded corporate Bitcoin treasury. The milestone opportunity is that Strive’s rapid August growth has moved it within striking distance of the world’s second-largest public Bitcoin holder. CEO Matt Cole said finishing 2026 in second place is possible, though not his base case and dependent on several favorable factors aligning before year-end. That possibility would represent a dramatic rise in months.
Timely conversation on Bitcoin, $ASST, $SATA & shareholder-aligned incentives.
Bitcoin will be the fastest horse this cycle & Strive is positioned to be the fastest horse amplifying that move.
Bitcoin sentiment is likely too bearish for the 3-5 year macro setup ahead. https://t.co/m8HZYB88D4
— Matt Cole (@ColeMacro) September 2, 2026
Strive’s Warrant Window Could Reshape The Bitcoin Treasury Rankings
A major catalyst could come from more than $700 million in outstanding ASST warrants that expire in mid-October. Their exercise price is $27, while Strive shares reached a year-to-date high of $26.84 on Thursday, less than 1% below that threshold. If the warrants are exercised, Strive could gain hundreds of millions of dollars in fresh capacity for additional Bitcoin purchases. Cole said combining roughly $700 million from warrant conversions with another $700 million of potential digital-credit capacity could create as much as $1.4 billion for Bitcoin accumulation. The stock price now makes that possibility immediate.
The ranking gap remains substantial but mathematically reachable. Twenty One Capital currently holds 43,514 BTC, a little less than double Strive’s treasury, while Strive recently passed Bullish to claim fifth place. With 17 weeks remaining in 2026, Strive would need to purchase roughly 1,200 BTC per week to overtake Twenty One if that company makes no additional acquisitions. The challenge is therefore less about one spectacular purchase and more about sustaining an unusually aggressive acquisition pace. Cole noted that averaging 1,000 BTC weekly would still allow Strive to climb the rankings quickly before December ends.
Strive’s share performance is helping keep that scenario alive. ASST has outperformed the 10 largest public Bitcoin treasury companies by an average of 82% this year, while its proximity to the $27 warrant exercise price could determine whether significant new capital becomes available. The final months of 2026 could turn Strive’s treasury strategy into an unusually high-stakes race between equity performance and Bitcoin accumulation. Cole also predicted Bitcoin could exceed $500,000 by 2030, but stressed that Strive’s balance sheet does not depend on that forecast, keeping the immediate focus on execution rather than price speculation.
