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Strive added 3,156 BTC to its balance sheet in August, lifting its total stash to 23,156 BTC worth nearly $1.9 billion. CEO Matt Cole said the company could end 2026 as the second-largest public bitcoin holder, a rank currently held by Twenty One Capital at 43,514 BTC. The claim came on the One Share podcast on Wednesday, where Cole walked through the math and the funding levers behind the push.
Why it matters
The path to second place is a specific math problem. Strive needs roughly 1,200 BTC per week for the 17 weeks left in 2026 to surpass Twenty One, assuming Twenty One does not buy more. That pace is well within reach given Strive averaged around 789 BTC per week in August, after buying just 136 BTC in July when bitcoin sat in the low $62,000 range.
The funding lever is $700 million in outstanding Strive (ASST) warrants expiring mid-October with a $27 exercise price. ASST closed at a year-to-date high of $26.84 on Thursday, less than 1% below the strike, meaning a modest move above that threshold unlocks $700M for bitcoin purchases. Cole pegged another $700M in digital credit capacity as available on top, totaling roughly $1.4 billion of dry powder if the warrants convert.
Market impact
Strive has already passed crypto exchange Bullish to rank fifth among public bitcoin treasuries. ASST has outperformed the top 10 public bitcoin treasury stocks by an average of 82% year-to-date, according to Bitcoin Treasuries data. Cole also repeated his long-term call that bitcoin could climb above $500,000 by 2030, though he stressed Strive's balance sheet does not depend on that price path. The more immediate watch: whether ASST clears the $27 strike before mid-October expiry.
Frequently asked questions
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How much bitcoin does Strive currently hold?
Strive holds 23,156 BTC, worth nearly $1.9 billion, after adding 3,156 BTC in August alone. That stash ranks fifth among public bitcoin treasury companies.
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Who holds the second-largest public bitcoin treasury today?
Twenty One Capital holds 43,514 BTC, the second-largest stash among public bitcoin treasury companies. Twenty One has not acquired any new bitcoin since July 2025.
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How much would Strive need to buy to overtake Twenty One?
Strive needs roughly 1,200 BTC per week for the 17 weeks left in 2026 to surpass Twenty One Capital, assuming Twenty One does not buy more. That pace is similar to what Strive averaged in August.
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What role do the ASST warrants play in the bid?
Strive has $700M in outstanding warrants expiring mid-October with a $27 exercise price. ASST closed at $26.84 on Thursday, less than 1% below the strike, and Cole estimated another $700M in digital credit capacity could follow conversion, totaling roughly $1.4B of dry powder.
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How has ASST performed versus other bitcoin treasury stocks?
ASST has outperformed the top 10 public bitcoin treasury companies by an average of 82% year-to-date, according to Bitcoin Treasuries data.
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