Strive Surpasses Saylor in Bitcoin Purchases: What Is This Company?

<> does not provide investment advice; the material is published solely for informational purposes. Cryptocurrency is a volatile asset that can lead to financial losses.

In the fall of 2026, Strive, under the leadership of Matt Cole, climbed to the fourth position in the ranking of the largest corporate holders of Bitcoin. Having started actively accumulating cryptocurrency just over a year ago, the company has now begun to outpace the long-time leader, Michael Saylor's Strategy, in purchase rates.

In mid-October, Strive reported another weekly purchase of over 1,200 Bitcoins. At this pace, it has been buying Bitcoins for more than two months, while Strategy's weekly purchases do not exceed 250 BTC, if they occur at all.

At the time of publication, Strive holds 36,818 BTC on its balance sheet. This is already more than the largest mining company in the U.S., MARA Holdings. Apart from Saylor's Strategy, Strive only lags behind Japan's Metaplanet (44,000 Bitcoins) and Twenty One Capital, founded with the support of crypto giant Tether (over 43,500 Bitcoins).

Strive was founded in 2022 by American entrepreneurs Vivek Ramaswamy and Anson Frericks as an asset management company opposing the politicization of corporate America and the imposition of the ESG agenda. The first ETF launched by the company was in August 2022, and by 2025, it managed assets exceeding $2 billion.

Ramaswamy was co-head of the Department of Government Efficiency (DOGE) alongside Elon Musk. Forbes estimates Ramaswamy's net worth at $2.3 billion.

In 2023, Ramaswamy left the company to run for President of the United States in the 2024 elections. Since April 2023, Strive has been led by Matt Cole, the CEO and Chairman of the Board. Before joining the company, he worked for 15 years at CalPERS, overseeing more than $70 billion in actively managed assets. In many sources, Cole is presented as a "long-time Bitcoin investor and supporter."

The change in Strive's policy and the start of Bitcoin investments occurred in 2025 when the company underwent a merger with Asset Entities Inc. The agreement was signed on May 6, 2025, and the deal closed on September 12, 2025. At the same time, the company raised about $750 million in equity financing with the potential for another $750 million upon warrant execution. The shares are traded on Nasdaq under the ticker ASST.

Before the merger announcement, ASST traded at $12, then soared to a multi-year peak of $268 within a few days, nearly a 2000% increase. Since then, the price has significantly decreased, losing over 90% from the peak to levels above $25 on October 20.

Why Strive Chose Bitcoin

According to the company, Bitcoin for Strive is not just a financial instrument but a protective asset against the devaluation of the dollar. Cole described these principles as a simultaneous bet on the decline of the dollar and the rise in the price of Bitcoin.

In documents for the U.S. Securities and Exchange Commission (SEC), Cole wrote that if the U.S. government effectively monetizes debt and the budget deficit is not resolved by either party, the dollar will devalue. Cole claims he reached this conclusion back in late 2016 while observing the actions of the U.S. Treasury and the Federal Reserve when he managed bonds at CalPERS.

"I don't even think it's fair or sufficient to say that Bitcoin is the best answer. Bitcoin is the only answer," he stated, adding that this is why Bitcoin on Strive's balance sheet serves as a non-speculative reserve asset.

He also emphasized that the company's sustainability depends not on the cost of capital but on the ability to maintain a high "Amplification Ratio" without the risk of liquidation.

Cole also points out that Strive has managed to build a protective "wall" around this indicator: the company maintains a high "Amplification Ratio" while also keeping high liquidity, meaning it has enough free funds and instruments to avoid being in a forced Bitcoin sell-off situation.

Where the Funds for Bitcoin Purchases Come From

As a source of capital for purchasing Bitcoins, Strive uses the same approach as its competitor Strategy—raising capital through the sale of debt securities or issuing additional shares.

For example, the execution of warrants in mid-October brought the company about $370 million through the issuance of 13.7 million common shares of ASST. Additionally, the company issues preferred shares SATS with a fixed rate of 15% per annum, according to the website.

As an additional source of income, the company invests in other instruments that generate interest income. For instance, as of mid-October, Strive holds preferred shares of STRC, a competitor of Strategy, worth about $49.3 million, which generates interest income.

STRC is analogous to SATS. Both "prefs" are key instruments for both companies to attract capital for Bitcoin purchases. As of fall 2026, SATA provides better returns, dividends are more frequently paid, and the stock price, unlike STRC, maintains its nominal value.

Strategy had long remained the largest in terms of Bitcoin purchase rates among corporate holders; however, since the summer of 2026, the situation began to change. The company took long pauses in accumulation and even sold Bitcoin, directing funds to buy back preferred shares and strengthen its cash reserves. It only resumed purchases closer to the end of August.

At the same time, Strive continued to replenish its reserves even with small tranches, and by October, it accelerated sharply, adding over 7,000 BTC in just a few weeks. This surge allowed it to surpass MARA and secure the fourth position in the ranking of the largest holders.

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