Jeff Walton, Chief Risk Officer of Strive, has revealed that the company is raising $8.1 million in capital every day to expand its Bitcoin holdings. At this pace, Walton estimates, Strive could amass as much as $15.5 billion via preferred share issuance—enough to purchase approximately 175,000 more BTC at current market prices.
Strive ramps up Bitcoin acquisitions
Walton’s assessment, shared on June 3, lines up with a recent surge in Strive’s Bitcoin purchases. Listed on Nasdaq under the code ASST, Strive has been channeling funds raised through its SATA preferred stock program into expanding its BTC reserves. The company now ranks among a select group of publicly traded firms that have made holding Bitcoin on their balance sheets a central strategy.
Currently, Strive’s Bitcoin treasury contains 19,000 BTC. Between May 23 and June 1, the company acquired an additional 2,500 BTC for roughly $185.2 million. Nearly all of these purchases were financed through sales of SATA shares, with an average acquisition cost of $74,092 per coin.
Jeff Walton described the previous week as the largest single week of Bitcoin acquisitions in the company’s history outside of its IPO—surpassing the record set just two weeks prior.
According to data from BitcoinTreasuries.net, Strive now stands as the seventh-largest BTC-holding public company worldwide, surpassing Coinbase with 16,492 BTC and Riot Platforms with 15,680 BTC. As recently as September 2025, Strive held only 69 BTC, but it has executed 17 separate acquisitions since then to reach its current total.
| Company | Bitcoin Holdings |
|---|---|
| Strive | 19,000 BTC |
| Coinbase | 16,492 BTC |
| Riot Platforms | 15,680 BTC |
| Strategy | 843,706 BTC |
Commentary on Strategy’s approach
Walton also weighed in on recent moves by Strategy, the largest institutional Bitcoin holder. Last week, Strategy made headlines for selling 32 BTC worth about $2.5 million to cover preferred stock dividends, sparking questions in the market. Walton argued the transaction should be viewed as part of broader balance sheet management.
He emphasized that this small BTC sale enabled Strategy to simultaneously boost its cash reserves to $29 million—a 3.3% weekly increase.
Walton also pointed out that while Bitcoin’s price has slid 10% over the past 34 trading days, Strategy’s market capitalization has remained relatively stable, slipping only five places among US-listed companies to now rank 233rd.
Regulatory hurdles for the 175,000 BTC target
However, Walton’s projection of Strive acquiring an extra 175,000 BTC relies on several assumptions. To achieve it, the company would need to sustain its current rate of capital intake and direct the entire sum into Bitcoin acquisitions at today’s prices.
In practice, reaching this target would prove far more complex. Issuing $15.5 billion through SATA shares would require further regulatory steps. This includes updated SEC filings, allowing Strive to expand its at-the-market sales programs by $4.2 billion—as the company has previously disclosed.
Quick glossary: The SEC is the US Securities and Exchange Commission. All public companies’ share issuances, disclosures, and at-the-market sales programs are overseen by this agency.
According to Google Finance, ASST shares traded today at $15.43, putting Strive’s market value at around $1.19 billion. Despite more than doubling in the last three months, the stock remains well below its 2025 high.
