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Strive CEO Matt Cole just said something you almost never hear from a corporate Bitcoin maximalist: he’s willing to sell.
Cole confirmed that Strive is open to offloading Bitcoin if doing so benefits shareholders, even as the firm commits to being a net buyer of the asset over time. The goal, Cole says, is to outperform Bitcoin itself, not just hold it and hope.
Nearly 20,000 BTC and counting
Strive, which trades on Nasdaq under the ticker ASST, held 19,882 BTC as of early July 2026. That puts it among the top 10 public corporate holders of Bitcoin globally.
The accumulation has been swift. The company’s stash grew from roughly 5,000 BTC in fall 2025 to nearly four times that amount through a combination of equity raises and structured financial instruments. In early June 2026 alone, Strive scooped up 2,500 BTC for $185 million.
Strive carries zero debt. No encumbered holdings. Cole has emphasized that Strive’s balance sheet could theoretically survive Bitcoin dropping to $0.01.
The firm also holds enough reserves to cover 18 months of dividend obligations.
The preferred stock play
One of the more interesting tools in Strive’s toolkit is its Variable Rate Series A Perpetual Preferred Stock, trading under the ticker SATA. The instrument currently yields a 13% dividend rate.
Rather than selling Bitcoin to fund operations or pay dividends, Strive uses structured products like SATA to generate capital. That capital then gets deployed to buy more Bitcoin, amplifying the amount of BTC attributable to each common share.
Cole has also set a base case Bitcoin price target of $120,000 by year-end 2026. The firm wants to generate alpha over a simple buy-and-hold Bitcoin strategy. Cole’s background managing large fixed-income portfolios is clearly influencing how he thinks about Bitcoin treasury management, treating Bitcoin as the benchmark against which all capital allocation decisions are measured.
Acquiring the competition
Strive made waves earlier by acquiring Semler Scientific, becoming the first public Bitcoin treasury company to buy another listed Bitcoin treasury business.
By absorbing Semler Scientific’s Bitcoin holdings and operations, Strive increased its total BTC position without relying solely on open-market purchases or additional equity raises.
What this means for investors
The debt-free approach stands out in a market where several Bitcoin treasury companies have taken on significant leverage. If Bitcoin were to experience a sharp correction, the leveraged players would face margin calls and forced liquidations. Strive’s structure is designed to avoid that entirely.
The 13% yield on SATA preferred stock deserves scrutiny as well. A double-digit yield from a company whose primary asset is a volatile cryptocurrency should raise questions about sustainability, even with the current buffer of 18 months of dividend coverage. Investors should watch whether Strive can maintain that payout without eventually being forced to sell Bitcoin at inopportune times, which would undermine the entire “net buyer” thesis that Cole is pitching.
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