Strive overtakes MARA by 18 bitcoin after $515 million of purchases
Strive bought 2,822 bitcoin at about $83,266 each, lifting its treasury to 35,595 BTC, 18 more than MARA's 35,577. At $82,000 that margin is worth about $1.5 million, and Strategy still holds roughly 24 times as much.
The Investor · Invest desk
Strive's bitcoin holdings rose to 35,595 BTC. MARA Holdings holds 35,577 BTC. Metaplanet holds 44,000 BTC.
| Figure | Value | Note | Claim |
|---|---|---|---|
| Strive's bitcoin holdings | 35,595 BTC | 2 | |
| MARA Holdings' bitcoin | 35,577 BTC | 3 | |
| Metaplanet's bitcoin | 44,000 BTC | per bitcointreasuries.net | 8 |
What happened
- The 2,822 coins followed a 3,311 BTC purchase made Oct. 5 to Oct. 9 at about $84,500 a coin and announced Oct. 13.
- Warrant holders exercised 273.49 million warrants on Oct. 12 and 13 for expected gross proceeds of $369.2 million.
- On Oct. 13 Strive also proposed 5 million SATS preferred shares, a $500 million offering with a 15% cumulative annual dividend.
- ASST closed Tuesday at $27.59 and had shed 8% by 11 a.m. Wednesday, according to Bitcoin.com.
Why it matters
- Who's exposed exposure Fourth place changes hands on any MARA purchase above 18 coins, so the ranking tells little until one of the two stops buying.
- What it costs cost Warrants dilute shareholders once; the preferred adds a dividend that recurs every year and is owed in dollars, not coins.
- What it limits constraint Cole's year-end goal of second place means passing Metaplanet's 44,000 BTC, 8,405 coins away, or about 1.4 times the latest two purchases combined.
Next story · Invest · 3d ago
Warrant holders exercise $208 million as Strive grows its bitcoin holdings 11.2% in one weekConfirmed6 publishers
Strive had help getting there. It held 29,462 BTC before the two purchases, so the 6,133 coins it added [5] are a 20.8% increase [13], but MARA's 35,577 BTC is a post-sale figure [3], and MARA's own selling is part of why the ranking moved.
Strategy holds about 848,250 BTC [8], and the 6,133 coins Strive bought in a little more than a week equal 0.72% of that [21]. On those numbers Strive is a small holder growing quickly, and Strategy's lead is intact.
Warrants cover only part of the funding. The $369.2 million they are expected to bring in [6] is 72% of the roughly $515 million Strive spent on the two tranches [17], and the 3,311 BTC were bought Oct. 5 to Oct. 9 [4], before the Oct. 12 and 13 exercise [6]. Neither report says how that first purchase was paid for. On the reported figures, holders paid about $27 a share, roughly 2% under Tuesday's $27.59 close [18]. At the roughly $82,000 bitcoin price Crypto Briefing cites [11], the 6,133 coins cost an average of about $84,000 each, 2.4% above it [15].
The next money is the preferred. If all 5 million SATS shares sell, the dividend is $75 million a year, about 915 BTC at $82,000 [19]. Bitcoin.com wrote that investors are weighing the larger holdings against potential dilution and mounting preferred-stock obligations [12].
The two reports also disagree on warrants. Bitcoin.com says none from the PIPE remained outstanding after Tuesday's close, with 94% of traditional warrants exercised overall [7]. Crypto Briefing says 13.7 million of 15.3 million remaining warrants were exercised [22], which would leave 1.6 million [23]. The two may be counting different pools.
We think the 18-coin lead is a snapshot, and that the next leg depends on whether the preferred sells, since 94% of the traditional warrants are already used [7]. We would be wrong if the offering prices and Strive closes the gap to Metaplanet within weeks. The case against us is the pace it just showed: 6,133 coins in a little more than a week [5]. MARA could also widen Strive's lead by selling again, with Strive buying nothing [3].
What to watch
- Whether the SATS preferred prices, and at what size against the proposed $500 million, since it carries a 15% dividend.
- MARA's next holdings update against Strive's 35,595 BTC, because any purchase above 18 coins reverses fourth place.
- Strive's next purchase disclosure, and whether ASST holds near the roughly $27 a share implied by the warrant proceeds.
Information, not investment advice. This story is general information about companies and markets, drawn from cited reporting. It is not a recommendation to buy, sell or hold any security; check the cited sources before acting.
Clarity's read
What the record supports and how the coverage leans. The claims behind it follow.
Reality
- Evidence66
- Adoption
- Not scored
- Hype gap+22
- Incentives58
- Confidence68
Claim ledger
Ranked by verification strength, evidence, and original report placement.
- [1]
CEO Matt Cole announced on Wednesday, Oct. 14 that Strive acquired 2,822 BTC between Oct. 12 and Oct. 13 for $235 million, an average of approximately $83,266 per coin.
- [2]
Strive's bitcoin holdings rose to 35,595 BTC.
- [3]
MARA Holdings holds 35,577 BTC, a figure that fell after a recent sale.
- [4]
Strive announced on Oct. 13 that it bought 3,311 BTC at an average price of about $84,500 per coin from Oct. 5 through Oct. 9.
- [5]
The two transactions together added 6,133 bitcoin to Strive's treasury in little more than a week, about $515 million in acquisitions.
- [6]
Per an Oct. 14 Form 8-K, investors exercised 273.49 million traditional warrants covering about 13.67 million Class A shares between Oct. 12 and Oct. 13, for expected gross proceeds of $369.2 million.
- [7]
By Tuesday's close no traditional warrants from Strive's PIPE transaction remained outstanding, and 94% of traditional warrants had been exercised overall, according to Cole.
- [8]
Strategy holds approximately 848,250 BTC; Metaplanet holds 44,000 BTC and Twenty One Capital roughly 43,500 BTC, per bitcointreasuries.net stats.
- [9]
On Oct. 13 Strive announced plans to offer 5 million shares of its new SATS preferred stock with a 15% cumulative annual dividend and a $100 stated value, a proposed $500 million offering before expenses.
- [10]
ASST closed Tuesday at $27.59, down 0.43%, and had shed 8% by 11 a.m. on Wednesday.
- [11]
Bitcoin was hovering around $82,000 at press time, valuing Strive's holdings at about $2.9 billion.
- [12]
Bitcoin.com wrote that investors are weighing Strive's expanding bitcoin holdings against potential dilution and mounting preferred-stock obligations.
- [13]
Strive held 29,462 BTC before the two purchases, so the 6,133 coins are a 20.8% increase.
- [14]
Strive's lead over MARA is 18 BTC, worth about $1.48 million at $82,000 a coin.
- [15]
The 6,133 coins cost an average of about $83,971 each, 2.4% above the $82,000 price.
- [16]
Strategy's holding is about 23.8 times Strive's.
- [17]
The expected warrant proceeds cover about 72% of the roughly $515 million spent on the two tranches.
- [18]
Implied warrant proceeds are about $27.01 per share, roughly 2.1% under Tuesday's $27.59 close.
- [19]
If all 5 million SATS shares sell, the 15% dividend is $75 million a year, about 915 BTC at $82,000.
- [20]
Strive is 8,405 BTC short of Metaplanet's 44,000, about 1.4 times the 6,133 coins it just bought.
- [21]
The 6,133 coins Strive bought equal 0.72% of Strategy's holding.
- [22]
Strive disclosed that 13.7 million of its 15.3 million remaining warrants had been exercised, bringing in $369 million in gross proceeds.
- [23]
If 13.7 million of 15.3 million remaining warrants were exercised, 1.6 million would be left.
- [24]
Cole wants Strive to finish 2026 as the second-largest publicly traded corporate bitcoin holder.
Sources
2 independent publishers whose own reporting we read for this story.
- cryptobriefing.comStrive stacks 2,822 more Bitcoin, edging past MARA in treasury rankings
1 article · October 14, 2026
- news.bitcoin.comStrive Buys $235M in Bitcoin, Knocks MARA Out of Fourth Place
1 article · October 14, 2026
Topics and entities
Topics
- Warrant and preferred financing
- Bitcoin markets
- Corporate Bitcoin treasuries