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Ahmed Balaha
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Vivek Ramaswamy Strive Asset Management just passed Tesla on the corporate Bitcoin leaderboard.
The firm now holds 13,310.9 BTC worth roughly $944 million, claiming the 10th spot among public treasury holders. Tesla’s 11,509 BTC is now behind them.
The update came alongside Q4 results that also confirmed a dividend hike for SATA preferred stock to 12.75% and a $50 million investment in Strategy’s STRC preferred stock.
Strive is not just talking about Bitcoin. It is building a treasury to match.
- BTC Holdings: Strive now holds 13,310.9 BTC (~$944M), surpassing Tesla to enter the top 10 public treasuries.
- SATA Dividend: The board hiked the dividend on SATA preferred stock to 12.75% to attract yield-focused capital.
- STRC Investment: The firm deployed $50 million into Strategy’s STRC preferred stock to generate yield on its balance sheet.
Ramaswamy Strive’s Bitcoin Capital Stack: Funding the Buy
Strive is scaling its Bitcoin treasury fast using a mix of at-the-market offerings and structured finance instruments.
Since going public in September 2025, the firm has accumulated BTC through PIPE proceeds and its acquisition of Semler Scientific. The latest tranche added roughly 317 BTC.
The capital stack is deliberate. Strive purchased $50 million of Strategy’s STRC preferred stock to fund its SATA dividend program. Holding high-yield Bitcoin-backed instruments like STRC generates the cash flow needed to support the 12.75% payout while maintaining direct BTC exposure at the same time.
The numbers back the approach. Strive reported a Bitcoin Yield of 22.2% in Q4 2025. GAAP net loss came in at $393.6 million driven by fair value declines. But GAAP is not the metric investors in this playbook are watching. BTC per share accretion is. And that number is moving in the right direction.
What It Means for Corporate Adoption: A New Leaderboard
Passing Tesla is more than a leaderboard moment. Tesla has held a static position since its initial buys and partial sales. Strive represents something different entirely. A financial firm actively re-engineering its balance sheet around Bitcoin as a core strategy.
The shift is broader than one company. Institutional crypto is moving from passive holding to active treasury management. Evernorth built a SPAC around XRP reserves.
Strive is proving public markets will award a premium to companies that successfully securitize Bitcoin holdings. The model gives shareholders Bitcoin volatility plus a yield component through the 12.75% SATA dividend. Spot ETFs cannot offer that combination.
CEO Matthew Cole has signaled the accumulation is not slowing down. Over $83 million in cash remains on hand with a $500 million shelf offering still available. The buy walls are staying active.
The infrastructure is built. The capital is deployed. The race for balance sheet supremacy is accelerating and Strive just moved into the top 10.
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