Strive CEO says company could end 2026 as second-largest public bitcoin holder as ASST climbs

Strive CEO Matt Cole said the bitcoin (BTC) treasury company could potentially end the year as the world's second-largest public bitcoin holder after adding 3,156 BTC to its balance sheet in August alone.

Cole pointed to more than $700 million in outstanding Strive (ASST) warrants that expire in mid-October. If the company's shares move above their $27 exercise price, their conversion could give Strive hundreds of millions of dollars to buy more bitcoin.

"Plug your bitcoin estimate of price in for when they get exercised and deploy $700 million into bitcoin, and then have another $700 million of capacity for digital credit," Cole said. "If we were to achieve that, you’re talking about $1.4 billion of capacity potentially to buy bitcoin."

Cole added that he hopes the warrants will be exercised instead of expiring unused, saying the potential result could mark an "electric finish" to the company's 2026 bitcoin accumulation.

Ramping up BTC buys

Strive ramped up its bitcoin purchases in August, acquiring 3,156 BTC in the month, compared to a much slower 136 BTC in July, when bitcoin languished in the low $62,000 range. The firm holds a total of 23,156 BTC worth nearly $1.9 billion.

"If we averaged a thousand bitcoin per week on average, which may or may not happen, that in and of itself is a lot of bitcoin," Cole said. "I think our ability to shoot up the rankings is pretty high right now."

The company currently controls the fifth-largest publicly traded bitcoin treasury, passing crypto exchange Bullish last week. The number two spot is occupied by Twenty One Capital with a stash of 43,514 BTC, a little less than double what Strive holds.

Considering 17 weeks left in the year, Strive would need to purchase roughly 1,200 BTC each week to surpass Twenty One, assuming Twenty One doesn't acquire any more BTC. This is entirely possible, as Twenty One has not acquired any new bitcoin since July 2025.

Cole also predicted that bitcoin could climb above $500,000 by 2030, although he said Strive’s balance sheet does not depend on this outcome.

Strive shares climbed to a year-to-date high of $26.84 on Thursday, placing the stock less than 1% below the warrants’ exercise price. ASST has outperformed the 10 largest public bitcoin treasury companies by an average of 82% this year.