Strive holds 19,882 Bitcoin as CEO flags potential sale strategy

Strive Asset Management's CEO said the firm would sell Bitcoin if doing so benefits shareholders, a rare concession from a corporate Bitcoin holder.

Strive Asset Management holds 19,882 Bitcoin on a debt-free balance sheet but is willing to sell if doing so benefits shareholders, Chief Executive Officer Matt Cole said.

"We are not a passive holder. Our job is to generate alpha over a simple buy-and-hold Bitcoin strategy," Cole said. "If selling Bitcoin is the best way to create shareholder value, we will do it."

The firm accumulated its stash from roughly 5,000 Bitcoin in fall 2025 to 19,882 as of early July, using equity raises and structured financial instruments. In June alone, Strive bought 2,500 Bitcoin for $185 million at an average cost of $74,092 — all now underwater with Bitcoin trading at $46,870, down 63 percent from its October peak of $126,198.

The willingness to sell sets Strive apart from corporate Bitcoin maximalists who treat the asset as a permanent holding. Cole's background managing large fixed-income portfolios shapes his approach: he treats Bitcoin as the benchmark against which all capital allocation decisions are measured, with a base case price target of $120,000 by year-end 2026.

Strive carries zero debt and holds enough reserves to cover 18 months of dividend obligations, Cole said. The firm's Variable Rate Series A Perpetual Preferred Stock, trading under the ticker SATA, yields 13 percent and provides an alternative to selling Bitcoin to fund operations or pay dividends.

The company acquired Semler Scientific earlier this year, becoming the first public Bitcoin treasury company to buy another listed Bitcoin treasury business. The deal added to Strive's Bitcoin holdings without requiring open-market purchases or additional equity raises.

Founded in 2022 by former presidential hopeful Vivek Ramaswamy — who retains an 8.8 percent stake — Strive went public through a reverse merger in September 2025 and pivoted to a Bitcoin treasury strategy in May of that year. It spun off its registered investment advisory business in October 2025.

The debt-free structure provides a buffer that leveraged peers lack. If Bitcoin experiences a sharp correction, companies with significant leverage face margin calls and forced liquidations. Strive's balance sheet could theoretically survive Bitcoin dropping to one cent, Cole said.

Still, the 13 percent yield on SATA preferred stock raises questions about sustainability. Investors will watch whether Strive can maintain that payout without eventually being forced to sell Bitcoin at inopportune times — a scenario that would undermine the "net buyer" thesis Cole is pitching.

This article is for informational purposes only and does not constitute investment advice.