Strive Asset Management's market capitalization surpassed Metaplanet's in the Bitcoin treasury sector, driven by its SATA preferred-stock financing engine and aggressive expansion despite holding fewer coins.
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Strive tops Metaplanet in market cap as ASST jumps 114%
Strive's market cap has surpassed Metaplanet's in the Bitcoin treasury sector despite holding 24,531 BTC, as investors reward its financing-driven growth model over sheer coin accumulation.
"70% of the capital raised last week came from SATA, which now has $999M notional outstanding. Time to break the billion-dollar wall," Matt Cole, chief executive officer of Strive, said on X.
Strive purchased 1,375 bitcoin between Aug. 31 and Sept. 4 for roughly $109 million, or about $79,281 per coin, according to an SEC Form 8-K filed Tuesday. The purchase lifted Strive's corporate treasury to 24,531 BTC, making it the fifth-largest bitcoin treasury company by holdings. SATA, Strive's Variable Rate Series A Perpetual Preferred Stock, pays a 13 percent annualized dividend in cash every business day and trades near par, with management allowed to issue shares through an at-the-market program when it trades above.
The market cap overtake reflects a shift in how investors value publicly traded bitcoin treasury companies, favoring aggressive capital-raising and expansion over passive accumulation. Strive's common stock ASST has risen 114 percent over the past 30 days, while Metaplanet's valuation has lagged despite holding more bitcoin. The divergence could pressure pure-accumulation treasury firms to adopt more dynamic financing structures to stay competitive.
SATA's financing engine
SATA is structurally similar to Strategy's preferred stock, STRC — commonly called Stretch — which pays a fixed dividend and trades near par. Strive's version carries a 13 percent annualized cash dividend paid every business day, and management can issue additional shares through an ATM program when the instrument trades above par. That mechanism lets Strive raise capital continuously without diluting common shareholders at depressed prices.
The financing engine has accelerated Strive's bitcoin accumulation pace. The firm's 24,531 BTC treasury places it behind Strategy, Metaplanet, and other larger holders, yet its market capitalization has overtaken Metaplanet's — a gap the market attributes to Strive's growth trajectory rather than its current coin count.
Valuation gap pressures pure-accumulation rivals
The divergence between Strive and Metaplanet reflects a broader market preference for treasury companies that pair bitcoin accumulation with active capital markets operations. Strategy founder Michael Saylor acknowledged Strive's momentum, replying to Cole's post with "₿1,375" and a rocket emoji.
For Metaplanet and other pure-accumulation treasury firms, the pressure is mounting to diversify their financing approaches. Investors appear willing to pay a premium for companies that can raise capital efficiently and scale their bitcoin holdings rapidly, even if current holdings lag peers. As Strive's SATA approaches the $1 billion notional mark, the firm's ability to sustain its accumulation pace will determine whether it can hold its valuation lead.
This article is for informational purposes only and does not constitute investment advice.
