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Strive Bitcoin reserve is pressing ahead with its aggressive Bitcoin accumulation strategy, adding another 1,110 BTC even as the value of its existing holdings remains substantially below what the company paid for them.
The latest purchase cost approximately $81.5 million and pushed Strive’s total Bitcoin holdings to 21,356 BTC, according to a regulatory filing disclosed on August 24. The acquisition reinforces the company’s position among the largest publicly traded corporate Bitcoin holders while putting fresh attention on the risks attached to its treasury strategy.
The move comes at a particularly interesting point for Bitcoin markets. The cryptocurrency has staged a sharp rebound in recent days, trading around the $80,000 area after a powerful weekly rally. Yet Strive’s average acquisition price remains substantially higher than the market price, leaving its treasury underwater on paper.
Strive acquired the 1,110 Bitcoin between August 17 and August 21 at an average price of $73,409 per coin, including fees and expenses. The transaction increased its holdings by roughly 5.5%, from 20,246 BTC to 21,356 BTC.
The latest acquisition was Strive’s largest Bitcoin purchase since June 1, when the company bought 2,499 BTC. It also followed two smaller purchases earlier in August. Strive added 147 BTC during the first week of the month and another 79 BTC during the second, spending approximately $14.5 million across those transactions.
With the latest addition, the company has spent roughly $1.99 billion on Bitcoin across 29 purchases since September 2025. It has not reported selling any of those coins.
That consistency is central to the Strive Bitcoin reserve strategy: continue accumulating through different market conditions rather than attempting to time the market.
The company’s average cost basis has now fallen to approximately $93,257 per Bitcoin, down from $94,345 before the latest acquisition. The lower average is significant because every purchase below the existing cost basis helps reduce the price the company ultimately needs to recover its investment.
Despite lowering its average purchase price, the Strive Bitcoin reserve remains firmly underwater.
At the figures reported in the latest coverage, the company’s Bitcoin holdings were valued at roughly $1.70 billion, approximately 14.66% below their aggregate acquisition cost. That translates into an unrealized loss exceeding $292 million.
Importantly, the loss is a paper loss rather than a realized trading loss. Strive has not sold the Bitcoin, meaning the company has not crystallized the decline through a disposal of its holdings.
Still, the size of the gap creates a clear financial hurdle. With an average cost of $93,257 per BTC, Bitcoin would need to rise roughly 17% from the reported $79,787 level cited in the original report for the treasury to return to its aggregate cost basis.
The strategy therefore represents a substantial directional bet on Bitcoin. If the asset continues higher, Strive’s large treasury could appreciate rapidly. If the market reverses, however, the company’s unrealized losses could widen considerably.
Strive CEO Matt Cole remains firmly bullish. He said his conviction that the Bitcoin bear market has ended is “very strong,” pointing to Bitcoin breaking higher against both the U.S. dollar and gold. Cole added that seeing both relationships move higher together increased his confidence in Bitcoin’s prospects over the next 12 to 18 months.
That outlook provides the central justification for continuing to build the Strive Bitcoin reserve despite its current deficit.
Strive’s aggressive accumulation is even more notable when compared with its larger rival, Strategy.
Strategy raised approximately $3.28 billion through stock sales during August but did not use the proceeds to purchase Bitcoin during the period covered by its latest filings. Instead, the company increased its cash reserves and created an additional pool of U.S. dollar liquidity that could potentially be used for future Bitcoin purchases and other corporate purposes.
Strategy’s Bitcoin activity has also moved in the opposite direction from Strive’s. The company last purchased Bitcoin on June 22, when it acquired 520 BTC at an average price of $67,068. Since then, it has sold 6,916 BTC while making no new Bitcoin purchases, according to recent reports.
Strategy’s remaining holdings have a substantially lower average acquisition price of about $75,385 per Bitcoin, leaving its position profitable at recent market prices.
The contrast highlights two very different approaches to corporate Bitcoin management. Strategy has recently prioritized liquidity and financial flexibility, while Strive Bitcoin reserve continues to deploy capital into Bitcoin even with a significant unrealized deficit.
The latest purchase makes the Strive Bitcoin reserve one of the clearest examples of a corporate treasury strategy built around continued accumulation rather than short-term performance.
Strive is effectively betting that today’s underwater position will eventually be overwhelmed by Bitcoin’s long-term appreciation. The company has reduced its average cost through recent purchases, increased its total holdings and maintained its no-sale policy.
But the numbers leave little room for ambiguity. Bitcoin needs to make a meaningful move above Strive’s average cost basis before the company’s treasury can return to profitability on paper.
For Cole, the recent market recovery is evidence that the strategy is beginning to work. For investors, the more important question is whether Bitcoin can sustain the momentum required to close a gap measured in hundreds of millions of dollars.
With 21,356 BTC now sitting on its balance sheet, Strive has made its position clear: it is willing to keep buying Bitcoin even when the existing treasury remains underwater. The next major test will be whether the market validates that conviction.
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