The race among corporate Bitcoin holders is heating up once again. While many companies are slowing down purchases due to market uncertainty.
The race among corporate Bitcoin holders is heating up once again. While many companies are slowing down purchases due to market uncertainty, investment firm Strive is moving in the opposite direction. Backed by entrepreneur Vivek Ramaswamy, the company has raised more than $194 million to expand its Bitcoin treasury, potentially adding thousands of BTC to its balance sheet.
At the same time, Michael Saylor’s Strategy has caught the market’s attention after transferring hundreds of Bitcoins to Coinbase Prime, triggering fresh speculation that the company could be preparing to sell some of its holdings.
Together, the two developments highlight how major Bitcoin treasury firms are taking very different approaches as the cryptocurrency trades around the $73,000 range.
According to Bitcoin Treasuries data, Strive raised approximately $194.3 million through its Series A Perpetual Preferred Stock, known by the ticker SATA. The fundraising took place between May 26 and May 29 and immediately fueled expectations of additional Bitcoin purchases.
Data from the company's ATM tracker shows estimated Bitcoin acquisitions across four consecutive trading days:
Combined, those transactions point to roughly 2,621 BTC worth of additional buying power.
The pace of fundraising also accelerated quickly. Net proceeds reportedly grew from $30.78 million on May 26 to more than $84.6 million by May 29. Meanwhile, cumulative trading volume exceeded $390 million during the period, reflecting strong investor demand for the offering.
The latest fundraising comes shortly after Strive announced the acquisition of 1,109 Bitcoin worth approximately $85.4 million.
At the time, the company paid an average price of around $76,988 per BTC. Following that purchase, Strive's total Bitcoin holdings reached roughly 16,500 BTC. At current prices, that stockpile is worth well over $1.2 billion.
The company has rapidly climbed the rankings among corporate Bitcoin holders and recently surpassed several major industry names, including Coinbase and Riot Platforms in total Bitcoin reserves.
The latest capital raise suggests management remains committed to expanding its Bitcoin treasury strategy despite recent market volatility.
Investor appetite for Strive's preferred stock remained strong throughout the week. Trading volume for SATA increased significantly, rising from roughly $58 million on May 26 to more than $159 million by May 29.
The stock also remained close to its $100 offering price throughout the fundraising period.
The strong demand indicates investors continue showing interest in companies using Bitcoin as a treasury asset, even as broader crypto markets remain under pressure. Many investors increasingly view Bitcoin treasury companies as alternative vehicles for gaining exposure to Bitcoin's long-term growth potential.
While Strive was busy raising money to buy more Bitcoin, Strategy became the focus of a different conversation.
On May 29, blockchain data showed Strategy transferred approximately 411.48 BTC, worth around $30.3 million, to Coinbase Prime. According to on-chain tracking platform Arkham Intelligence, the movement occurred through two separate transactions involving around 205 BTC and 206 BTC.
A smaller test transaction was also conducted before the larger transfers reached the exchange-linked wallet. The transfer immediately sparked speculation across social media and crypto markets.
Many traders questioned whether Strategy could be preparing to sell part of its Bitcoin holdings.
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