Strive surpasses Coinbase, becomes 7th-largest BTC treasury holder

The Vivek Ramaswamy-linked firm has quietly amassed 15,391 BTC worth roughly $1.2 billion, leapfrogging both Coinbase and Riot Platforms in the corporate Bitcoin treasury rankings.

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Add us on Google by Editorial Team May. 26, 2026

There’s a new name climbing the corporate Bitcoin leaderboard, and it’s not one most people had on their bingo card. Strive Inc., trading under the ticker ASST on the Nasdaq, now holds 15,391 BTC valued at approximately $1.2 billion, making it the seventh-largest publicly traded corporate Bitcoin treasury holder.

That puts Strive ahead of Coinbase Global and Riot Platforms, two names that have been synonymous with institutional crypto exposure for years. For a company that only came into existence through a reverse merger in 2025, that’s a remarkably fast ascent.

How Strive got here

Strive Inc. was born from a 2025 business combination between Asset Entities and Strive Asset Management.

The pace of acquisitions in 2026 alone tells the story. On May 4, the company scooped up 444 BTC for about $33.9 million. Between May 13 and May 18, it added another 382 BTC for roughly $30.3 million. That’s over 800 BTC in the span of two weeks.

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Strive retired a $20 million credit facility from Coinbase, clearing legacy debt before ramping up its acquisition spree. The result is a treasury built on what the company calls unencumbered holdings, meaning Bitcoin that isn’t pledged as collateral or tied up in lending agreements.

The funding strategy has relied on equity raises and preferred stock issuances rather than debt.

Where Strive sits in the rankings

Coinbase holds approximately 16,492 BTC. Riot Platforms has around 15,680 BTC. Strive, at 15,391 BTC, trails both by relatively slim margins.

Strive’s shares have appreciated significantly alongside its Bitcoin accumulation, which creates a flywheel effect: a higher stock price makes equity raises less dilutive in Bitcoin-per-share terms, which funds more Bitcoin purchases, which pushes the stock price higher.

What this means for investors

The reverse merger model that created Strive is particularly noteworthy. By combining an existing public shell (Asset Entities) with Strive Asset Management’s operational infrastructure and fundraising capability, the company bypassed the traditional IPO process entirely.

For investors evaluating Strive as a Bitcoin proxy, the key metrics to watch are the Bitcoin-per-share ratio and the premium or discount at which the stock trades relative to its net asset value.

The retirement of the Coinbase credit facility and the emphasis on unencumbered holdings mitigate some of that risk. Investors should pay close attention to how aggressively Strive continues to issue shares, and whether the Bitcoin acquired per dollar of dilution remains attractive relative to simply buying BTC directly.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.