Strive is making a serious run at the top of the corporate Bitcoin rankings. CEO Matt Cole says his company could finish 2026 as the second-largest public Bitcoin holder in the world, a claim that sounds bold until you look at the numbers behind it.
Speaking on the One Share podcast Wednesday, Cole was careful to frame the scenario as possible rather than expected.
“I don’t think it’s out of the realm of possibility,” he said, while acknowledging it’s not his base case and depends on several moving pieces falling into place.
The Warrant Play That Could Unlock $1.4 Billion
At the center of Cole’s thesis are more than $700 million in outstanding Strive warrants set to expire in mid-October. If the company’s shares climb above the $27 exercise price, those warrants convert into fresh capital Strive could pour straight into Bitcoin purchases.
Cole laid out the math simply: apply a Bitcoin price estimate to the warrant exercise, deploy the resulting $700 million into BTC, then add another $700 million in available digital credit capacity. Combined, that’s roughly $1.4 billion in potential buying power. Cole said he’s hoping the warrants get exercised rather than expire worthless, calling that outcome a strong close to the company’s 2026 accumulation strategy.
Strive shares closed Thursday at a year-to-date high of $26.84 — less than 1% below the exercise price that would trigger the conversion.
A Dramatic Acceleration in Buying
The warrant scenario isn’t the only reason Strive’s rise looks plausible. The company bought 3,156 BTC in August alone, a sharp jump from just 136 BTC in July, when Bitcoin was trading in the low $62,000s. Strive now holds 23,156 BTC total, worth close to $1.9 billion.
That pace of accumulation already pushed Strive past crypto exchange Bullish last week, making it the fifth-largest publicly traded Bitcoin treasury. Cole said the company’s ability to keep climbing the rankings looks strong right now, floating a hypothetical of averaging 1,000 BTC in weekly purchases as an example of what’s achievable.
Closing the Gap on Twenty One Capital
The number two spot currently belongs to Twenty One Capital, which holds 43,514 BTC — nearly double Strive’s current stack. But the gap may be more closeable than it looks. Twenty One hasn’t added to its Bitcoin holdings since July 2025, and with 17 weeks left in the year, Strive would need to buy roughly 1,200 BTC per week to catch up, assuming Twenty One stays on the sidelines.
Given August’s pace, that target isn’t out of reach.
The Bigger Picture
Cole also offered a longer-term prediction, suggesting Bitcoin could surpass $500,000 by 2030, though he stressed Strive’s strategy doesn’t hinge on that forecast playing out. For now, the company’s stock has already outpaced its ten largest public Bitcoin treasury peers by an average of 82% this year, according to Bitcoin Treasuries data — a performance gap that suggests the market is already pricing in some of Cole’s ambition.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of chainrant.com. Before making any investment decisions, you should always conduct your own research. chainrant.com is not responsible for any financial losses.
