Strive Buys $511M Bitcoin, Nears Second-Largest Corporate Treasury

Strive's move signals that corporate bitcoin treasuries are becoming a competitive ranking exercise, not just a balance-sheet curiosity, with the gap to Metaplanet now narrow enough that position changes could hinge on a single purchase. The preferred stock program is the more telling detail: it suggests a funding structure built specifically to keep accumulating rather than a one-off allocation. That raises the question of how much of the corporate treasury ladder is now financed with instruments whose cost depends on bitcoin's performance. Whether preferred issuance becomes the standard template for treasury builders is worth watching.