Strive’s $169 million Bitcoin spree outpaces Strategy’s latest purchase, while Cathie Wood’s $1.25 million target remains far above current buying levels.
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Key Takeaways
Strive bought 2,000 BTC for nearly $169 million, almost six times Strategy’s latest disclosed purchase.
Bitcoin per effective common share increased approximately 3.8%, after accounting for the growing share count.
Cathie Wood’s earlier $1.25 million bull case requires an almost fifteenfold rise from Strive’s purchase price.
Strive has outspent Michael Saylor’s Strategy on Bitcoin in their latest disclosures, pouring nearly $169 million into an accumulation drive that added 2,000 coins.
The buying spree comes as Cathie Wood argues Bitcoin is gaining ground against gold, giving bulls fresh encouragement alongside her earlier seven-figure price forecast.
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Strive bought 2,000 BTC between Sept. 28 and Oct. 2 at an average price of $84,422, including fees and expenses, according to its Oct. 5 SEC filing.
The acquisition lifted its treasury to 29,462 BTC.
Meanwhile, Strategy’s latest disclosure recorded the purchase of 334 BTC for $28.7 million between Oct. 1 and Oct. 4, at an average price of approximately $85,839 per coin.
That brought its holdings to 848,000 BTC.
Strive therefore acquired almost six times as many coins, although the companies reported slightly different purchase windows.
The larger purchase does little to change their overall positions, however.
Strategy’s Bitcoin balance remains almost 29 times bigger.
What Strive Shareholders Actually Gained
Strive’s effective common share count increased from approximately 97.65 million to 100.94 million during the reporting period.
Calculations from the filing show its Bitcoin holdings grew by approximately 7.3%, while effective common shares increased by around 3.4%.
That leaves Bitcoin growth per effective common share of roughly 3.8%.
Strive’s SATA preferred stock provides another source of financing.
On Sept. 30, the company had approximately $1.29 billion in stated preferred-stock value and annualized dividend obligations of about $168.2 million, FinanceFeeds reported.
Cathie Wood’s $1.25M Bitcoin Scenario Faces a Huge Gap
Wood’s latest bullish comments focus on Bitcoin’s performance against gold.
In ARK Invest’s In the Know episode published Oct. 2, she said the firm believed Bitcoin’s relative performance had turned in its favor.
Wood said ARK’s research, covering the period since 2019, found a correlation of approximately 0.1 between Bitcoin and gold, indicating little relationship between their price movements over that period.
“Recently, it’s been a negative correlation,” she said.
“So we do think the turn is in here for Bitcoin.”
In May, Wood outlined a $750,000 base case and $1.25 million bull case over approximately five years.
Using Strive’s average acquisition price of $84,422 as a fixed reference, the required gains remain enormous:
Wood’s scenario
Multiple of Strive’s purchase price
Required gain
$750,000 base case
8.9 times
Approximately 788%
$1.25 million bull case
14.8 times
Approximately 1,381%
The upper scenario requires an almost fifteenfold increase over several years.
Strive’s acquisition demonstrates demand at today’s disclosed purchase levels, but whether that translates into lasting gains for shareholders depends on Bitcoin’s performance.
Could Bitcoin Actually Reach $1.25 Million?
Bitcoin has no top dollar price ceiling.
However, reaching $1.25 million would require investors to assign it a massively larger role in global finance and wealth.
At that price, Bitcoin’s maximum supply of 21 million coins would imply a fully diluted valuation of approximately $26.25 trillion.
The strongest bullish argument is that Bitcoin becomes a mainstream store of value, attracting sustained allocations from institutions, companies, and governments.
Parts of that shift are already underway.
BlackRock’s iShares Bitcoin Trust gives investors exposure through an exchange-traded product, removing the need to manage wallets or custody Bitcoin directly.
None reported reducing its allocation during the roughly 50% market drawdown between late 2025 and the second quarter of 2026, while several increased their exposure.
Governments have also begun assigning Bitcoin a reserve role.
The March 2025 US executive order established a Strategic Bitcoin Reserve using qualifying forfeited government holdings and directed that coins deposited into it be held and not sold.
Who Else Sees Million-Dollar Bitcoin?
Wood is among several prominent bulls forecasting seven-figure Bitcoin prices.
In an August 2026 client note reported by MarketWatch, analysts led by Gautam Chhugani maintained a longer-term target alongside a $300,000 forecast for 2029 and an accelerated bull case of $500,000 that year.
What Could Derail the Bull Case?
The central weakness is that scarcity alone cannot establish a price.
Institutional access may improve even if investors do not make the allocations that optimistic models assume, and existing holders can also sell into rallies.
Bitwise’s research acknowledges that its forecasting models rely on limited historical data.
A $1.25 million Bitcoin is therefore mathematically possible, but reaching it within Wood’s timeframe will require an extraordinary expansion in demand.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
