Asset manager Strive has bought an additional 2,000 bitcoin, stepping up its chase for the No. 2 spot in bitcoin holdings among listed companies.

On Oct. 5, blockchain outlet Cryptopolitan reported that Strive spent $169 million to secure the latest batch, the company’s third-largest bitcoin purchase.

The disclosure raised Strive’s cumulative bitcoin holdings to 29,462 BTC. As of Oct. 5, it ranked fifth among listed companies. Ahead of Strive are Strategy with 848,000 BTC, Tether-backed Twenty One with 43,514 BTC, Metaplanet with 44,000 BTC and MARA with 35,577 BTC. Strive has set a goal of reaching No. 2 by year-end.

Over the same period, Strategy’s buying pace slowed relatively. Strategy, led by Michael Saylor, bought 334 BTC from Oct. 1 to Oct. 4 for about $28.7 million, at an average purchase price of $85,838.80. That lifted Strategy’s bitcoin holdings to 848,000 BTC, setting a new record.

The gap in early October purchase volumes between the two companies was also clear. Strive’s disclosed purchase of 2,000 BTC was about six times what Strategy secured over the same period. Strive has recently continued large weekly purchases. On Sept. 21, it spent $107.7 million to buy 1,355 BTC at an average of $79,475, and it bought 1,800 BTC in late August. It later added another 469 BTC, pushing past the 25,000 BTC mark.

Differences also emerged in funding methods. Strategy financed $15.7 million of the $28.7 million purchase by selling 92,894 shares of MSTR stock, and used the remaining $13.0 million in company dollar cash. Strategy, however, spent more money on preferred share buybacks than on bitcoin purchases. It bought back 740,634 shares of STRC preferred stock for $73.7 million, and spent $102.6 million for the same purpose the previous week.

Strategy estimated a profit of $20.91 billion from its digital asset holdings during the quarter ended Sept. 30. Even so, the focus of its recent fund management has been on preferred share buybacks and securing dividend resources rather than additional bitcoin purchases.

Strive is increasing its capacity to buy through other routes. The company raised funds mainly through SATA, a floating-rate Series A perpetual preferred stock, with the instrument’s par value exceeding $1.0 billion. It also secured total proceeds of about $21.2 million through the exercise of warrants linked to common stock. In the week when the September purchase was made, SATA accounted for 57.7 percent of Strive’s total funds raised.

In this backdrop, competition among listed companies to hold bitcoin appears to be shifting from absolute holdings to differences in purchase speed and funding structures. Strategy is still expanding its position as the largest holder, but Strive is continuing aggressive weekly purchases as it closes in on Metaplanet, MARA and Twenty One in succession. Whether it can reach its goal of No. 2 by year-end is the next point to watch.