Cathie Wood Says Bitcoin Is Beating Gold as Strive’s $169M Spree Outpaces Strategy
Key Takeaways
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Strive bought 2,000 BTC for nearly $169 million, almost six times Strategy’s latest disclosed purchase.
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Bitcoin per effective common share increased approximately 3.8%, after accounting for the growing share count.
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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.
Strive’s $169M Purchase Overshadows Strategy
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.
“Very nice turn. Bitcoin to gold—Bitcoin going up, gold going down,” she said in ARK Invest’s In the Know episode.
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:
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.
More recently, Bitwise’s Sept. 23 institutional adoption report included interviews with investment professionals at 15 major institutions, all of whom revealed they held Bitcoin.
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.
Bitwise’s $1.3 million target carries a longer timeline.
The asset manager’s August 2025 capital-market assumptions projected that price by 2035.
Meanwhile, Bernstein sees $1 million by 2033.
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.
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