BNY Mellon has increased its stake in Strive, a Bitcoin treasury company listed on Nasdaq as ASST, by 39%. The bank now holds 257,718 shares.
As of early November 2026, the stake was worth about $6 million. For a bank with more than $45 trillion in assets under custody, $6 million is roughly the financial equivalent of a rounding error.
Even so, the direction of the move matters more than its size. One of the oldest names in American banking chose to increase its exposure to a company whose entire pitch is holding Bitcoin.
What BNY Mellon actually bought
This was a share purchase, not a Bitcoin purchase. BNY Mellon increased its Strive equity holding by 39%, bringing its total to 257,718 shares.
There is no evidence that BNY Mellon bought Bitcoin directly as part of the move. Its exposure here is through shares in a company that owns the coins.
The difference in scale is difficult to overstate. BNY Mellon has more than $45 trillion in assets under custody and about $2.1 trillion in assets under management.
Strive’s identity and approach to building its treasury
Strive holds more than 43,000 BTC on its balance sheet, placing it among the largest publicly traded corporate Bitcoin holders, alongside companies such as MicroStrategy.
Co-founded by Vivek Ramaswamy, the company is led by CEO Matt Cole. Its approach to building a Bitcoin reserve differs from strategies used by some peers.
Strive has funded most of its Bitcoin purchases through stock offerings rather than borrowing. As of late 2026, it had no debt on its balance sheet.
One key instrument is perpetual preferred stock, which yields between 13% and 15%. Perpetual preferred shares pay dividends but have no maturity date.
That structure has a cost of its own. A 13-15% yield is a substantial ongoing expense, so avoiding loans does not mean Strive’s financing is free.
The debt-free structure changes the risk profile in one notable respect. Without loans secured by Bitcoin, a sharp fall in the coin’s price would not force the company to sell its holdings to meet lenders’ demands.
The wider trend: getting Bitcoin exposure through the stock market
BNY Mellon’s purchase reflects a pattern among institutional investors. Many are using shares in Bitcoin treasury companies to gain exposure to the asset, rather than buying coins outright or using exchange-traded funds.
A Nasdaq-listed stock fits neatly into existing systems, compliance processes and reporting lines. By contrast, holding actual Bitcoin raises questions about wallets, keys and specialized custody.
What this means
The immediate market impact of this particular trade is likely to be limited. A position worth about $6 million is small compared with BNY Mellon’s overall portfolio and Strive’s Bitcoin holdings.
A growing list of institutional shareholders could matter to Strive. A company that funds Bitcoin purchases by issuing stock depends on sustained demand for those shares.
Strive’s model could also serve as a test case for other firms considering a treasury strategy. Using preferred equity rather than debt to fund purchases is one way to accumulate Bitcoin without risking a forced sale.
Whether that approach holds up depends on Strive’s ability to keep paying those 13-15% dividends. That obligation is unaffected by what Bitcoin does next.
For investors evaluating treasury stocks, the lesson is to look beyond the headline Bitcoin count. How those coins are financed shapes the risk just as much as the coins themselves.
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