Strive Acquires 2,500 Bitcoin for $185M, Boosts Cash by $44M, Increasing Share Count
ASST has more than doubled off its 52-week low of $7.02.
Summary
Strive, Inc. purchased 2,500 Bitcoin between May 23 and June 1 at an average price of $74,092 per BTC, totaling approximately $185 million. This acquisition increases its total Bitcoin holdings to 19,000 BTC. The company also boosted its cash and cash equivalents by $44 million, reaching $137.3 million. This news follows the 8-K filed today and the recent announcement on June 1st regarding the expansion of its ATM programs. The cash raise and Bitcoin purchase were funded through the issuance of additional Class A and SATA shares, resulting in a material dilution of approximately 5.8% for existing shareholders.
At the time of this announcement, ASST was trading at $16.46 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $1.1B. The 52-week trading range was $7.02 to $252.00. This news item was assessed with neutral market sentiment and an importance score of 9 out of 10. Source: Wiseek News.