Strive Adds 1,110 Bitcoin for $81.5M, Total Holdings Hit 21,356 BTC
ASST has more than doubled off its 52-week low of $7.02 on elevated volume (1.9× avg).
Summary
Strive acquired 1,110 bitcoin for $81.5 million between Aug. 17 and Aug. 21 at an average price of $73,409 per coin, lifting total holdings to 21,356 BTC. The purchase expands the treasury by about 5.5% from 20,246 BTC in mid-August and follows a pattern of aggressive accumulation funded by dilutive ATM offerings. The company ranks as the seventh-largest public bitcoin holder, and CEO Matt Cole expressed strong conviction that the bitcoin bear market is over. This adds to the narrative of Strive as a leveraged bitcoin proxy, with the latest buy coming as bitcoin rallied nearly 25% last week. ASST shares surged 11% following the news. Watch for continued ATM issuance to fund further purchases, which could pressure the stock despite the positive bitcoin exposure.
At the time of this announcement, ASST was trading at $20.24 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $1.7B. The 52-week trading range was $7.02 to $252.00. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: The Block.