Strive Buys $109M in Bitcoin, SATA Preferred Nears $1B Outstanding
ASST has more than doubled off its 52-week low of $7.02.
Summary
Strive purchased 1,375 Bitcoin for $109 million between August 31 and September 4 at an average price of $79,281, bringing total holdings to 24,531 BTC. The buy was funded primarily through its Variable Rate Series A Perpetual Preferred Stock (SATA), which now has $999 million in notional outstanding. About 70% of the capital raised in the most recent week came through SATA issuance, highlighting strong institutional demand for the 13% yielding instrument. This marks the third straight week of at least 5% growth in Bitcoin holdings, with year-to-date holdings up more than 225%. Strive's average cost basis is $91,467 per Bitcoin, meaning the company is currently underwater on its aggregate position. The company now ranks as the fifth-largest publicly traded corporate holder of Bitcoin.
At the time of this announcement, ASST was trading at $27.31 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $2.4B. 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: Crypto Briefing.