Strive Buys $235M in Bitcoin, Warrant Exercises Add $369M
ASST has more than doubled off its 52-week low of $7.02.
Summary
Strive purchased 2,822 BTC for $235 million at an average price of $83,266 between Oct 12-13, lifting total holdings to 35,595 BTC and making it the fourth-largest bitcoin treasury, just ahead of MARA's 35,577 BTC. Simultaneously, investors exercised warrants covering 13,674,703 Class A shares for $369.2 million in gross proceeds, bringing aggregate warrant exercises to 94%. The company also proposed an IPO of 5 million shares of 15% Series A Perpetual SATS preferred stock at $100 per share, with proceeds earmarked for bitcoin purchases and other corporate purposes. This follows the 8-K filed Oct 13 disclosing a $280 million bitcoin purchase and 9.5 million new shares issued, and the $500 million SATS preferred offering announced the same day. The warrant exercise eliminates a major overhang and provides substantial capital for further bitcoin accumulation, reinforcing Strive's aggressive treasury strategy.
At the time of this announcement, ASST was trading at $25.21 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $2.6B. The 52-week trading range was $7.02 to $36.20. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: The Block.