Strive Spends $511M on 6,182 Bitcoin, Its Largest Weekly Buy Ever
ASST has more than doubled off its 52-week low of $7.02.
Summary
Strive bought 6,182 bitcoin last week at an average of $82,732, spending over $511 million — its largest weekly purchase — and now holds 43,000 BTC worth more than $3.5 billion at last week's close. The tranche was funded from the recent $630 million preferred share sale, so the bitcoin stack grew without a fresh common-equity raise. CEO Matt Cole says the buying has pulled the company's average cost below $90,000, meaning the entire treasury sits in profit on any real move higher from here. The trade-off is the 15% preferred dividend that funds the strategy; the $1 billion SATS at-the-market program filed this morning keeps layering that obligation, and the company has launched an offering of up to $1B in preferred stock. Q2 already showed a $257.6 million net loss driven by bitcoin marks, so the swing factor remains the BTC price, not operations.
At the time of this announcement, ASST was trading at $28.40 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $3.6B. The 52-week trading range was $7.02 to $36.20. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.