Key facts
- Strive acquired 1,110 BTC for $81.5 million.
- The average purchase price was $73,409 per BTC.
- Strive's total Bitcoin holdings now stand at 21,356 BTC.
- The company funded the purchase through sales of its SATA and ASST shares.
- ASST stock experienced a notable increase in value following the announcement.
Bitcoin treasury company Strive has expanded its holdings by acquiring an additional 1,110 BTC for $81.5 million, at an average price of $73,409 per coin. This latest purchase brings Strive's total Bitcoin reserves to 21,356 BTC, valued at approximately $1.69 billion. The company funded this acquisition through the proceeds from selling its SATA and ASST shares via at-the-market offerings, increasing its cash and cash equivalents to $171.9 million.
Strive's Chairman and CEO, Matt Cole, expressed a constructive outlook on Bitcoin, stating that it is historically cheap at its current price range and that the company feels comfortable taking on risk to acquire more. The company has consistently grown its Bitcoin reserves through a combination of capital raises and market purchases, establishing itself as one of the larger publicly traded corporate holders of Bitcoin.
Following the announcement, Strive's stock (ASST) experienced a significant surge, rising over 5% in premarket trading and closing up 12.96% on Friday amid high trading volume. Concurrently, Bitcoin's price climbed above $79,000, reflecting a 3% increase in the past 24 hours. This market movement coincides with plans by the US Treasury to utilize its General Account for bond buybacks. Prediction market data suggests participants anticipate Bitcoin reaching $85,000 by December.