Key facts
- Strive acquired 1,355 Bitcoin for $107.7 million between September 14 and 18.
- Strive's total Bitcoin holdings now stand at 26,355 BTC.
- The firm's cash and cash equivalents rose to $229.60 million.
- ASST stock rose over 6% on Monday.
- ASST stock has rallied over 135% in the past month.
Strive, the Bitcoin treasury firm co-founded by Vivek Ramaswamy, announced on September 21 that it acquired an additional 1,355 Bitcoin for $107.7 million. The purchase, made between September 14 and 18 at an average price of $79,475 per coin, brings Strive's total Bitcoin holdings to 26,355 BTC, valued at $2.24 billion. The acquisitions were funded through warrants, SATA, and at-the-market (ATM) offerings of ASST shares. Strive CEO Matt Cole noted that warrant exercises began the previous week, generating $21.2 million in gross proceeds, with 57.7% of total capital raised coming from SATA proceeds. The firm's cash and cash equivalents also increased to $229.60 million.
Strive recently surpassed crypto exchange Bullish to become the fifth-largest Bitcoin treasury company globally. The company is reportedly acquiring more Bitcoin than Michael Saylor's Strategy, which is currently focusing on increasing cash reserves and MicroStrategy (MSTR) buybacks. Strive's last acquisition was 469 Bitcoin for $36.56 million, and the firm remains committed to weekly purchases.
In parallel, Strive's stock, ASST, saw a significant surge, jumping over 6.5% to $32.10 in pre-market trading on Monday. This rally, extending its monthly gain to over 135% and year-to-date performance to 103%, is attributed to positive investor sentiment driven by a broader crypto market recovery, with Bitcoin prices surpassing $85,000. SATA preferred stock holds above its $100 par value, paying a daily dividend at an annualized rate of $13 per share, yielding approximately 13%.