Key facts
- Strive Asset Management purchased 3,311 BTC for roughly $280 million between Oct. 5 and 9.
- MicroStrategy's Strategy bought 250 BTC for about $21.5 million in the same period.
- Strive's total Bitcoin holdings now sit at 32,773 BTC, valued at approximately $2.73 billion.
- MicroStrategy holds 848,250 BTC, valued at about $51 billion.
- Strive is raising $500 million by selling 5 million preferred shares at $100 each, with proceeds earmarked for Bitcoin purchases.
- Bitcoin ETFs experienced $175 million in net inflows on Tuesday.
Strive Asset Management has emerged as a more aggressive buyer of Bitcoin than MicroStrategy in recent weeks, acquiring significantly more of the cryptocurrency. Between October 5 and 9, Strive purchased 3,311 BTC for approximately $280 million, a stark contrast to MicroStrategy's Strategy, which bought 250 BTC for about $21.5 million during the same period.
This marks Strive's largest single purchase since January, with cumulative buys in late September and early October totaling $94.5 million and $169 million respectively. Strive's total Bitcoin holdings now stand at 32,773 BTC, valued at around $2.73 billion. In contrast, MicroStrategy's Strategy holds a much larger treasury of 848,250 BTC, worth approximately $51 billion.
The report notes a shift in MicroStrategy's buying activity, with its purchases shrinking for two consecutive weeks. During the same week Strive made its large acquisition, MicroStrategy spent nearly nine times more on repurchasing its own preferred shares ($192 million) than on Bitcoin. This has led to MicroStrategy's market value (mNAV) dropping below 1.0 for the first time, indicating its market valuation is less than the Bitcoin on its balance sheet.
Strive plans to continue its accumulation strategy by selling 5 million shares of a new preferred stock at $100 each, aiming to raise $500 million. These proceeds are earmarked for further Bitcoin purchases, carrying a fixed 15% daily dividend, equivalent to a 15% annual coupon. Meanwhile, Bitcoin ETFs saw $175 million in net inflows on Tuesday, and Ether ETFs experienced $25 million in inflows, breaking a 10-day outflow streak.