Strive has completed another Bitcoin purchase over the past week, accumulating 1,355 units for $107.7 million. According to an announcement by Strive Chairman and CEO Matt Cole, the average cost for the acquisition was just below $79,500, specifically $79,475 per bitcoin.
This latest purchase brings Strive's total holdings to 26,355 BTC. The firm follows a strategy of purchasing bitcoin using non-dilutive preferred equity financing rather than traditional debt, frequently announcing acquisitions on Mondays.
The newest acquisition is larger than the firm's previous weekly purchase, which saw the company spend $36.6 million to acquire 469 BTC. It also outpaced a recent purchase by Strategy, which acquired 950 BTC for $75.7 million.
Alongside the bitcoin purchase, warrant exercises began generating $21.2 million in gross proceeds, bringing total capital raised from SATA to 57.7%.
The purchase coincides with a market movement that pushed Bitcoin's price past $85,000 for the first time since January. With this price increase, Strive's total position value has grown to well over $2.2 billion. The cryptocurrency's price recovery follows a recent dip to $75,000, which occurred after a failed Senate vote on the CLARITY Act and a subsequent interest rate hike by the Federal Reserve.
