Bitcoin treasury firm Strive expanded its cryptocurrency reserves last week with the purchase of 1,375 BTC, according to a recent SEC filing. The acquisition brings the company's total holdings to 24,531 BTC, solidifying its position as the fifth-largest Bitcoin treasury firm.
The latest coins were purchased at an average price of approximately $79,281 per Bitcoin, totaling about $109 million. CEO Matt Cole had previously hinted at the acquisition by sharing the company's portfolio tracker. Following the purchase, Strive also reported cash and cash equivalents of $202,600.
Capital Raising Through SATA Stock
According to statements shared by Cole on social media, 70% of the capital raised by Strive last week came through its preferred security, known as SATA. The stock has approached the $1 billion threshold, hitting nearly $999 million in notional outstanding. SATA currently trades at its par value of $100, enabling the firm to secure funding for its ongoing Bitcoin accumulation strategy.
Strive's common stock, ASST, has experienced significant volatility alongside broader crypto market movements. The stock rose over 100% in the preceding month, reaching a year-to-date high above $27 as Bitcoin rebounded from lows near $63,000. However, ASST pulled back slightly by more than 2% as Bitcoin retraced from a recent high above $82,000.
Year-End Targets
The recent acquisition follows a previous purchase of 1,800 BTC two weeks prior, which elevated Strive into the top five Bitcoin treasuries alongside competitors such as Strategy, Twenty One Capital, Metaplanet, and MARA Holdings. Strive leadership has stated an ambition to acquire more than 20,000 additional BTC before the end of the year.
