Dallas asset manager Strive added $17.1 million to its cash reserves in the same week it spent approximately $81.5 million to acquire 1,110 bitcoin, according to an SEC filing published Monday. The financial gap indicates the firm is generating capital through stock sales at a faster pace than its cryptocurrency expenditures.
According to an 8-K filing, Strive's cash and cash equivalents reached $171.9 million as of August 21, rising from $154.8 million the previous week. During this period, the company purchased bitcoin at an average price of roughly $73,409 per coin. The acquisitions were funded through at-the-market offerings of common shares and preferred shares, designated as ASST and SATA.
Class A shares outstanding grew by more than 3.6 million to reach 79,890,888, while the SATA count increased by 441,313. Additionally, Strive maintained its holding of 505,000 shares of Strategy's STRC preferred stock, with the fair value of that position rising to $48.6 million.
Strive previously purchased 147 bitcoin between August 3 and 7 at an average of about $64,800 per coin, followed by another 79 coins the subsequent week at $63,231 each. The latest weekly acquisition was approximately five times larger than those two rounds combined and executed at a higher price level. Bitcoin rose nearly 25% during the week, closing Friday at $77,387 before trading near $80,000 on Monday.
Strive's ASST shares closed Friday up roughly 13% at $18.22, and rose more than 7% higher on Monday following the filing. The addition of 1,110 coins brought Strive's total holdings to 21,356 BTC, representing a 5.5% increase from the 20,246 BTC reported in mid-August. Strive currently stands as the seventh-largest public company by bitcoin holdings.
On August 10, Strive reported a net loss of $257.6 million, primarily driven by a decline in the fair value of its bitcoin holdings. CEO Matt Cole stated on Sunday that he holds strong conviction that the bitcoin bear market has concluded, pointing to the asset's breakout against the US dollar and gold.
