Strive Adds $17M to Cash Reserves Amid $81.5M Bitcoin Buy
Strive, a Dallas-based asset manager, added $17.1 million to its cash reserves in the same week it spent $81.5 million acquiring 1,110 Bitcoin at an average price of about $73,409 per coin. The company reported that as of August 21, its cash and cash equivalents reached $171.9 million, up from $154.8 million just a week earlier.
Strive funded these transactions through at-the-market sales of its common stock and preferred shares, including its ASST and SATA series. The outstanding Class A shares increased by more than 3.6 million, reaching 79,890,888, while SATA share count rose by 441,313.
Matt Cole, CEO of Strive, stated that he maintains 'very strong' conviction that the Bitcoin bear market has concluded, referencing the asset's breakout against both the US dollar and gold. He noted that the Bitcoin-to-gold ratio has historically signaled shifts in relative performance between the two assets.