Strive Adds 2000 Bitcoin in Largest Purchase Since June

Strive Asset Management (ASST) recently made a significant Bitcoin (BTC) purchase, acquiring 2,000 BTC for approximately $169 million between September 28 and October 2. This marks the company's largest single purchase since June, bringing its total holdings to 29,462 BTC, valued at roughly $2.55 billion at current prices. CEO Matt Cole revealed that the majority of the funding came from sales of SATA preferred shares, which covered 61.5% of the capital raised, with warrant exercises contributing an additional $56.7 million.

The latest acquisition positions Strive as the fourth-largest public Bitcoin treasury, trailing MARA by 6,115 BTC. Meanwhile, Japan's Metaplanet overtook Twenty One for the number-two spot after a net 1,000 BTC addition during the third quarter. Strive now sits 14,538 BTC behind Metaplanet's new total of 44,000 BTC. To catch up by year-end, Strive would need to add about 1,212 BTC weekly, assuming Metaplanet makes no further purchases.

In its third-quarter update, Strive reported buying 8,137 BTC at an average price of $78,885. The company also disclosed nearly $285 million in cash and cash equivalents as of September 30, with a year-to-date BTC yield of 63.2%. Strive's amplification ratio, comparing its preferred equity and debt to its Bitcoin value, stood at 55.3%. CEO Cole aims to push this ratio above 60% while Bitcoin remains under $100,000. The company's Bitcoin holdings have surged over 290% this year, recently surpassing crypto exchange Bullish to become the world's fifth-largest corporate Bitcoin treasury.

Following the announcement, ASST stock rose around 2%, trading near $30.50. Strive's SATA preferred shares traded near their $100 par value, offering a daily dividend at an annualized rate of $13 per share, an effective yield of about 13%. Bitcoin itself traded near $86,000, after reaching a 24-hour high of $86,948, with trading volume jumping 78% over the prior 24 hours.