Strive Asset Management Surpasses $170 Million in Bitcoin Holdings

Strive Asset Management has become the seventh-largest publicly traded company to hold Bitcoin on its balance sheet. According to a filing with the US Securities and Exchange Commission, Strive acquired approximately $8.15 million worth of Bitcoin from August 17-21. This purchase brings its total Bitcoin holdings to 21,356, valued at around $170 million at current prices. The average cost per coin was around $73,409.

This acquisition makes Strive one of the largest institutional holders of Bitcoin among publicly traded companies. Strive's CEO, Matt Cole, has stated that the company has increased its Bitcoin holdings by 5.5% through this purchase. However, when adjusted for the increase in outstanding shares, the effective growth rate is around 1.4%. Strive had previously acquired Bitcoin at prices ranging from $64,800 to $63,231 per coin.

The company's cash and cash equivalents have also increased by approximately $170 million since August 21, with its SATA preferred stock price remaining steady at around $100 per share with a 13% annual dividend yield. Strive had issued additional shares in June, purchasing 2,500 Bitcoin at an average cost of $1.85 billion.