Strive Doubles Down on Bitcoin Holdings with $36.6M Purchase

Strive, the cryptocurrency-backed company behind ASST stock, has boosted its Bitcoin holdings to 25,000 BTC. This significant increase follows a purchase of an additional 469 BTC for $36.6 million at an average price of $77,954 per coin.

The latest buy was entirely funded by Strive's perpetual preferred stock (SATA), which has seen strong investor demand and now has a notional outstanding value of over $1 billion. This means the company can raise large sums with minimal dilution, as SATA trades at its $100 par value.

Strive's common stock ASST rose 3% after trading opened in response to this strategic move, reflecting investor approval of the company's aggressive approach to acquiring Bitcoin. Analysts note that each new purchase tends to send Strive's stock higher due to increased net asset value from growing crypto holdings.