Strive's $36.6M Bitcoin Purchase Brings Holdings to 25,000 BTC

Strive, a top-five Bitcoin treasury company and asset manager, has significantly boosted its holdings with a $36.6 million purchase of 469 BTC. The transaction, which took place between September 8th and 11th, brings the company's total Bitcoin holdings to 25,000 BTC.

The average price per BTC was approximately $77,954, including fees and expenses. This purchase follows a previous acquisition that pushed Strive past crypto exchange Bullish to become the fifth-largest publicly traded corporate Bitcoin holder in late August.

Strive's CEO, Matt Cole, explained that the funds for this purchase came entirely from proceeds of sales of SATA, the company's perpetual preferred stock, which has now surpassed $1 billion in notional value outstanding. This acquisition is part of a larger trend where Strive continues to accumulate Bitcoin, with its market capitalization climbing alongside the asset's price.

Strive's shares have more than doubled over the past month, with Monday's gains of over 7% pushing the stock price above $29. The company's valuation now stands at approximately $2.5 billion, surpassing that of Metaplanet. This recent surge has also made Strive a notable player in the crypto space, with its shares set to potentially receive an influx of new capital if warrant holders exercise their options.