Strive added 1,800 Bitcoin to its treasury for about $143 million, pushing its total holdings to 23,156 BTC and moving it past Bullish into fifth place among publicly traded corporate Bitcoin holders. The purchase also prompted TD Cowen to raise its price target on Strive's shares as the broader corporate buying trend accelerates.
Strive, a publicly traded asset manager and Bitcoin treasury company, purchased 1,800 BTC for roughly $143 million between Aug. 24 and Aug. 28, at an average price of $79,431 per coin, according to a Form 8-K filing released Monday. The purchase lifted the company's total holdings to 23,156 BTC, up from 21,356 BTC a week earlier.
BitcoinTreasuries.net data placed Strive ahead of crypto exchange Bullish, which holds 22,000 BTC, making Strive the fifth-largest publicly traded corporate Bitcoin holder, behind Strategy, Twenty One Capital, Metaplanet, and MARA Holdings. The company celebrated the move on X, writing: "Strive to five."
TD Cowen lifts its price target
TD Cowen responded by raising its price target for Strive's ASST shares to $32 from $28 — a jump of more than 14% — while maintaining a Buy rating. The analysts said the increase reflects treasury buying that has exceeded their previous model.
The firm now expects Strive to acquire nearly 4,300 BTC in Q3, more than a 180% jump from its prior forecast of 1,500 BTC, followed by another 3,000 BTC in Q4. That trajectory would put Strive's holdings above 27,100 BTC by year end, within reach of the fourth-largest spot held by Bitcoin Standard Treasury Company. ASST shares gained nearly 165% over the past six months, according to Google Finance data cited by The Block.
Corporate Bitcoin buying accelerates
Strive's purchases fit a broader return of corporate accumulation. Strategy, the world's largest corporate Bitcoin holder, resumed buying for the first time since June, acquiring 4,603 Bitcoin at an average price of $80,318 and lifting its holdings back above 845,000 BTC after four sales since May.
The rebound coincides with a Bitcoin rally that began Aug. 19, after the U.S. Treasury Department announced plans to double the size of certain long-term bond buybacks. The move pushed Treasury yields lower and helped Bitcoin rally more than 23% to a recent high above $81,000.
Sources: The Block, crypto.news, Cointelegraph
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