Bitcoin treasury company Strive (NASDAQ: ASST) stock price has surged following new institutional interest from Vanguard Group. The $12 trillion investment firm added to its stake in Strive via one of its core funds.
Vanguard Group Increases Stake In Bitcoin Treasury Firm Strive
The latest data reveals Vanguard’s Total Stock Market Index Fund purchased 276,200 shares of ASST for a total value of $4.22 million. This acquisition brings the fund’s holdings to 1.72 million shares, valued at some $25.2 million.
The purchase also shows increased institutional support for companies using Bitcoin in their treasury management. Earlier, Vanguard Group doubled down on this strategy by snapping up $195 million worth of Strategy’s MSTR shares.
Data from the market showed ASST stock closing at $15.28 with an intraday decrease of 2.61% on Tuesday, April 28. However, in the pre-market trading on Wednesday, ASST was up 0.79% to $15.40 amid the Vanguard acquisition update. Previously, the gains went as high as 2.35% in the pre-market trading.
About Strive’s Latest BTC Acquisition
Moreover, Vanguard’s ASST stock purchase comes on the heels of Strive’s recent Bitcoin acquisition. Strive reported purchasing 789 BTC for an estimated $61.43 million, or an average of $77,890 per BTC. CEO Matt Cole announced the news earlier this week to reiterate that the company has a long-term strategy of accumulating Bitcoin.
The recent acquisition has pushed Strive’s Bitcoin holdings to 14,557 BTC. At current BTC price, the hoard is worth approximately $1.3 billion. This makes the company one of the world’s largest corporate Bitcoin investors, according to crypto tools data. It has recently overtaken Hut 8 and is now second to Coinbase in the list.
The BTC acquisition news boosted ASST shares, which climbed 2.15% to $16.15 on Monday. At the time, it coincided with Michael Saylor’s Strategy announcing a $255 million purchase.
Strive has been raising funds for Bitcoin buyouts via capital markets, which is similar to Strategy. It has raised funds via a preferred equity product called the Variable Rate Series A Perpetual Preferred Stock (SATA). The instrument has a strike price between $99-$100 and a monthly dividend.