Key Highlights
- Strive acquired 1,800 BTC for $143 million during the Aug. 24-28 period at an average cost of $79,431 per Bitcoin
- The company’s Bitcoin reserves now total 23,156 BTC, securing its position as the fifth-largest public corporate holder
- TD Cowen increased ASST’s price target from $28 to $32 while maintaining its Buy recommendation
- ASST shares climbed approximately 6% on Monday and have surged nearly 165% in the last six months
- Strategy also resumed Bitcoin accumulation last week, acquiring 4,603 BTC for approximately $370 million
Strive, the publicly listed Bitcoin treasury corporation, has secured a position among the top five corporate Bitcoin holders following its acquisition of 1,800 BTC last week for roughly $143 million.
The transaction occurred between Aug. 24 and Aug. 28, with an average cost of $79,431 per Bitcoin, fees included. CEO Matt Cole announced the purchase on Monday through an official Form 8-K disclosure.
This acquisition elevated Strive’s cumulative Bitcoin reserves to 23,156 BTC, rising from 21,356 BTC in the previous week. During the preceding week, the firm had already accumulated 1,110 BTC for approximately $81.5 million at an average rate of $73,409 per coin.
The recent transaction propelled Strive beyond Bullish, the cryptocurrency exchange and digital asset firm, securing the fifth position among publicly traded corporate Bitcoin holders. The company commemorated the achievement on X with a concise statement: “Strive to five.”
ASST shares were trading approximately 6% higher on Monday morning at $23. The equity has climbed nearly 165% during the past six months.
Adviser Adam Livingston observed that the most recent acquisition expanded Strive’s Bitcoin portfolio by approximately 8.4% within just five trading days.
TD Cowen Increases Price Target
TD Cowen reacted to the announcement by elevating its price target on ASST by more than 14%, moving from $28 to $32, while retaining a Buy rating. The investment firm stated the adjustment reflects treasury operations that have “substantially surpassed” its earlier projections.
The analysts currently anticipate Strive will acquire nearly 4,300 BTC during the third quarter, representing an increase of more than 180% from their previous estimate of just 1,500 BTC. They subsequently forecast an additional 3,000 BTC acquisition in the fourth quarter.
These projections would place Strive’s aggregate holdings above 27,100 BTC by year’s end. Such a figure would position the company within striking distance of claiming the fourth spot, currently occupied by Adam Back’s Bitcoin Standard Treasury Company with just over 30,000 BTC.
TD Cowen maintains its year-end Bitcoin valuation estimate at approximately $97,500, combined with a 3x multiple on Strive’s anticipated Bitcoin treasury appreciation.
Strive’s year-to-date BTC yield climbed to 40.8% as of its Aug. 28 filing, increasing from below 37% in early June.
Strategy Resumes Bitcoin Accumulation
Strive isn’t the sole company accumulating Bitcoin. Strategy, the world’s largest corporate Bitcoin holder, also resumed purchasing last week following an approximately 10-week hiatus.
Strategy purchased 4,603 BTC for nearly $370 million at an average cost of $80,318. This acquisition pushed its total reserves back above 845,000 BTC. The company had suspended acquisitions in late June to concentrate on replenishing cash reserves.
Both corporations have been accumulating during a broader Bitcoin resurgence. The upward movement commenced on Aug. 19 following the US Treasury’s announcement to double long-term bond repurchases, driving yields downward and boosting risk assets. Bitcoin has since rallied more than 23%, recently trading above $81,000.
TD Cowen’s revised forecast now projects Strive concluding 2026 with 27,156 BTC, nearly 4,300 more than its earlier estimate.
