What to know : Strive acquired 2,500 bitcoin for about $185.2 million at an average price of $74,092 per coin, bringing its total holdings to 19,000 BTC. The purchase, made amid a pullback in bitcoin’s price, follows Strive’s earlier buy at a higher average cost and comes as it reports a quarter-to-date BTC yield of 23.0 percent and year-to-date yield of 36.7 percent. Benchmark initiated coverage of Strive with a Buy rating and a $32 price target, implying roughly 93 percent upside from the company’s recent Class A share price despite a pre-market decline.
Strive (ASST) has acquired 2,500 bitcoin for roughly $185.2 million at an average price of $74,092 per coin, the company reported in an 8-K filing.
It was completed at a lower average price than Strive's last disclosed acquisition of 1,109 BTC at $76,989 on May 22, suggesting the company bought into the slide that has taken bitcoin from above $74,000 last week to roughly $70,800 by Tuesday morning, per CoinDesk data.
Strive disclosed its quarter-to-date BTC yield at 23.0% and year-to-date yield at 36.7%, with an amplification ratio of 57.0%. The company said it also raised cash reserves to maintain an 18-month dividend reserve.
The purchase lifts its total holdings to 19,000 BTC, data shows, and pushes the bitcoin treasury company further into the top 10 of publicly traded corporate holders.
The filing comes as Strategy (MSTR), the largest corporate bitcoin holder, disclosed its first publicized sale of 32 bitcoin for $2.5 million at an average price of $77,135 on Monday, sparking a sell-off in BTC and the broader crypto market since.
Meanwhile, Benchmark analyst Mark Palmer initiated coverage on Strive with a Buy rating and a $32 price target on Tuesday, implying roughly 93% upside even after the company's Class A common stock fell 3.59% to $16.58 in pre-market trading.
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