Summary
- Strive has purchased an additional 1,800 BTC for approximately $143 million, averaging $79,431 per coin, bringing its total Bitcoin holdings to 23,156 BTC, valued at around $1.76 billion, according to CEO Matt Cole.
- This acquisition continues the firm’s aggressive accumulation strategy, trading under the ticker ASST after merging with Asset Entities.
- The move comes as other companies in the sector resume buying activities: Strategy ended a two-month hiatus with a $370 million acquisition, while Bitmine executed its largest Ethereum purchase since June.
Strive is intensifying its Bitcoin accumulation, having acquired another 1,800 BTC valued at about $143 million, further establishing one of the largest corporate cryptocurrency treasuries.
CEO Matt Cole announced on Monday that the firm paid an average of $79,431 per Bitcoin for this latest acquisition, raising Strive's overall holdings to 23,156 BTC. At the price referenced in their disclosure document, these holdings are worth approximately $1.76 billion.
Myriad: Bitcoin high in August? Click to make your prediction.This acquisition is part of an ongoing aggressive strategy by Strive, which trades on the Nasdaq as ASST after its merger with Asset Entities earlier this year. Co-founded by entrepreneur and political figure Vivek Ramaswamy, Strive recently added $81 million in Bitcoin in conjunction with a share sale, marking a consistent pattern of purchases as it enhances its treasury.
Strive is part of a growing trend among public companies adopting Bitcoin treasury strategies, raising funds to accumulate Bitcoin and align their fortunes with its market performance. This model, first popularized by Michael Saylor's Strategy, has seen a surge of followers over the past year, despite the inherent risks posed by Bitcoin's price fluctuations.
The timing of this purchase aligns with a resurgence in buying activity across the cryptocurrency market as Bitcoin prices have increased.
Strategy recently resumed buying after a two-month break with a $370 million purchase, marking its first acquisition since June, as prices rose and turned its investment back into a profit. Concurrently, Tom Lee's Bitmine has made its largest Ethereum purchase since June, indicating that treasury firms are re-entering the market as prices recover.
As of Monday, Bitcoin was trading around $78,600, slightly down for the day but projected to finish August with over a 24% gain, marking its most robust month since 2017.
Strive's average purchase price for this latest acquisition is just above current market levels, suggesting that this buy is approximately at break-even for the time being.