Strive Buys 1,800 More Bitcoin, Climbs to No. 5 Among Public Companies
Summary
- Strive bought an additional 1,800 Bitcoin, bringing its total holdings to 23,156 Bitcoin and lifting it to fifth place among public companies by Bitcoin holdings.
- TD Cowen said Strive's Bitcoin purchases exceeded expectations, raised its price target on ASST to $32 from $28, and maintained a buy rating.
- TD Cowen projects Strive will buy about 7,300 more Bitcoin in the third and fourth quarters combined, bringing its total holdings to more than 27,100 Bitcoin.
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Strive has climbed to fifth place among publicly traded companies by Bitcoin holdings after buying more of the cryptocurrency as part of its Bitcoin treasury strategy. TD Cowen raised its price target on the company following the purchase.
The Block reported on August 31 that Strive bought 1,800 Bitcoin between August 24 and August 28 at an average price of $79,431, for a total of $143 million. That lifted its total holdings to 23,156 Bitcoin, moving it ahead of crypto exchange Bullish into fifth place among public companies.
TD Cowen raised its price target on Strive shares, ticker ASST, to $32 from $28, an increase of more than 14%, and maintained its buy rating. In a research note, the firm wrote that Strive's Bitcoin purchases were well above its earlier model forecasts. ASST was trading at about $23 on the morning of August 31, up roughly 6% on the day. The stock has advanced about 165% over the past six months.
TD Cowen projects that Strive will buy about 4,300 more Bitcoin in the third quarter and 3,000 in the fourth quarter. That would take its total holdings above 27,100 Bitcoin, putting it within reach of fourth place, currently held by Adam Back-led Bitcoin Standard Treasury Company, which holds about 30,000 Bitcoin.
Meanwhile, Strategy, the largest public-company holder of Bitcoin, resumed buying last week. The company purchased 4,603 Bitcoin for about $370 million, lifting its total holdings to 845,050 Bitcoin. It was Strategy's first Bitcoin purchase in about 10 weeks since late June, when it halted buying to focus on raising cash.
