Strive Buys 2,500 More Bitcoin, Raising Holdings to 19,000 BTC

Strive (ASST) bought more Bitcoin during the recent price pullback. The purchase disclosure came shortly after Strategy, formerly MicroStrategy, sold part of its Bitcoin holdings, underscoring diverging strategies among corporate Bitcoin treasury companies.

CoinDesk reported on June 2 that Strive said in a filing it bought 2,500 Bitcoin for about $185.2 million. The average purchase price was $74,092 per Bitcoin.

The latest purchase lifted Strive's total Bitcoin holdings to 19,000 BTC. The company is reported to have moved further into the top 10 among publicly traded companies holding Bitcoin.

The purchase price was below Strive's previous buy. On May 22, the company bought 1,109 BTC at an average price of $76,989. With Bitcoin falling from the $74,000 range last week to around $70,800 on the morning of June 2, Strive increased its holdings during the correction.

Strive said its quarter-to-date Bitcoin yield was 23.0% and its year-to-date yield was 36.7%. The company added that it had secured 18 months of cash reserves to fund dividend payments.

The disclosure followed Strategy's sale of 32 Bitcoin. Strategy sold the tokens at an average price of $77,135 to pay dividends on preferred shares. The sale had added to weak sentiment across Bitcoin and the broader crypto market.

Separately, Benchmark analyst Mark Palmer reiterated a buy rating on Strive and set a $32 price target. That implies about 93% upside even after Strive's Class A common stock fell 3.59% in premarket trading to $16.58.

Corporate Bitcoin treasury companies are taking different approaches amid pressure in the downturn. Some are selling holdings or strengthening hedging strategies, while Strive is expanding its Bitcoin position during the pullback.