Strive Buys 1,800 Bitcoin for $143 Million, Climbs to No. 5 Among Public Companies

Strive, which is pursuing a Bitcoin treasury strategy, has climbed to fifth place among public companies by Bitcoin holdings after another purchase. TD Cowen raised its price target on the stock following the buy.

Crypto news outlet 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. The purchase lifted its total Bitcoin holdings to 23,156, pushing it past crypto exchange Bullish into fifth place among publicly traded 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 bank wrote that Strive's Bitcoin purchases were far larger than its previous model had assumed. ASST was trading at about $23 on the morning of August 31, up about 6% on the day. The stock has gained about 165% over the past six months.

TD Cowen projects that Strive will buy about 4,300 more Bitcoin in the third quarter and another 3,000 in the fourth quarter. If that happens, its total holdings would exceed 27,100 Bitcoin, putting it within reach of fourth place, now held by Adam Back-led Bitcoin Standard Treasury Company, which holds about 30,000 Bitcoin.

Meanwhile, Strategy, the largest public-company holder of Bitcoin, also resumed purchases last week. The company bought 4,603 Bitcoin for about $370 million, lifting its total holdings to 845,050. It was Strategy's first Bitcoin purchase in about 10 weeks after it halted buying in late June to focus on raising cash.