Strive added 2,500 bitcoin to its corporate treasury over the past week, even as Michael Saylor’s Strategy disclosed its first bitcoin sale in nearly four years.
The purchases were made between May 23 and June 1 at an average price of $74,092 per bitcoin, according to an 8-K filing released Tuesday.
The total spend came to roughly $185.2 million, lifting Strive’s holdings from 16,500 BTC to 19,000 BTC.
Growing up the treasury rankings
The latest purchase widened Strive’s lead over Coinbase and Riot Platforms, both of which it surpassed last week.
Strive now ranks as the seventh-largest public corporate bitcoin holder, sitting 5,300 BTC behind sixth-ranked Bullish.
The filing also showed Strive raised its cash and cash equivalents to $137.3 million from $93.3 million, while keeping its roughly $50 million position in Strategy’s STRC preferred stock.
Strive CEO Matt Cole explained the move on X:
“Cash was increased to maintain an 18-month dividend reserve.”
Cole also shared updated company metrics showing a quarter-to-date bitcoin yield of 23% and a year-to-date bitcoin yield of 36.7%.
Strategy’s rare sale
The purchases came during the same week that bitcoin treasury leader Strategy sold 32 bitcoin for approximately $2.5 million — its first reported sale since late 2022.
Strategy said proceeds from the sale would help fund dividends on its STRC perpetual preferred stock.
Analyst initiates coverage
Benchmark analyst Mark Palmer initiated coverage of Strive (Nasdaq: ASST) on Tuesday with a Buy rating and a $32 price target, calling the company’s capital structure “one of the most differentiated” in the bitcoin treasury sector.
Rather than relying on convertible debt or bitcoin-backed leverage, Palmer highlighted Strive’s SATA perpetual preferred stock as a source of what he called “permanent capital” for bitcoin accumulation.
He also noted that Strive retired debt from its earlier acquisition of fellow bitcoin treasury Semler Scientific, leaving it with no outstanding debt and no encumbered bitcoin.
Palmer wrote:
“We believe this substantially reduces Strive’s liquidation and refinancing risk relative to more highly levered bitcoin treasury peers.”
Benchmark also cited Strive’s asset management business, which oversees more than $2.5 billion in assets, as a recurring revenue source supporting its treasury expansion.
Strive shares fell more than 9% to $15.60 in early Tuesday trading amid a broader crypto selloff that pushed bitcoin to a two-month low near $68,500.
