Key Highlights
- Strive acquired 1,800 BTC for $143 million during the period of Aug. 24-28, paying an average of $79,431 per Bitcoin
- The company’s Bitcoin reserves now total 23,156 BTC, securing its position as the fifth-largest public corporate Bitcoin holder
- TD Cowen upgraded its ASST price target from $28 to $32 while maintaining its Buy recommendation
- ASST shares gained approximately 6% on Monday and have surged nearly 165% in the last six months
- Strategy also resumed Bitcoin accumulation last week, acquiring 4,603 BTC worth approximately $370 million
Strive, a publicly listed Bitcoin treasury corporation, has entered the top five among corporate Bitcoin holders following its acquisition of 1,800 BTC last week valued at roughly $143 million.
The acquisition occurred over a five-day period from Aug. 24 through Aug. 28, with an average cost of $79,431 per Bitcoin, including transaction fees. CEO Matt Cole announced the purchase on Monday through an official Form 8-K filing.
This transaction elevated Strive’s complete Bitcoin portfolio to 23,156 BTC, an increase from the previous week’s 21,356 BTC. During the preceding week, the company had also accumulated 1,110 BTC for approximately $81.5 million at an average rate of $73,409 per coin.
The recent acquisition enabled Strive to surpass Bullish, a cryptocurrency exchange and digital asset firm, securing the fifth position among publicly traded corporate Bitcoin holders. The company celebrated this milestone on X with a concise statement: “Strive to five.”
ASST shares were trading approximately 6% higher on Monday morning, reaching $23. The stock has gained nearly 165% during the past six months.
Adviser Adam Livingston observed that this recent acquisition expanded Strive’s Bitcoin reserves by approximately 8.4% within merely five business days.
TD Cowen Increases Price Target
In response to this development, TD Cowen elevated its price target on ASST by more than 14%, moving from $28 to $32, while preserving its Buy rating. The firm stated that the adjustment reflects treasury operations that have “meaningfully exceeded” their earlier projections.
Analysts now anticipate that Strive will acquire nearly 4,300 BTC during the third quarter, representing an increase of more than 180% compared to their previous estimate of just 1,500 BTC. They subsequently forecast an additional 3,000 BTC acquisition in the fourth quarter.
This projection would position Strive’s total reserves above 27,100 BTC by the end of the year. Such a figure could place the company within striking distance of the fourth position, currently occupied by Adam Back’s Bitcoin Standard Treasury Company with slightly over 30,000 BTC.
TD Cowen maintains its year-end Bitcoin price projection at approximately $97,500, combined with a 3x multiple on Strive’s anticipated Bitcoin treasury appreciation.
Strive’s year-to-date BTC yield achieved 40.8% as of its Aug. 28 filing, climbing from below 37% in early June.
Strategy Resumes Bitcoin Accumulation
Strive isn’t alone in aggressively accumulating Bitcoin. Strategy, the world’s largest corporate Bitcoin holder, also restarted its buying program last week following an approximately 10-week hiatus.
Strategy purchased 4,603 BTC for nearly $370 million at an average cost of $80,318. This acquisition pushed its total reserves back above 845,000 BTC. The company had temporarily suspended purchases in late June to concentrate on replenishing cash reserves.
Both corporations have been accumulating during a broader Bitcoin market recovery. The upward momentum began on Aug. 19 following the US Treasury’s announcement to double long-term bond buybacks, reducing yields and boosting risk assets. Bitcoin has subsequently rallied more than 23%, recently trading above $81,000.
TD Cowen’s revised forecast now anticipates Strive concluding 2026 with 27,156 BTC, nearly 4,300 more than its earlier projection.
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