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Strive is continuing to stack <a href="https://xpertsstudio.com/bitcoin-unfazed-by-trumps-iran-threats/” title=”Bitcoin Unfazed by Trump’s Iran Threats”>Bitcoin, snapping up another 1,800 BTC worth roughly $143 million as the asset manager expands one of the larger corporate crypto treasuries.
CEO Matt Cole said Monday the company paid an average price of $79,431 per coin for the latest tranche, lifting Strive’s total holdings to 23,156 BTC. At the reference price cited in the disclosure, that stash is valued at roughly $1.76 billion.
The purchase extends an aggressive accumulation strategy for the firm, which trades on the Nasdaq under the ticker ASST following its merger with Asset Entities earlier this year. Strive, initially co-founded by entrepreneur turned politician Vivek Ramaswamy, recently added $81 million in Bitcoin alongside a share sale, part of a steady cadence of buying as it builds out its treasury.
Strive is among a wave of public companies that have adopted Bitcoin treasury strategies, raising capital to accumulate the asset and tie their fortunes to its price. The model, pioneered by Michael Saylor’s Strategy, has drawn a crowded field of imitators over the past year, though the approach carries risk given Bitcoin’s volatility.
The timing lines up with renewed buying across the sector as Bitcoin has rallied.
Strategy this week broke a roughly two-month pause with a $370 million purchase, its first since June, after a run-up flipped its position back into the green. Tom Lee’s Bitmine, meanwhile, made its largest Ethereum purchase since June, underscoring how treasury firms have leaned back into accumulation as prices recovered.
Bitcoin traded around $78,600 on Monday, off slightly on the day but on track to close August with a gain of more than 24%, its strongest month since 2017.
Strive’s average purchase price on the new tranche sits just above current levels, leaving the latest buy roughly break-even for now.
Source: finance.yahoo.com