Key Highlights
- Strive acquired 1,800 BTC worth $143 million during the period of Aug. 24-28, paying an average of $79,431 per Bitcoin
- The company’s Bitcoin holdings have grown to 23,156 BTC, securing its position as the fifth-largest publicly traded corporate Bitcoin holder
- TD Cowen upgraded its ASST price target from $28 to $32 while reaffirming its Buy rating
- ASST shares gained approximately 6% on Monday and have surged nearly 165% in the past six months
- Strategy also resumed Bitcoin acquisitions last week, purchasing 4,603 BTC for approximately $370 million
Strive, a publicly listed Bitcoin treasury company, has secured a position among the top five corporate Bitcoin holders following its recent acquisition of 1,800 BTC valued at approximately $143 million.
The acquisition took place between August 24 and August 28, with the company paying an average of $79,431 per Bitcoin, inclusive of 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, representing an increase from the previous week’s 21,356 BTC. During the preceding week, the firm had already secured 1,110 BTC for approximately $81.5 million at an average cost of $73,409 per coin.
The recent acquisition enabled Strive to surpass Bullish, a cryptocurrency exchange and digital asset firm, claiming the fifth position among publicly traded corporate Bitcoin holders. The achievement was celebrated on X with a succinct message: “Strive to five.”
ASST shares were trading approximately 6% higher on Monday morning at $23. The stock has experienced a remarkable surge of nearly 165% throughout the last six months.
Financial adviser Adam Livingston observed that the most recent acquisition expanded Strive’s Bitcoin reserves by approximately 8.4% within a mere five business days.
TD Cowen Increases Price Target
In response to this development, TD Cowen elevated its price target for ASST by more than 14%, moving from $28 to $32, while maintaining its Buy recommendation. The firm indicated that the adjustment reflects treasury operations that have “meaningfully exceeded” their earlier projections.
Analysts now anticipate Strive will acquire nearly 4,300 BTC during the third quarter, representing an increase of more than 180% from their previous estimate of 1,500 BTC. They subsequently forecast an additional 3,000 BTC acquisition in the fourth quarter.
This trajectory would elevate Strive’s complete holdings beyond 27,100 BTC by the conclusion of the year. Such a figure would position the company within striking distance of the fourth-place holder, Adam Back’s Bitcoin Standard Treasury Company, which maintains just over 30,000 BTC.
TD Cowen maintains its year-end Bitcoin price projection at approximately $97,500, coupled with a 3x multiple on Strive’s anticipated Bitcoin treasury appreciation.
Strive’s year-to-date BTC yield climbed to 40.8% as documented in its Aug. 28 filing, advancing from under 37% in early June.
Strategy Resumes Bitcoin Accumulation
Strive isn’t alone in accumulating Bitcoin. Strategy, the world’s largest corporate Bitcoin holder, also resumed purchasing activity last week following an approximately 10-week hiatus.
Strategy secured 4,603 BTC for nearly $370 million at an average cost of $80,318. This acquisition pushed its aggregate holdings back above 845,000 BTC. The company had suspended buying activities in late June to concentrate on replenishing cash reserves.
Both organizations have been acquiring during a broader Bitcoin market recovery. The upward momentum initiated on Aug. 19 following the US Treasury’s announcement to double long-term bond buybacks, compressing yields and boosting risk assets. Bitcoin has subsequently rallied more than 23%, recently touching above $81,000.
TD Cowen’s revised model now forecasts Strive concluding 2026 with 27,156 BTC, nearly 4,300 more than its earlier projection.
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