Strive Becomes the Fifth-Largest Public Bitcoin Holder

Strive steps up a gear. The Nasdaq-listed asset manager (ASST) has just acquired 1,800 additional bitcoins for a total bill of around 143 million dollars. This operation was announced on Monday on X by its CEO, Matt Cole. Paid at an average price of 79,431 dollars each, this new batch raises the company’s total reserve to 23,156 BTC, or nearly 1.76 billion dollars according to its latest 8-K report.

A close race with the Bitcoin spot market

This acquisition aligns with the accumulation by large Bitcoin wallets observed since mid-summer. With the spot price hovering around 78,600 dollars at the time of the announcement, Strive paid its tokens slightly above the instant price.

The operation is thus currently close to breakeven. But Strive looks further ahead: the crypto king finishes a sparkling August (+24%), its best monthly performance in years, boosted by the renewed appetite for risk. 

In his official post, Matt Cole also emphasized this long-term vision by revealing the company’s new balances.

The strategy of the MicroStrategy clone

At the end of August, Strive had already spent about 81 million dollars on purchasing Bitcoin, an operation partially financed by capital raised on the markets. After its merger with Asset Entities, the company adopted a now well-known strategy: using its access to public markets to gradually strengthen its BTC reserves.

The movement takes place in a context where several companies are returning to accumulation. Strategy has recently resumed its purchases with a 370 million dollar operation after nearly two months of pause. At the same time, nearly 28,000 BTC have returned to exchange platforms, indicating that flows remain mixed between institutional accumulation and potential supply returning to the market.

Investors will now watch Strive’s upcoming regulatory filings to track the evolution of its reserves, the financing of its acquisitions, and the regularity of its purchases.

However, the strategy carries a significant risk: as Strive accumulates bitcoin, its balance sheet becomes increasingly exposed to crypto fluctuations. The real challenge will therefore be to see if the company can continue its expansion without excessively resorting to new share issuances, risking diluting its shareholders.

The pace of upcoming purchases will thus provide a clearer indication of Strive’s ability to maintain its Bitcoin treasury strategy over the long term.