Strive Enterprises (ASST) has acquired 2,500 bitcoin for about $185.2 million at an average price of $74,092 per coin, according to an SEC filing. The purchase boosts its total holdings to 19,000 BTC, placing the firm among the top 10 publicly traded corporate bitcoin holders.
The acquisition came at a lower average price than Strive's previous buy, suggesting the company capitalized on a recent price slide that pulled bitcoin from $74,000 to around $70,800 by Tuesday morning.
Strive disclosed a quarter-to-date BTC yield of 23% and a year-to-date yield of 36.7%, with an amplification ratio of 57%. The company also raised cash reserves to maintain an 18-month dividend reserve.
The buying spree comes as Strategy (MSTR), the largest corporate bitcoin holder, sold 32 BTC for $2.5 million earlier this week, marking its first publicized sale and sparking a broader crypto market sell-off.
Meanwhile, Benchmark analyst Mark Palmer initiated coverage on Strive with a Buy rating and a $32 price target, implying roughly 93% upside even after the stock fell 3.59% to $16.58 in pre-market trading.