Strive Adds Bitcoin Amid Price Dip
Bitcoin treasury company Strive disclosed that it acquired 2,500 BTC for approximately $185.2 million, at an average price of $74,092 per coin. The purchase brings the company’s total Bitcoin holdings to 19,000. Notably, the buying occurred during a broader market pullback, contrasting with earlier purchases made at higher average prices, reflecting a strategy to capitalize on lower price levels.
The company also revealed the performance of its Bitcoin holdings: quarter-to-date BTC yield stands at 23.0%, and the year-to-date figure reached 36.7%. Despite variations in entry costs, the portfolio is firmly in profit, showcasing the potential of corporate Bitcoin treasuries.
In a further development, investment firm Benchmark initiated research coverage on Strive, assigning a Buy rating along with a $32 price target. Strive’s strategy parallels that of larger peers such as MicroStrategy, though its current bitcoin stash is smaller. This analyst coverage could draw more attention from traditional capital markets to the company’s bitcoin-centric model.