Strive Asset Management (ASST) acquired 2,500 bitcoin between May 23 and June 1 for roughly $185.2 million at an average price of $74,092 per coin, according to an 8-K filing released Tuesday.
Lower Average Price Suggests Dip Buying
The new purchase came at a lower average price than Strive’s last disclosed acquisition of 1,109 BTC at $76,989 on May 22. This indicates the firm bought into the dip that pulled bitcoin from above $74,000 last week to around $70,800 by Tuesday morning, per CoinDesk data.
BTC Yield and Amplification Ratio Jump
Strive disclosed a quarter-to-date BTC yield of 23.0% and a year-to-date yield of 36.7%, measuring per-share growth in bitcoin holdings after accounting for dilution from new share issuance. The company also reported an amplification ratio of 57.0%, meaning shareholders’ bitcoin exposure grew faster than the underlying price. Strive said it raised cash reserves to maintain an 18-month dividend reserve.
The acquisition lifts Strive’s total holdings to 19,000 BTC, pushing it deeper into the top 10 of publicly traded corporate bitcoin holders.
Strategy Sells 32 BTC, Sparking Selloff
The filing came one day after peer Strategy (MSTR) disclosed its first publicized sale of 32 bitcoin for $2.5 million at an average price of $77,135 on Monday. The news triggered a selloff in BTC and broader crypto markets.
Analyst Initiates Coverage with Buy Rating
Benchmark analyst Mark Palmer initiated coverage on Strive with a Buy rating and a $32 price target, implying roughly 93% upside even after the company’s Class A shares fell 3.59% to $16.58 in pre-market trading.