TD Cowen analysts Lance Vitanza and Jonnathan Navarrete raised their price target on bitcoin treasury company Strive (ASST) to $56 from $44 after the company’s bitcoin purchases over the past two weeks exceeded what they had previously modeled for the entire quarter. Strive’s bitcoin holdings increased from 28,000 BTC at the end of September to 35,595 BTC, a position valued at about $2.9 billion at current prices, according to the report. That puts the company fourth among public companies by bitcoin holdings. The latest additions included purchases of 3,311 BTC on Oct. 13 and 2,822 BTC on Oct. 14. Separately, Strive plans to expand its SATS preferred stock offering to 7 million shares priced at $90 each, with expected proceeds of $630 million and a projected completion date of Oct. 20. Strive shares fell 6.6% on Friday to $23.96 due to dilution tied to warrant exercises, though the stock remains up more than 38% this year. Analysts said selling pressure linked to the $27 warrant exercise could ease once that process is completed.
TD Cowen analysts Lance Vitanza and Jonnathan Navarrete raised their price target on bitcoin treasury company Strive (ASST) to $56 from $44 after the company’s bitcoin buying over the past two weeks topped what they had previously forecast for the full quarter.
Bitcoin holdings climbed to 35,595 BTC
According to the report, Strive’s bitcoin holdings rose from 28,000 BTC at the end of September to 35,595 BTC. At current prices, that stash is worth about $2.9 billion, ranking fourth among public companies.
The company bought 3,311 BTC on Oct. 13 and another 2,822 BTC on Oct. 14.
SATS preferred offering set to expand
Strive also plans to increase its SATS preferred stock offering to 7 million shares at $90 per share. The deal is expected to raise $630 million and is projected to be completed on Oct. 20.
Shares fell Friday on dilution from warrant exercises
Strive shares dropped 6.6% on Friday to $23.96, pressured by dilution tied to warrant exercises. Even so, the stock is still up more than 38% for the year.
The analysts said selling pressure related to the $27 warrant exercise could ease once those exercises are completed.
The Block reported the development.
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