Strive, Inc. announced the purchase of 21 bitcoin between July 13 and July 17, at an average price of $63,221 per coin. This acquisition, disclosed in an 8-K filing with the Securities and Exchange Commission, totaled approximately $1.3 million.
Bitcoin accumulation and treasury growth
With this recent transaction, the Dallas-based treasury company’s bitcoin holdings increased from 19,900 to 19,921 BTC. Over the same period, Strive’s cash and cash equivalents rose by $3.3 million, reaching $157.4 million as of July 17, compared to $154.1 million a week earlier.
While the addition marks a slower pace than the company’s earlier accumulation, it highlights a consistent long-term strategy. Strive, traded on Nasdaq under the ticker ASST, also lists its Variable Rate Series A Perpetual Preferred Stock as SATA.
Outstanding Class A shares grew from 73,426,164 to 73,869,961, reflecting an increase of 443,797 shares issued through the company’s at-the-market program. Meanwhile, Class B shares fell by 3,335 to 9,800,012, while the number of SATA shares remained steady at 7,829,502.
Asset structure and valuation changes
The SEC filing also outlined Strive’s position in Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock (STRC). The company held 505,000 STRC shares on both reporting dates, though the fair value of this position declined by $1.1 million, landing at $43.1 million as of July 17.
Mini dictionary: Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) – A form of perpetual preferred equity offering investors variable dividends, tied to market rates, and commonly used by corporations as an alternative to conventional debt or convertible instruments.
| Asset | Previous (July 10) | Current (July 17) | Change |
|---|---|---|---|
| Bitcoin Holdings | 19,900 BTC | 19,921 BTC | +21 BTC |
| Cash & Equivalents | $154.1 million | $157.4 million | +$3.3 million |
| STRC Shares | 505,000 | 505,000 | 0 |
| STRC Fair Value | $44.2 million | $43.1 million | – $1.1 million |
Corporate strategy and recent history
CEO Matthew Cole signed the filing, reiterating Strive’s commitment to increasing its bitcoin reserves. Cole positioned the company as an active and determined buyer, emphasizing ongoing purchases funded through perpetual preferred equity rather than convertible debt. He stated that this strategy aims to prevent forced sales by avoiding debt maturities that could pressure the treasury.
Strive’s leadership has consistently described their bitcoin accumulation strategy as “buying bitcoin hand over fist,” supported by equity funding to maintain stability and prevent forced liquidations in volatile markets.
Strive was formed following a merger between Strive Asset Management and Asset Entities. The company’s bitcoin treasury gained momentum through the acquisition of Semler Scientific, a medical technology firm, in an all-stock deal that saw Strive’s holdings surpass 12,000 BTC after the deal’s closure in January, following shareholder approval.
The average purchase price for this latest bitcoin acquisition sits below the levels seen as Strive built its current reserves, contributing to an overall blended cost that management connects to a long-term outlook on the cryptocurrency.
Operational performance and future outlook
Despite expansion, Strive reported a $393 million loss during its first six months as a public company. This figure is attributed to the treatment of its bitcoin holdings and share issuance under existing accounting standards. Management has signaled it is pursuing a much larger objective, targeting a $4.2 billion reserve to fuel further bitcoin acquisitions.
Management reiterated its intention to rapidly convert share issuance proceeds into bitcoin, aiming to boost per-share exposure to the digital asset while mitigating dilution for existing shareholders.
Currently, Strive ranks among the top ten publicly listed corporate holders of bitcoin, in a field where Strategy leads with 843,775 BTC. The company’s filings included warnings on risks linked to the integration of Semler, fluctuations in digital asset prices, interest rate movements, and dilution from future share sales. Strive noted it may also adjust dividends on its SATA preferred stock as part of its treasury management strategy.
