What to know:
- Strive Bitcoin acquisition added 73 BTC at an average price of $63,646 per coin.
- Strive’s total Bitcoin holdings increased from 19,032 BTC to 19,105 BTC.
- ASST and SATA fundraising plans could add $4.2 billion in total capacity.
Strive Bitcoin acquisition activity continued after the treasury company bought 73 BTC for about $4.7 million, according to a June 15 SEC filing. The purchase covered June 8 to June 14. Strive paid an average price of $63,646 per Bitcoin.
According to the SEC filing, the transaction increased Strive’s Bitcoin position to 19,105 BTC compared to 19,032 BTC previously. The investment was part of the firm’s strategy to boost its cryptocurrency holdings. Chairman and Chief Executive Matt Cole also announced the deal on X.
Also Read: China’s mBridge Project Targets US Dollar Dominance
Strive Buys More Bitcoin at Lower Average Cost
Strive bought the extra Bitcoin for around $4.7 million, Cole said. He also said the company paid about $63,646 for each Bitcoin. The post referenced securities of Strive’s ASST and SATA.
The latest Strive Bitcoin acquisition was smaller than its earlier purchase this month. Strive had previously purchased 2,500 Bitcoin worth $185.2 million. That purchase had brought the company’s holdings up to almost 19,000 BTC.
Based on the disclosures, Strive made separate Bitcoin purchases at different prices. For instance, the median price for the previous purchase was set at $74,092 per Bitcoin. The latest Strive Bitcoin purchase was made at a relatively lower average price compared to the initial one.
Moreover, the filing also shows a positive change in the cash balances. As of June 12, Strive’s cash and cash equivalents increased by $2.2 million, reaching $141.4 million. The company also retained its shares in the preferred stock of Strategy.
The fair value of Strategy Variable Rate Series A Perpetual Stretch Preferred Stock shares was $47.9 million against the prior period figure of $47.2 million. The change is also reflected in the above-mentioned filing.
The filing also reported updates to Strive’s share count. Specifically, the filings show an increase in class A shares to 69.89 million. No changes were noted in relation to class B shares amounting to 9.78 million shares.
Strive Bitcoin Acquisition Aligns With $4.2B Funding Plan
Regarding SATA preferred stocks, no changes were recorded in the period covered. The filings show the number of SATA preferred shares being 7.51 million.
The Strive Bitcoin acquisition came as the company continued its fundraising plans. According to Cole, Strive plans to add extra capacity of $2.1 billion for both ASST and SATA at-the-market programs. Each program would receive an additional $2.1 billion in capacity.
Together, the two programs could provide up to $4.2 billion in fundraising capacity. Cole linked the expansion to stronger liquidity and investor demand. The company said the capital would support operations and investment activity.
The recent Strive Bitcoin acquisition also coincided with a rally in Bitcoin, which was down 18.3% in the previous 30 days. At the time of writing, Bitcoin is trading around $66,723, representing a 4.65% increase. The price reached its highest level in two weeks.
The broader cryptocurrency market also saw a positive outcome over the period. The total value of the digital asset market capitalization surpassed $2.3 trillion. The increase coincided with a positive sentiment from investors in the cryptocurrency market.
Also Read: Strategy Bitcoin Holdings Grow With Another $100 Million BTC Purchase
Be the first to comment