Strive has purchased another 2,822 Bitcoin for approximately $235 million, raising its corporate treasury to 35,595 BTC. The October 14 announcement followed another large purchase disclosed just one day earlier, as the Nasdaq-listed company continued expanding its cryptocurrency reserves.
CEO Matt Cole officially announced the most recent acquisition that took place between October 12th and 13th. As stated in the SEC filing by the company, the average price of each bitcoin purchased was $83,266.
The latest acquisition made Strive surpass MARA Holdings on account of their current balances. The company is now ranked as the fourth largest publicly held corporate owner of Bitcoin, following Strategy, Metaplanet, and Twenty One Capital.
How Much Bitcoin Did Strive Purchase?
The most recent acquisition came after another one in which 3,311 BTC was bought between October 5 and October 9. This purchase cost approximately $280 million at an average price of $84,500 for each Bitcoin. The number of Bitcoin reserves went up from 29,462 to 32,773.
Also Read: Strive Bitcoin Holdings Hit 32,773 BTC After Latest Purchase
In total, the two acquisitions involved 6,133 Bitcoin, which is valued at around $515 million. These acquisitions were both announced by the platform on successive days, even though the transactions took place at different times. The most recent acquisition led to an increase in reserves by about 8.6%.
At the beginning of the year, the company expanded its treasury by buying Semler Scientific. The acquisition made in January added approximately 5,048 Bitcoin to its reserve.
Where Does Strive Rank Among Bitcoin Holders?
Currently, it has a stockpile of 35,595 BTC, beating out MARA Holding’s previous stockpile of 35,577 BTC only by 18 BTC. This latest stockpile puts the company in fourth place.
Strategy is still the leading Bitcoin-holding corporation, with its latest announcement on October 12 stating a purchase of 250 BTC for a total stockpile of 848,250 BTC. However, Metaplanet’s stockpile stands at 44,000 BTC, while Twenty One Capital has a stockpile of 43,514 BTC, both of which are ahead of Strive.
Previously, Matt Cole said that Strive could reach second place by the end of the year. But Cole did say back in September that reaching second place was not his base-case scenario.
How Are Warrant Exercises Financing Expansion?
In addition to the most recent acquisition of BTC, the company announced the exercise of warrants for 13,674,703 Class A common shares. This deal is anticipated to bring gross proceeds of about $369.2 million.
The October 14 announcement revealed that the exercise took place on October 12 and October 13. At the same time, there were no outstanding traditional warrants issued in the context of the company’s private investment in a public equity transaction after October 13.
Warrants allow purchasing common shares at specified prices. Thus, the exercise brings new money but also increases the total number of issued shares.
Nevertheless, the company has not disclosed the amount from the anticipated $369.2 million that went to finance the most recent BTC acquisition. It also employs preferred stock and equity financing programs for its treasury operations.
How Has Strive Stock Performed?
Despite increasing Bitcoin holdings, the company’s shares came under sell-off pressure prior to the recent announcement. On October 13, ASST closed at $27.59, losing 0.43% of its value based on market history.
Additionally, the stock lost ground during the pre-market hours on October 14. However, these developments do not indicate any market reaction to the recent SEC filing.
In the long-term perspective, ASST has made some gains. Based on MarketBeat statistics, the stock gained approximately 87% for the year-to-date period and over 120% for three months.
The recent purchase is another confirmation of the treasury increase coupled with new financing inflows. Future acquisitions will be conditional upon the company’s capital allocation strategies.
Also Read: Metaplanet Convertible Bonds Raise $340 Million for Debt Repayment and Buybacks
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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