Strive purchased 1,800 Bitcoin for about $143 million between Aug. 24 and Aug. 28, lifting its treasury to 23,156 BTC. The deal moved the company ahead of Bullish and into fifth place among publicly traded corporate Bitcoin holders.
The purchase was disclosed in a Form 8-K filed with the U.S. Securities and Exchange Commission on Aug. 31. The company paid an average of $79,431 per Bitcoin, including fees and expenses.
How Strive Climbed to Fifth Among Corporate Bitcoin Holders
Strive owned 21,356 BTC one week ago. With the latest transaction, the company has increased its total holdings by 1,800 BTC.
Also Read: BitMine Holdings Adds 53,000 ETH as Ethereum Treasury Nears 6 Million
Bullish, holding 22,000 BTC, ranked above Strive according to BitcoinTreasuries.net. Thus, Strive became ranked behind Strategy, Twenty One Capital, Metaplanet, and MARA Holdings in the ranking of public companies.
At a Bitcoin rate of $76,400, the company’s portfolio was estimated at approximately $1.77 billion. The filing does not contain information on the cost of the entire treasury purchase.
The company’s chief executive officer Matt Cole confirmed the purchase of BTC in an Aug. 31 X post. He reported that the purchase had brought the total holdings of Strive to 23,156 BTC.
The latest acquisition followed a major acquisition one week ago. Strive acquired 1,110 BTC for $81.5 million from Aug. 17 until Aug. 21.
The latest transaction was made at the average rate of $73,409 per coin. As a result, company’s holdings increased from 20,246 BTC to 21,356 BTC. During both reporting periods, Strive purchased 2,910 BTC for approximately $224.5 million.
In addition, Strive purchased 79 BTC for around $5 million from Aug. 10 until Aug. 14. Three purchases added 2,989 BTC to Strive’s portfolio within 15 days.
In May, the company purchased 1,109 BTC and increased its treasury to 16,500 BTC. This deal already brought Strive to the top above Coinbase and Riot Platforms.
How Did Strive Fund the Bitcoin Purchase?
ASST common stocks and SATA preferred stocks have been used to fund the company. Both securities work on at-the-market offerings.
The latest filing revealed that Class A common stocks increased by 3.58 million. The total increased from 79.89 million to 83.47 million.
Class B stocks stood still at 9.79 million. Effective common stocks outstanding stood at 93.26 million. There was an increase in SATA issuance in the week as well. The preferred stocks outstanding increased by 803,099 to reach 9.07 million.
The liquidation value of each SATA security is $100. This brought the liquidation value total to be $907.4 million.
It could not be determined what percentage of the Bitcoin acquisition was funded from each program; however, there were increases in the common and preferred stocks in the reporting period.
The company has highlighted dilution arising out of new ASST and SATA issuances as one of its risks. In June, it has expanded the capacity in each offering by $2.1 billion.
Cash Balance Rises After Latest Bitcoin Purchase
Even though the company acquired $143 million worth of Bitcoin, there has been an increase in cash and cash equivalents from $171.9 million on Aug. 21 to $183.5 million on Aug. 28.
Also, the company still held 505,000 shares of Strategy’s STRC preferred stock. Their value was reported to be $49.15 million. With cash and STRC, their total value was around $232.65 million at the end of that period.
ASST stock gained more than 5% on Monday’s trading. It traded for $23.16, and it was up by 6.5% during the trading and 95% in August.
Also Read: Strive’s SATA Rebound Opens Funding Path to Another 1,192 Bitcoin
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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