- Strive purchased 2,500 BTC for approximately $185 million.
- Total bitcoin holdings increased to 19,000 BTC.
- The company now ranks as the seventh-largest public bitcoin holder.
- Benchmark initiated coverage with a Buy rating and $32 target.
- Strategy disclosed its first bitcoin sale since 2022 during the same period.
Strive expanded its bitcoin treasury strategy with the purchase of 2,500 BTC between May 23 and June 1, spending approximately $185.2 million at an average purchase price of $74,092 per coin.
The acquisition boosted Strive’s holdings from 16,500 BTC to 19,000 BTC, strengthening its position among publicly traded bitcoin treasury companies. The company now ranks as the seventh-largest corporate holder of bitcoin and has widened its lead over firms such as Coinbase and Riot Platforms.
Alongside the bitcoin purchases, Strive increased its cash reserves to $137.3 million while maintaining a roughly $50 million position in Strategy’s STRC preferred shares. According to CEO Matt Cole, the higher cash balance ensures approximately 18 months of dividend coverage for preferred shareholders.
The timing is notable because Strategy reported selling 32 BTC during the same period, marking its first disclosed bitcoin sale since late 2022. The proceeds were used to support dividend payments tied to its preferred stock offering.
Benchmark analyst Mark Palmer initiated coverage of Strive with a Buy rating and a $32 price target. He highlighted the company’s debt-free balance sheet and unique capital structure, which relies on perpetual preferred shares rather than convertible debt or bitcoin-backed leverage.
Analysts argue that this approach reduces refinancing and liquidation risks while allowing the company to continue accumulating bitcoin. In addition, Strive benefits from a growing asset management business that oversees more than $2.5 billion in assets, providing recurring revenue alongside its bitcoin treasury operations.
