Strive buys 79 Bitcoin for $5M, treasury hits 20,246 BTC

Strive bought 79 Bitcoin for about $5 million, lifting its treasury to 20,246 BTC as the asset manager keeps accumulating.

The purchase was disclosed in a Form 8-K filed with the Securities and Exchange Commission on Aug. 17, covering the reporting week of Aug. 7 through Aug. 14. Strive paid an average of $63,231 per coin, inclusive of fees and expenses, according to the filing.

The Dallas-based firm, which trades on Nasdaq under the ticker ASST, now holds Bitcoin valued at roughly $1.27 billion at current market prices. Cash and cash equivalents slipped to $154.8 million from $154.9 million over the week, while its 505,000 shares of Strategy Inc.'s STRC preferred stock held steady at a fair value of about $47.86 million.

Class A common stock outstanding rose to 76,244,588 shares from 75,647,438, an increase of 597,150 shares, indicating the company is funding at least part of its buying through equity issuance. Strive's SATA preferred stock count stayed at 7,829,502 shares.

The latest purchase continues a drip-feed accumulation strategy that has defined Strive since its September 2025 all-stock merger with Semler Scientific, which added thousands of Bitcoin to the balance sheet in one transaction. The company, which reports nearly $3 billion in assets under management, has since bought 759 BTC for about $50 million in mid-June, a 21 BTC lot in mid-July, and 79 BTC at an average of $65,723 per coin between July 20 and July 24.

Strive tracks its Bitcoin-per-share ratio as the preferred performance benchmark for these purchases, a metric it has emphasized since the merger. Each acquisition nudges that ratio higher, giving shareholders indirect exposure to Bitcoin through the equity.

ASST stock rose 7 percent after the purchase was disclosed, and Wall Street forecasts have remained above the latest reported share price. Based on three analysts covering the company during the past three months, the average 12-month price target stands at $30, ranging from a $28 low to a $32 high. Against a recent share price of $13.20, the average forecast implies potential upside of about 127 percent.

MSCI review adds another layer

Strive is also reviewing MSCI's revised proposal covering the eligibility of companies with large investment assets in broad market indexes. The company previously opposed an approach that could exclude firms like Strategy when digital assets represented at least 50 percent of total assets.

CEO Matt Cole has said the newer framework represents an improvement because MSCI is now considering broader financial and operating measures rather than focusing specifically on Bitcoin or other digital assets. He has argued that companies using capital markets and structured finance to build Bitcoin treasuries should still qualify as operating businesses. Cole said Strive expects to continue engaging with MSCI while reviewing the proposal, and has not committed to a final position.

Strive's growing position places it among the larger publicly traded corporate Bitcoin holders, with estimates ranking it between seventh and 12th globally. The company's 20,246 BTC represents roughly 0.096 percent of Bitcoin's maximum supply of 21 million.

The strategy carries both upside and risk. If Bitcoin appreciates, the value of Strive's treasury rises, potentially strengthening its balance sheet and investor sentiment. A prolonged downturn would have the opposite effect, pressuring the company's market capitalization.

The share count increase disclosed in the filing indicates that at least part of Strive's buying capacity comes from ongoing equity issuance rather than cash reserves alone, a financing approach shared by several publicly traded Bitcoin treasury companies. Investors evaluating ASST take on exposure to both the price of Bitcoin and the terms under which the company continues to issue new shares to fund its purchases.

With cash reserves holding near $154.8 million after the latest buy, the balance sheet alone suggests the firm retains some capacity for further additions without an immediate capital raise. The next question for investors is whether Strive will continue buying at a similar pace, and whether additional acquisitions push its Bitcoin holdings higher.

This article is for informational purposes only and does not constitute investment advice.