Bitcoin Treasury Firm Strive Raises $30M To Buy BTC But Strategy’s STRC Lags Behind
Highlights
- Strive has attracted additional capital via its SATA prefered stock.
- The company raised more than $30 million buy more bitcoin.
- On the contrary, Strategy's STRC has not raised any capital.
Bitcoin treasury company Strive Inc. (NASDAQ: ASST) raised an additional $30.8 million in preferred stock. This feat comes after the firm added over 1,100 BTC lately. Meanwhile, the largest market competitor Strategy’s STRC stock remains under $100 par value with no proceeds this week.
Strive Raises Over $30M For Bitcoin Treasury
The latest ATM use by Strive occurred on May 26, and the company is estimated to have purchased 402.11 BTC via its ATM on Tuesday, May 26. Net proceeds raised from the sale of approximately 315,700 shares were $30.78 million.
According to the Bitcoin Treasuries data, the average price used for acquiring Bitcoin for estimation purposes was $76,544 per BTC. In the meantime, daily trading volume of SATA was valued at $58.09 million.
On Tuesday, it also announced a new BTC acquisition. Vivek Ramaswamy’s company announced that it bought 1,109 BTC just last week for almost $85.4 million. The average price for that batch was around $76,988 per Bitcoin, according to regulatory filings.
It brought Strive’s total Bitcoin holdings to around 16,500 BTC, which is worth around $1.27 billion at the market rate. Earlier, the company revealed that it was holding 15,391 BTC, implying that it has been making rapid gains in its treasury in recent weeks.
Strive is fast becoming one of the well-known Bitcoin treasury companies that are publicly traded. It has recently been on a buying spree as its BTC treasury surpassed the reserves of Coinbase and Riot Platforms.
The company also updated in-house performance metrics of its Bitcoin approach. Strive reported a BTC yield of 11% quarter-to-date and 23.4% year-to-date. It also revealed a 45.2% amplification ratio, which investors closely monitor when assessing efficiency of a treasury and investment of capital.
What’s Happening With Michael Saylor’s Strategy?
Whilst, Michael Saylor’s Strategy has reduced its rate of buying Bitcoin as it prioritizes balance sheet restructuring. The firm recently spent about $1.38 billion in cash to repurchase $1.5 billion worth of 0% convertible senior notes due in 2029, securing the buyback at an 8% discount.
Previously, Strategy raised over $2 billion to fund its acquisition of 24,869 BTC via the sale of more STRC shares. However, on Tuesday, the stock of STRC was trading below its $100 preferred stock price target.
Despite its ongoing capital investment approach that targets Bitcoin, the STRC stock closed at $99.47 that day.
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