Breaking: Bitcoin Treasury Firm Strive Stock Gets $17M Funding From $5.6T Investment Bank

Vivek Ramaswamy’s Strive Asset Management (NASDAQ:ASST) has received major funding from State Street Corporation. The Wall Street heavyweight reported of a humungous surge in its holdings of Bitcoin treasury company Strive’s equity shares.

State Street Invests $17M Into Vivek Ramaswamy’s Firm

The $5.6 trillion asset management giant announced it bought 1 million shares of Strive’s publicly-traded stock, ASST. This reserve was worth some $17.7 million, per Bitcoin Treasuries report.

The acquisition puts State Street’s stake in the company nearly to one million shares, at a current market value of about $20 million. This latest revelation marks a 770% rise in the amount of State Street’s exposure to the Bitcoin treasury company.

Earlier, Vanguard Group also bought a massive stake in the company. Meanwhile, Strive’s ASST stock gained slightly by 0.34% in the premarket session today after State Street’s announcement. Previously, the ASST stock closed at $16.98 with an impressive 5.07% increase on Wednesday, May 20.

State Street’s disclosure comes days after Strive launched daily dividend payments under its SATA preferred stock program. It said the money raised from the preferred shares is being spent on further purchases of Bitcoin.

How Much Bitcoin Does Strive Hold?

Strive also revealed early this week that it had made additional Bitcoin investments in its treasury as it continues to grow its Bitcoin holdings. The company purchased 381.61 BTC from May 13 to May 18, with an average price of around $79,348 BTC, excluding fees and transaction costs.

Thanks to the most recent purchases, Strive currently has 15,391 BTC on its books, making it the ninth largest publicly disclosed corporate Bitcoin holding. The company is now estimated to have about 300 BTC less than Hut 8 has in their corporate holdings.

Strive also stated that its cash and cash equivalents totaled about $87.3 million on May 18. The firm also announced it held virtually $49.8 million in Variable Rate Series A Preferred Stock, issued by Strategy.

The filing also revealed that Strive was issuing 63.66 million Class A common shares and around 9.87 million Class B shares. It also affirmed the sale of 5.24 million shares in the company’s sale of SATA preferred stock.

TD Cowen separately upped its price target on ASST to $30, and H.C. Wainwright also upped its price target to $38 on the back of the company’s growing Bitcoin holdings.