Strive Adds 1,375 BTC as SATA Stock Hits Nearly $1B in Notional Outstanding
Highlights
- Strive bought 1.375 BTC last week with 70% of the capital raised from its SATA stock.
- The stock has hit nearly $1 billion in notional outstanding.
- The ASST stock stock is down 3% amid the announcement of this purchase.
Bitcoin treasury firm Strive, which recently became the 5th-largest BTC treasury, added more BTC last week as it looks to close in on other firms in the top 5 by year-end. The company’s preferred security, SATA, accounted for most of the capital it raised last week to buy these coins, with the stock hitting almost $1 billion in notional outstanding.
Strive Buys 1,375 BTC For $109M
An SEC filing shows that the Bitcoin treasury firm purchased 1,375 BTC at an average price of almost $79,281 per BTC, bringing its total holdings to 24,531 BTC. The firm also increased its cash and cash equivalents to $202,600.
This follows Strive’s 1,800 BTC buy two weeks ago, which saw it become the 5th-largest Bitcoin treasury firm, just behind Strategy, Twenty One Capital, Metaplanet, and MARA Holdings. Meanwhile, the company’s CEO, Matt Cole, hinted at the latest purchase yesterday when he posted the company’s BTC portfolio tracker.
Cole also recently mentioned his company’s ambition to acquire over 20,000 BTC before the year runs out, possibly becoming the 2nd-largest Bitcoin treasury firm, behind Michael Saylor’s Strategy. Strategy has notably sold some of its holdings over the last two months but still holds a large gap over other treasury firms, with holdings of 845,050 BTC.
SATA Accounts For 70% of Capital Raised
In an X post, the Strive CEO revealed that 70% of the capital they raised last week came from their preferred security, SATA. He also noted that SATA stock now has $999 million in notional outstanding as it approaches the $1 billion mark.
SATA is currently trading at its par value of $100, which puts the company in a good position to raise capital to fund its Bitcoin purchases. Meanwhile, Strive’s common stock, ASST, has been one of the best-performing crypto stocks over the last month amid Bitcoin’s rebound from its low of around $63,000.
The ASST stock is up over 100% in the last month and recently reached a year-to-date (YTD) high above $27. However, the stock is down more than 2% today as Bitcoin retraces from its recent high above $82,000, with ASST falling below $27, according to TradingView data.
For more on trading stocks, check out Best Platforms to Trade Tokenized Stocks
Instant Currency Exchange at BestChange with Ease
- Compare Rates Across 1000+ Exchanges
- Access 250+ Cryptocurrencies & Pairs
- Save Time with Real-Time Price Tracking
- Trusted & Verified Exchange Listings
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
