Strive Adds $85M BTC To Bitcoin Treasury Amid Strategy’s Pause

Strive Inc. (NASDAQ:ASST) further increased its Bitcoin holdings. It brings the total in the company’s treasury to over $16,000 BTC. Meanwhile, Strategy has paused its Bitcoin buying activity to buy back bonds.

Strive Buys More Bitcoin

Vivek Ramaswamy’s Strive bought 1,109 BTC valued at approximately $85.4 million last week, according to a filing on Tuesday. Moreover, the company announced that the price of the new acquisition was around $76,988 per Bitcoin on average.

The deal saw Strive’s Bitcoin treasury increase to 16,500 worth $1.27 billion. This move lifted its standing as one of the world’s most prominent publicly traded corporate Bitcoin owners.

The hike propels Strive even higher on the list of companies listed on the stock exchange with a stake in Bitcoin. For context, the firm’s previous reports indicated it held 15,391 BTC worth of approximately $1.2 billion.

Strive has overtaken several known crypto-related companies such as Coinbase and Riot Platforms in terms of BTC treasury. The company also released revised operational metrics that relate to its Bitcoin strategy.

Meanwhile, the company announced that the BTC yield is 11% quarter-to-date and 23.4% year-to-date. Strive also pointed to a 45.2% amplification ratio, a figure which is being monitored by investors keen on tracking treasury efficiency.

Other Changes In Balance Sheet

In addition to this rise in Bitcoin stack, Strive reported that its cash and cash equivalents increased to $93.3 million compared to $87.3 million on the previous time period. Strategy’s STRC were also valued at over $50 million on Strive’s balance sheet.

Management said that it would be considering changes to its at-the-market equity programs for both its class A common shares and SATA preferred stock. The transfer would allow for more flexibility in financing potential Bitcoin purchases.

While the ASST shares have risen about 133% in the last three months, they have lagged far behind the majority of other companies trading in the Bitcoin treasury space. The ASST stock gained nearly 3% in the pre-market trading session on Tuesday, May 26. However, it dropped 0.55% during the intraday session.

Strategy Halts Bitcoin Buying

Strive’s disclosure coincided with a temporary pause in Strategy’s Bitcoin buying plans. The company recently repurchased $1.5 billion in 0% convertible senior notes due 2029 at about $1.38 billion in cash. It represents a discount of 8% and led to a massive decrease in its debt standing.

Earlier, this month, Strategy also sold additional STRC shares worth over $2 billion. The proceeds were used supplement its purchase of 24,869 BTC that was announced via its Executive Chairman Michael Saylor.