Breaking: Strive Raises $194M To Expand Bitcoin Treasury Amid Strategy’s Coinbase Dump
Highlights
- Strive has attracted fresh capital of more than $194 million via its SATA stock.
- It could buy an estimated 2,621 BTC with this fundraise.
- On the contrary, Strategy could be planning to sell some of its Bitcoin.
Vivek Ramaswamy-backed Strive is quickly accelerating its Bitcoin accumulation program after raising over $194 million. The feat comes as Michael Saylor’s Strategy stirs new market conversation with its transfer of BTC reserve to Coinbase Prime.
Strive Moves To Expand Bitcoin Treasury With $194 Million Capital
Bitcoin Treasuries data shows that Strive’s Series A Perpetual Preferred Stock (SATA) raised around $194.3 million during the period from May 26 to May 29 at the ATM. The company’s ATM tracker shows estimated Bitcoin purchase of 402.11 BTC on May 26.
In addition, it estimated the purchase of 493.72 BTC on May 27, 573.79 BTC on May 28, and 1,151.5 BTC on May 29. Moreover, the expected amount of coins acquired is approximately 2621 BTC during the four trades.
SATA’s net proceeds increased from $30.78 million on May 26 to $84.61 million on May 29. Furthermore, cumulative trading volume reached over $390 million in a day during the period.
The funding follows the Strive announcement of acquiring 1,109 BTC valued at roughly $85.4 million. At the time, the average acquisition cost was $76,988 per BTC.
With the purchase, the company held 16,500 BTC, or approximately $1.27 billion at the time of the announcement. The recent transactions at the ATM indicate that Strive is still investing new funds into new Bitcoin purchases to grow its holdings. It recently surpassed Coinbase and Riot Platform’s BTC reserve.
SATA shares were also in demand from investors. The volume of trading increased during the week. It surged from $58.09 million on May 26 to over $159.5 million May 29. Also, Strive’s preferred stock continued trading near the $100 offering price the whole week through.
Strategy’s Coinbase Transfer Draws Market Attention
While Strive raised money to buy more Bitcoin, Strategy seems to be looking to sell BTC. On May 29, Strategy transferred 411.48 BTC to the Coinbase Prime wallet valued at around $30.3 million, per crypto tools for onchain tracking.
Looking at the on-chain data from Arkham Intelligence, there were two transactions. It saw transfers totaling approximately 205.3 BTC and 206.2 BTC. In addition, it included a test transfer before the funds arrived at the exchange-connected address.
The movement comes after Michael Saylor said that they would plan to sell some Bitcoin, according to the company’s first quarter earnings call.
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