Just-In: Vivek Ramaswamy’s Strive Buys Another $30M In Bitcoin

Vivek Ramaswamy-backed Strive, Inc. reported that it purchased additional Bitcoin lately. It acquired more than $30 million in BTC during the second week of May as part of its aggressive Bitcoin buying strategy.

Strive Continues Buying Bitcoin

The firm bought 381.61 BTC in the five days between May 13 and 18, according to the information it released Monday. The total cost of the acquisition transactions was approximately $79,348 per BTC, excluding any transaction-related costs or fees.

Strive’s corporate Bitcoin holdings rose to 15,391 BTC after the latest acquisitions. It is maintaining its position as the ninth largest BTC treasury company. Moreover, Vivek Ramaswamy’s firm is now around 300 BTC away from outpacing Hut 8’s holdings.

In the release, the company also reported new liquidity numbers. The cash and cash equivalents amounted to approximately $87.3 million as of the reporting date. Strive also held almost $49.8 million in Variable Rate Series A Perpetual Stretch Preferred Stock issued by Strategy, Inc.

As of May 18, the number of Class A common shares outstanding stood at 63.66 million, while the number of Class B common shares was almost 9.87 million. The company also announced the sale of 5.24 million shares of its Variable Rate Series A Perpetual Preferred Stock, SATA.

The disclosure was part of a document filed with the U.S. Securities and Exchange Commission and cited to a company press release.

Changes In Equity Structure & Analyst Targets For ASST

Meanwhile, Strive has witnessed a number of capital structure and financing transactions recently. The company announced the termination of an important debt arrangement and changes to the terms of its preferred equity securities. Earlier, it initiated repurchase and cancellation of convertible senior notes, which were due in 2030, by Semler Scientific’s subsidiary.

In the past few weeks, equity analysts too have updated their outlook on the firm. TD Cowen raised its ASST stock target to $30. For this, TD Cowen analysts noted that the changes in preferred share dividend payments have led to an improvement in capital efficiency.

In the meantime, H.C. Wainwright lowered its valuation expectation earlier but then increased it to $38 following stable valuation metrics and Bitcoin reserve. However, despite Strive’s continuous BTC accumulation, Strategy leads the charge. Recently, Strategy bought a whopping $2 billion worth of Bitcoin.