Bitcoin · Strategy · The Block
Strive becomes fifth-largest public bitcoin treasury after 1,800 BTC buy, TD Cowen lifts ASST price target
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Strive has jumped to become the fifth-largest publicly traded bitcoin treasury company after adding another 1,800 BTC, prompting TD Cowen analysts to raise their price target on the firm's common shares.
Key facts
- TD Cowen raised its price target for Strive's ASST shares more than 14% to $32 from $28 while maintaining a Buy rating
- Strive purchased the bitcoin (BTC) for roughly $143 million between Aug. 24 and Aug. 28 at an average price of $79,431
- Bitcoin treasury company top dog Strategy also made its return to bitcoin buying last week, acquiring another 4,603 BTC for nearly $370 million, bringing its total holdings to 845,050 BTC
- TD Cowen now expects Strive to purchase nearly 4,300 BTC in the third quarter, a more than 180% jump from its prior forecast of 1,500 BTC, followed by another 3,000 bitcoins in the fourth quarter
Summary
Strive purchased the bitcoin (BTC) for roughly $143 million between Aug. 24 and Aug. 28 at an average price of $79,431. The additional BTC was enough to bump Strive (ASST) ahead of crypto exchange Bullish to take the number 5 spot among publicly traded corporate bitcoin holders, according to Bitcoin Treasuries. TD Cowen raised its price target for Strive's ASST shares more than 14% to $32 from $28 while maintaining a Buy rating. Strive's year-to-date BTC yield, a metric that compares growth in bitcoin holdings relative to share count, reached 40.8% as of its Aug. 28 filing, up from less than 37% in early June.