On Monday, Strive Inc., a publicly traded company specializing in structured finance and institutional asset management, disclosed its acquisition of an additional 789 Bitcoins for its treasury holdings. According to Strive CEO Matt Cole’s tweet on X, the purchase averaged $77,890 per Bitcoin, totaling approximately $61.45 million. With Bitcoin’s recent price drop to $76,716, this investment is now valued at around $60.5 million.
This transaction increases Strive’s total Bitcoin reserves to 14,557 BTC, which are currently worth about $1.1 billion based on the latest market prices.
In conjunction with expanding its treasury assets, True North, a division of Strive, is organizing a ‘Bitcoin for Business’ summit scheduled for May 21 in Lake Oswego, Oregon. The event will focus on educating CFOs and business leaders on corporate adoption strategies for Bitcoin.
“Bitcoin and related financial instruments are revolutionizing corporate treasury management,” stated Jeff Walton, CEO of True North and Strive’s Chief Risk Officer. “Our goal is to equip today’s business leaders with insights into the future financial landscape.”
Data from BitcoinTreasuries.net indicates that publicly traded companies collectively hold over 1.2 million Bitcoins, worth more than $93 billion. Strategy leads these holdings with nearly $63 billion in Bitcoin. On Monday, Strategy announced a purchase of $255 million in Bitcoin, significantly less than the $2.54 billion it acquired the previous week.
Managing assets exceeding $2.7 billion, Strive is also known for its True North sub-brand, which provides educational resources and events on corporate cryptocurrency integration.
As per recent SEC filings, as of April 24, Strive reported having $90.5 million in cash equivalents and $50.3 million invested in Strategy preferred stock. The latest Bitcoin acquisition underscores the company’s ongoing strategy to diversify its treasury holdings.
Strive’s shares (ASST) experienced a decline of about 3% on Monday, closing at $15.33. Despite a 55% increase over the past month, ASST shares have decreased by 53% in the last six months.