Strive buys 3,311 BTC for about $280 million, lifting holdings to 32,773 BTC
In brief
- Strive bought 3,311 BTC for roughly $280 million between Oct. 5 and Oct. 9, per a filing.
- Average price was about $84,500 per coin including fees, Decrypt reported.
- Total holdings rose to 32,773 BTC from 29,462 BTC a week earlier.
- Decrypt called it Strive's biggest single purchase since January.
A buy into a weak week
Decrypt described the deal as Strive's biggest single purchase since January. Its headline framed it as the largest "in months." The timing stands out. Strive bought as Bitcoin slid through a rough week, and Decrypt reported that the company's average price sat well below the token's recent highs near $87,000.
The new coins lifted Strive's stash from 29,462 BTC a week before. At prices on the day of Decrypt's report, those 32,773 BTC were worth roughly $2.73 billion (that's an estimate that moves with the market, not a fixed figure).
It wasn't a one-off.
Three buys in a few weeks
In late September, Strive pushed its holdings past 27,000 BTC with a $94.5 million purchase. Its prior buy this month came in at $169 million, which Decrypt said was then the company's largest in four months. The outlet said Strive is now buying Bitcoin at its fastest pace of the year.
Bitcoin isn't the only thing on the balance sheet. According to Decrypt, Strive also holds about 505,000 shares of Strategy's STRC preferred stock (valued near $50 million) and roughly $310 million in cash.
How Strive got here
Strive is led by CEO Matthew Cole. It went public through a merger with Asset Entities and recently completed a combination with Semler Scientific to bulk up its balance sheet, Decrypt reported. That puts it among the public companies that've adopted Bitcoin treasury strategies, a model Decrypt noted was pioneered by Michael Saylor's Strategy and that's since drawn a crowded field.
The model draws scrutiny, too. Decrypt pointed out that treasury firms have faced questions over how much their stock premiums depend on continued accumulation, and that's the backdrop for every new filing. For now, Strive's latest one shows it's still adding coins, and doing it quickly.
