Strive Adds 1,800 Bitcoin in $143M BTC Purchase

Strive, a publicly traded asset manager and Bitcoin treasury company, added 1,800 Bitcoin to its holdings last week, accelerating an accumulation strategy that has propelled it into the ranks of the world’s five biggest publicly traded corporate Bitcoin holders.

The company purchased the Bitcoin (BTC) for approximately $143 million between Aug. 24 and Aug. 28, paying an average price of $79,431 per BTC, including fees and expenses. CEO Matt Cole confirmed the acquisition on Monday.

The purchase brought Strive’s total holdings to 23,156 Bitcoin, up from 21,356 BTC a week earlier. As Cointelegraph reported, the company had purchased 1,110 BTC the previous week for roughly $81.5 million at an average price of $73,409 per coin.

Strive has accelerated its Bitcoin accumulation in recent weeks. Adam Livingston, an adviser to Saturn Credit, noted that the latest purchase increased the company’s Bitcoin holdings by roughly 8.4% in just five business days.

Source: Adam Livingston

The acquisition also pushed Strive past Bullish, the crypto exchange and digital asset infrastructure company, to become the fifth-largest publicly traded corporate holder of Bitcoin, according to industry data.

Corporate Bitcoin buying returns as price rebounds

Strive’s latest purchases have coincided with a broad recovery in Bitcoin and the wider digital asset market that began on Aug. 19, when the US Treasury Department announced plans to double the size of certain long-term bond buybacks. The move helped push Treasury yields lower and fueled a rebound in risk assets, with Bitcoin rallying more than 23% to a recent high above $81,000.

Strive isn’t alone in ramping up its Bitcoin purchases. Michael Saylor’s Strategy, the world’s largest corporate Bitcoin holder, announced Monday that it had resumed buying BTC for the first time since June, acquiring 4,603 Bitcoin at an average price of $80,318.

The purchase lifted Strategy’s holdings back above 845,000 BTC following four Bitcoin sales since May.

Related: Crypto Biz: Bitcoin pumps, Wall Street does the paperwork