Strive Shares Rise as BTC Holdings Reach 19,864

Strive's common shares rose about 10% in early trading on Monday after the bitcoin treasury company reported its total holdings reached 19,864 bitcoin.

The firm purchased 759 bitcoin at an average price near $65,850 per coin, a transaction that cost roughly $50 million, the company reported.

Trading in Strive’s common stock (Nasdaq: ASST) hit a high of $16.31 before settling around $15.40 later in the session. Bitcoin's spot price traded near $65,000 during the same period.

Strive noted the acquisition was funded in part through activity in its perpetual preferred security, SATA. The preferred fell below $93 last week amid heavy volume and has since been recovering.

Chairman and CEO Matt Cole described the preferred selloff as “a leverage liquidation event, not a deterioration in underlying credit quality.” The company uses preferred securities as a structured funding source for bitcoin purchases.

The firm was founded by Vivek Ramaswamy and operates as a bitcoin treasury vehicle that holds BTC on its balance sheet. Strive's chief investment officer, Ben Werkman, has warned that sustained lower bitcoin prices could prompt consolidation among corporate bitcoin treasury operators.

With 19,864 bitcoin, Strive ranks among the largest publicly traded corporate bitcoin holders and sits ahead of firms such as SpaceX and Coinbase in public-treasury listings.

Bitcoin has shown large price swings in recent months, falling more than 50% from a peak near $125,000 late last year.