Bitcoin treasury Strive's shares jump as company's holdings near 20,000 BTC
Strive, the bitcoin treasury company founded by Vivek Ramaswamy, saw its shares jump about 10% in early trading on Monday after the firm said its total BTC holdings rose to nearly 20,000 coins.
The company said it purchased 759 bitcoin at an average cost of about $65,850 per BTC, for a total investment of roughly $50 million. Strive's shares (Nasdaq: ASST) hit a high of $16.31, up nearly 10%, before trading back to the $15.40 area at the time of publication.
Bitcoin's price also rose slightly on Monday to $64,967.60.
The stock's gains came as Strive's perpetual preferred stock, SATA, continued recovering after falling below $93 last week amid elevated trading volume. At the time, Chairman and CEO Matt Cole described the selloff as a "leverage liquidation event, not a deterioration in underlying credit quality."
Sales of SATA are designed to help Strive fund BTC purchases. Bitcoin has displayed significant volatility in recent months, falling over 50% from trading at an all-time high of nearly $125,000 late last year.
Recently, Strive CIO Ben Werkman told The Block that if bitcoin continues trading at lower levels, the downturn could trigger consolidation among treasury companies.
Strive said Monday its total holdings sit at 19,864 bitcoin, ranking it the seventh-largest, publicly-traded BTC treasury ahead of SpaceX and Coinbase.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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