Strive purchased 1,355 Bitcoin for approximately $107.7 million last week. The company’s total holdings reached 26,355 BTC, while TD Cowen raised its price target for ASST shares from $32 to $44.
The company paid an average of $79,475 per Bitcoin for purchases made between September 14 and 18. As Bitcoin climbed to approximately $85,600 on Monday, the market value of Strive’s holdings exceeded $2.25 billion.
The latest purchase increased the company’s previous holdings of 25,000 BTC by approximately 5.4%. However, growth in total holdings does not necessarily translate into an equivalent increase in Bitcoin per share.
SATA and warrants stand out in funding
One development accompanying Strive’s Bitcoin accumulation was the start of exercises of warrants tied to its common stock. Investors exercised approximately 786,000 warrants last week, generating $21.2 million in gross proceeds for the company.
Warrants give holders the right to purchase company shares under specified conditions. Exercising these rights provides cash to the company and can increase its share count.
Meanwhile, preferred shares trading under the SATA ticker accounted for 57.7% of the capital the company raised during the week. SATA traded near its $100 par value on Monday.
This funding structure shows that Strive uses multiple capital instruments to support its Bitcoin purchases. Assessing the company’s reserve growth therefore requires tracking changes in its share count alongside new funding.
The amount of capital raised during the week and the money spent on Bitcoin purchases are also separate figures. The $21.2 million generated through warrant exercises represents only part of the company’s disclosed funding.
TD Cowen raises its Bitcoin accumulation forecast
TD Cowen analysts Lance Vitanza and Jonnathan Navarrete said Strive was accumulating Bitcoin faster than expected. They also cited growth in Bitcoin held per fully diluted share as a reason for raising their price target.
The firm’s new $44 target for ASST represents a 37.5% increase from its previous $32 estimate. However, a price target does not guarantee that the stock will reach that level.
TD Cowen also raised its forecast for Strive’s Bitcoin holdings at the end of 2026. Its previous estimate of 27,156 BTC increased to 32,105 BTC.
That scenario implies Strive would add another 5,750 BTC to its current holdings by year-end. The forecast assumes the company will continue making purchases during the remainder of the year.
The analysts also raised their full-year “BTC Yield” forecast from 54.1% to 70.1%. This metric measures changes in Bitcoin per share; it does not directly represent stock returns or interest income.
ASST shares fall in early trading
Despite the higher price target, ASST shares fell approximately 1.5% during Monday’s early trading hours. The stock traded around $29.65 after reaching $31.50 in premarket trading.
Meanwhile, Bitcoin’s rise above $85,000 supported the market value of Strive’s holdings. However, the company’s shares did not mirror Bitcoin’s gains.
Strive’s announcement came on the same day as Strategy’s latest Bitcoin purchase disclosure. Strategy said it had acquired 950 BTC for approximately $75.7 million.
Strive therefore purchased 405 BTC more than Strategy in the reported weekly acquisitions. However, Strategy’s total holdings remained substantially larger at 846,000 BTC.
