Strive becomes fifth-largest public bitcoin treasury after 1,800 BTC buy

Strive bought 1,800 BTC between Aug. 24 and Aug. 28 for roughly $143 million. The purchase raised Strive's total holdings to 23,156 BTC, according to a Form 8-K filing released Monday. Bitcoin Treasuries ranked Strive fifth among publicly traded corporate bitcoin holders after the purchase. Strive moved ahead of crypto exchange Bullish. TD Cowen raised its price target for Strive's ASST shares by more than 14% to $32 from $28. TD Cowen maintained its Buy rating. TD Cowen said the increase reflected treasury activity that meaningfully exceeded its previous model. ASST was trading roughly 6% higher at $23 on Monday morning. Google Finance showed the stock up nearly 165% over the previous six months. Strive's year-to-date BTC yield reached 40.8% as of its Aug. 28 filing. The metric compares growth in bitcoin holdings with share count. The yield was below 37% in early June. TD Cowen expects Strive to purchase nearly 4,300 BTC in the third quarter. That forecast is more than 180% above its prior forecast of 1,500 BTC. TD Cowen expects Strive to purchase another 3,000 bitcoins in the fourth quarter. Those purchases would raise Strive's holdings to more than 27,100 BTC. That level could bring Strive within reach of the fourth-largest position held by Adam Back's Bitcoin Standard Treasury Company. Bitcoin Standard Treasury Company holds a little over 30,000 BTC. TD Cowen maintained its year-end bitcoin price assumption of around $97,500. TD Cowen also maintained its 3x multiple on Strive's projected bitcoin treasury gains. Strategy bought another 4,603 BTC last week for nearly $370 million. The purchase raised Strategy's total holdings to 845,050 BTC. The purchase was Strategy's first bitcoin buy in roughly 10 weeks after the company paused in late June to build its cash reserves and sell some bitcoin.