Publicly traded asset management firm and Bitcoin treasury enterprise Strive expanded its reserves by 1,800 Bitcoin over the past week, stepping up an aggressive accumulation campaign that has elevated the firm into the top five publicly listed corporate Bitcoin treasuries globally.
The organization secured the Bitcoin (BTC) for nearly $143 million across the period spanning Aug. 24 through Aug. 28, incurring an average acquisition cost of $79,431 per token, inclusive of transaction fees and associated costs. Chief Executive Officer Matt Cole verified the transaction on Monday.
Following this latest deployment, Strive’s aggregate treasury expanded to 23,156 Bitcoin, rising from 21,356 BTC seven days prior. As previously covered, the asset manager had acquired 1,110 BTC in the preceding week for around $81.5 million, calculating to an average entry price of $73,409 per token.
Strive has notably intensified the pace of its Bitcoin acquisitions over recent weeks. Adam Livingston, serving as an adviser at Saturn Credit, highlighted that the newest allocation elevated the firm’s total Bitcoin reserves by approximately 8.4% across a span of merely five business days.
This latest purchase additionally allowed Strive to overtake digital asset exchange and infrastructure firm Bullish, positioning it as the fifth-biggest publicly traded corporate owner of Bitcoin according to market tracking metrics.
Corporate Bitcoin Accumulation Rebounds Alongside Price Surge
The timing of Strive’s newest allocations aligned with a broader resurgence across Bitcoin and the comprehensive crypto market starting on Aug. 19, sparked when the United States Department of the Treasury revealed intentions to double its buyback volume for specific long-dated bonds. That initiative exerted downward pressure on Treasury yields while revitalizing demand for risk-on assets, propelling Bitcoin on a rally exceeding 23% to reach fresh highs above $81,000.
Strive is not the sole entity boosting its digital asset reserves. Michael Saylor-led Strategy, holding the title of the world’s foremost corporate Bitcoin owner, revealed on Monday that it had restarted its BTC purchases for the first occasion since June, purchasing 4,603 Bitcoin at an average cost of $80,318 per coin.
That deployment pushed Strategy’s aggregate holdings back over the 845,000 BTC threshold, reversing the impact of four separate Bitcoin disposals carried out since May.
Related: Crypto Biz: Bitcoin pumps, Wall Street does the paperwork
Originally published at https://cointelegraph.com/news/strive-buys-1800-bitcoin-143m-btc-purchase?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound.
