Strive (ASST) Slams Brakes on Bitcoin (BTC) Purchases

▲ Asset management firm Strive Asset Management/Source: X

Strive (ASST), which surprised the market with its largest-ever Bitcoin (BTC) purchase, significantly reduced its purchase volume in just one week. Unlike last week, when it acquired 6,182 BTC, this time it only bought 124 BTC, and most of the purchase funds came from its existing cash reserves.

According to crypto media outlet CryptoPotato on November 2 (local time), Strive, led by CEO Matt Cole, acquired an additional 124 BTC for $10 million over the past week. The average purchase price was $80,526, increasing Strive's Bitcoin holdings to 43,124 BTC.

Cole stated via X (formerly Twitter) that most of the funds for this purchase came from existing cash reserves. The at-the-market (ATM) program for preferred shares SATS was also activated for the first time, and all proceeds from this week's ATM were used for Bitcoin purchases. Strive presented an amplification ratio of 62.7%.

According to filings submitted to the U.S. Securities and Exchange Commission (SEC), Strive's cash and cash equivalents decreased from $504.4 million to $490.4 million. This trend aligns with the company's explanation that most of the purchase funds came from existing cash. Strive continues to hold 505,000 shares of Strategy (MSTR) perpetual preferred stock STRC. Its own preferred shares increased by 3,418 to 7,003,418, and SATA shares remained unchanged at just over 14 million.

This announcement contrasts sharply in scale with that of a week ago. Last week, Strive set a new company record for the largest single purchase, acquiring 6,182 BTC for over $511 million.

[Article Key Summary]

-Strive acquired an additional 124 BTC for $10 million at an average price of $80,526 over the past week, increasing its holdings to 43,124 BTC.

-Most of the purchase funds were covered by existing cash reserves, with cash and cash equivalents decreasing from $504.4 million to $490.4 million.

-This purchase volume contrasts sharply with last week's record-breaking acquisition of 6,182 BTC for over $511 million.

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