Strive, Inc. (ASST) traded above $30 on Friday, moving past the year-end targets Wall Street had on the stock. Most published targets were just below that level. The average 12-month target is about $29.40. TD Cowen’s target is $30.
ASST closed Thursday at $28.28. It opened Friday at $29.54 and traded as high as $30.22. The stock is now up more than 120% over the past month, after closing August 18 at $12.80 and August 19 at $14.73. Year to date, ASST is up about 90%. Market value is about $2.5 billion to $2.6 billion.
SATA, Strive’s variable-rate perpetual preferred stock, is back at its $100 par value. That keeps the at-the-market program open, which is how Strive raises capital to buy bitcoin. SATA pays a 13% annualized dividend every business day.
At the time of writing, we estimate SATA has raised enough capital this week to buy about 650 bitcoin. Regular trading is still open for another couple of hours, so that figure can still change. Official purchases are confirmed later in Strive’s 8-K filings.
For context, Strive last reported 25,000 bitcoin as of September 11, after buying 469 bitcoin that week at an average cost of $77,954. CEO Matt Cole said that purchase was funded entirely by SATA, which has now passed $1 billion of notional outstanding. Strive is the fifth-largest public-company bitcoin holder. That 25,000-coin treasury is worth about $1.9 billion.
If today’s estimate holds through the close, the next filing would put holdings above 25,600 bitcoin. Friday’s move above $30 puts the common stock ahead of Wall Street’s $29 to $30 targets with more than three months left in the year.
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