Strive Buys 2,500 Bitcoin As Price Falls

Investment management firm Strive (NASDAQ: $ASST) has acquired 2,500 additional Bitcoin (CRYPTO: $BTC) as the price of the largest cryptocurrency continues to fall.  

Strive said on social media that it spent $185.2 million U.S. to buy Bitcoin at an average price of $74,092 U.S. per coin over the past week.

The latest purchase builds on Strive’s recent Bitcoin accumulation. The company bought 1,109 BTC at an average price of $76,989 U.S. the week of May 22.

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Strive now owns a total of 19,000 Bitcoin worth $1.3 billion U.S. at current prices. The asset manager is one of the top 10 corporate holders of BTC in the world.

The latest purchase by Strive comes as Strategy (NASDAQ: $MSTR), the largest corporate Bitcoin holder, disclosed its first sale of Bitcoin in four years.

Strategy sold 32 Bitcoin for proceeds of $2.5 million U.S. over the past week, sparking a selloff in BTC and the broader crypto market.

Bitcoin is trading at $69,000 U.S. on June 2, below the key support level of $70,000 U.S. 

Separately, analysts at Wall Street brokerage Benchmark initiated coverage of Strive’s stock with a Buy rating and a $32 U.S. price target, implying 93% upside for the shares. 

ASST stock has declined 88% over the last 12 months to trade at $17.20 U.S. per share.