TLDR
- State Street Corporation bought ~1 million ASST shares for $17.7 million, a 770% increase in its exposure to Strive.
- ASST closed at $16.98 on May 20, up over 5% that session, and edged up 0.34% in premarket after the disclosure.
- Strive added 381.61 BTC between May 13–18, bringing total corporate Bitcoin holdings to 15,391 BTC.
- Proceeds from Strive’s SATA preferred stock program are being used directly to buy more Bitcoin.
- TD Cowen lifted its ASST price target to $30; H.C. Wainwright raised theirs to $38.
State Street Corporation has dramatically increased its position in Strive Asset Management (ASST), buying roughly 1 million ASST shares in a deal worth approximately $17.7 million.
The move marks a 770% jump in State Street’s exposure to the Bitcoin-focused asset manager. Its total stake in Strive is now valued at close to $20 million at current market prices.
ASST closed at $16.98 on May 20, up more than 5% on the day. Following the State Street disclosure, the stock edged up 0.34% in premarket trading.
State Street is not the only major institution taking notice. Vanguard Group had previously taken a sizable position in Strive, adding to a growing list of large institutions building exposure to the company.
The $5.6 trillion asset manager’s latest filing confirms what has been building for several months: Wall Street is watching Strive’s Bitcoin treasury model very closely.
Strive’s Bitcoin Holdings Keep Growing
Strive added 381.61 BTC between May 13 and May 18, at an average price of roughly $79,348 per coin, excluding fees. That brings its total corporate Bitcoin holdings to 15,391 BTC.
That puts Strive at ninth among publicly disclosed corporate Bitcoin holders. It sits roughly 300 BTC behind Hut 8 in the rankings.
The company is not slowing down. Its SATA preferred stock program, which now includes daily dividend payments, is being used specifically to raise capital for further Bitcoin purchases.
As of May 18, Strive reported approximately $87.3 million in cash and cash equivalents. The firm also held nearly $49.8 million in Variable Rate Series A Preferred Stock issued by Strategy.
Filings show Strive has issued around 63.66 million Class A common shares and about 9.87 million Class B shares. It also confirmed the sale of 5.24 million shares tied to the SATA preferred stock offering.
Analysts Raise Price Targets
The institutional buying and Bitcoin accumulation have caught the attention of sell-side analysts.
TD Cowen raised its price target on ASST to $30, pointing to the growth in the company’s Bitcoin reserves as the key driver.
H.C. Wainwright went further, lifting its target to $38, also citing Strive’s expanding treasury holdings.
Both upgrades came on the back of Strive’s continued accumulation strategy and the broader preferred stock capital raise.
State Street’s purchase, filed through a Bitcoin Treasuries report, is the latest data point in what has become a steady stream of institutional validation for Strive’s approach.
With 15,391 BTC on its books, a preferred stock program generating fresh capital for further purchases, and two analyst price target upgrades in quick succession, Strive’s Bitcoin strategy is drawing real money from some of the biggest names in asset management.
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