Strive is officially going full degen mode. The Nasdaq-listed asset manager (ticker: ASST) just dropped a massive $280 million on Bitcoin, marking their biggest single purchase since back in January. According to a filing from Monday, the firm scooped up 3,311 BTC between October 5 and October 9 at an average price of around $84,500 per coin.
This latest move brings Strive’s total treasure chest to 32,773 BTC—that is roughly $2.73 billion in bags sitting on their balance sheet. It’s been a busy month for them, too: they already dropped $169 million earlier in October and another $94.5 million in late September. CEO Matthew Cole is clearly committed to the strategy of tying the company’s share price directly to its Bitcoin holdings, a move pioneered by Michael Saylor’s Strategy.
Timing the dip
The vibes are high for Strive's treasury team, who managed to snag these coins while the market was taking a breather. By buying during a rough week where prices dipped below the $87,000 mark, they’re betting big on a rebound. Beyond their Bitcoin stack, the company is sitting on $310 million in cash and roughly $50 million worth of Strategy’s STRC preferred stock.
Why it matters
Strive isn't the only one playing this game; the sector is currently seeing a lot of action, with firms like DeFi Development Corp. stacking Solana and others eyeing Ethereum. But real talk: this strategy is high-risk. While buying the dip is a classic move, these companies are essentially tethering their entire financial fate to a notoriously volatile asset. If the market turns south, those stock premiums could evaporate fast. Remember, this is never financial advice—just the latest movement on-chain.
