Strives Buys 1,355 BTC as Bitcoin’s Price Crosses $85K

Matt Cole, the Chairman and CEO of Strive, just announced that his firm has completed another BTC purchase over the past week, accumulating 1,355 units for $107.7 million. This means that the average cost was just inches below $79,500.

Moreover, Strive’s total holdings have grown to 26,355 BTC. The company has been on an impressive accumulation spree, announcing new purchases on Mondays in line with its strategy of buying bitcoin using non-dilutive preferred equity financing rather than traditional debt.

This week’s purchase is significantly bigger than last week’s, when the firm splashed $36.6 million to acquire 469 BTC. Moreover, it was also larger than Strategy’s. Recall that the Saylor-spearheaded company returned to the bitcoin accumulation scene after a three-week hiatus, spending $75.7 million to buy 950 BTC.

Given bitcoin’s impressive resurgence today, as its price rocketed past $85,000 for the first time since January, Strive’s total position value has grown to well over $2.2 billion.

It’s worth noting that the cryptocurrency’s price has risen by $10,000 in less than a week after it dipped to $75,000 following the failed Senate vote on the CLARITY Act and the subsequent rate hike by the Federal Reserve.