Strive Asset Management expanded its bitcoin treasury by 2,500 tokens even as its stock slid, widening a divergence between corporate crypto accumulation and investor sentiment.
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Strive buys 2,500 bitcoin for $185M as stock falls 9%
Strive Asset Management expanded its bitcoin treasury by 2,500 tokens even as its stock slid, widening a divergence between corporate crypto accumulation and investor sentiment.
Strive (ASST) purchased 2,500 bitcoin for $185.2 million between May 23 and June 1, lifting its total holdings to 19,000 BTC, the company disclosed.
"Strive remains committed to building the premier bitcoin treasury among publicly traded companies," a company representative said. The purchase came as ASST shares fell 9%, extending a decline that has erased more than half the stock's value from its 2025 peak.
The acquisition cost of $74,092 per token sat above bitcoin's spot price of about $71,000 as of Monday, meaning Strive bought at a premium to the prevailing market rate. The company's average cost basis across its 19,000 BTC now stands at roughly $72,500, based on disclosed purchase data.
The 9% drop in ASST shares despite a record bitcoin purchase suggests investors are questioning the strategy's near-term returns, mirroring a broader selloff in digital asset treasury stocks after the market turned lower in October.
Why the stock fell
Strive's stock has declined more than 50% from its 2025 high, joining a cohort of treasury firms that now trade below net asset value. The divergence between accumulation and share price echoes a pattern seen across the sector. Strategy (MSTR), the largest corporate bitcoin holder, sold 32 BTC for $2.5 million last week — its first net disposal since December 2022 — to fund dividend payments on its preferred stock. The sale, though immaterial at 0.0038% of Strategy's 843,706 BTC hoard, marked a symbolic shift for a company that had defined the buy-and-hold treasury model.
Who is still buying
Despite the headwinds, a handful of firms continue to accumulate. Bitmine (BMNR) bought $53 million of ether last week, while Metaplanet acquired 5,075 BTC in early April. Hyperliquid Strategies spent $216 million on 7.3 million HYPE tokens between December and April. Strategy itself still purchased more than 25,000 BTC for $2 billion in May, even as it sold a small fraction to meet dividend obligations.
Strive's latest purchase positions it among the most aggressive bitcoin buyers in the current cycle. The question for investors is whether the stock can recover its premium as the broader treasury trade finds its footing.
This article is for informational purposes only and does not constitute investment advice.
[1] Strive (ASST) Stock Drops 9% Despite Record $185M Bitcoin Acquisition[2] Saylor's Strategy sold bitcoin for the first time since 2022. These firms are still buying - CoinDesk[3] Bitcoin news: Strategy sold 32 BTC for $2.5 million in late May, filing shows - CoinDesk[4] Michael Saylor's Strategy sells $2.5 million bitcoin. Chaos ensues in a major prediction market over who gets paid - CoinDesk[5] Michael Saylor backs STRC after strategy sells bitcoin to fund preferred dividends - CoinDesk
