$50M Bitcoin Purchase Reveals Strive’s Latest Move in Public Treasury Race

Strive Adds $50M in BTC

The Nasdaq-listed company Strive, which trades under ASST, said it purchased the bitcoin between June 15 and June 21, paying an average price of roughly $65,850 per BTC, including fees and expenses.

The purchase cost about $50 million and lifted Strive’s reported holdings to 19,864 BTC, up from 19,105 BTC as of June 12. The purchase places Strive as the seventh-largest bitcoin treasury company, above SpaceX and below Bullish, according to bitcointreasuries.net stats.

Strive disclosed the acquisition in a Form 8-K filed with the U.S. Securities and Exchange Commission on June 22, 2026. The filing was signed by Chairman and CEO Matthew Cole. The company also reported cash and cash equivalents of $144.5 million, up from $141.4 million, while Class A common shares increased by about 1.89 million shares.

A Treasury Model Built Around BTC

The filing continues Strive’s pattern of acquiring bitcoin through equity offerings and preferred stock while avoiding debt. For investors, that makes the stock a BTC-linked vehicle with a different risk profile than simply holding bitcoin directly.

Strive’s stated objectives are to accumulate bitcoin, increase bitcoin per share, and attempt to outperform bitcoin over time through treasury accumulation, structured finance, and active capital allocation.

That approach gives ASST a clear crypto-market identity, but it also leaves shareholders watching two variables at once: bitcoin price action and whether new share issuance adds more BTC per share than it dilutes.

Recent Buying Pattern

The latest purchase follows several earlier 2026 acquisitions. Strive bought about 2,500 BTC in late May and early June at an average price near $74,092, 73 BTC in mid-June at about $63,646 and 1,109 BTC in May at around $76,989.

The steady accumulation has made Strive one of the larger public corporate bitcoin holders, even as the company remains far younger than peers such as Strategy. Michael Saylor’s Strategy revealed the purchase of 520 BTC on the same day.

Strive’s current structure followed a September 2025 reverse merger with Asset Entities Inc., a smaller Nasdaq-listed digital marketing and content company. The combined company now operates as a public bitcoin treasury and structured finance firm.

What It Means for ASST

ASST is up 3% midday on June 22 but has lost 20% this past month. Shares are down more than 84% over the last 12 months as well. The shares remain highly volatile and closely tied to bitcoin’s price, treasury updates, and dilution concerns.

Strive’s SATA preferred stock is another key piece of the funding strategy. The preferred equity instrument recently offered a 13% APR, with dividends shifting to daily payments in mid-June 2026.

The company positions SATA as a lower- volatility income vehicle that can help fund bitcoin purchases, while its common equity offers a more direct way to speculate on bitcoin treasury growth and execution.

The risk is straightforward: bitcoin volatility, regulatory pressure, capital-raising dilution, and execution risk can all cut against the strategy. The upside case depends on Strive growing BTC per share while preserving liquidity and avoiding leverage-driven stress.