Strive Asset Management has continued its aggressive expansion of its Bitcoin treasury with the recent acquisition of 1,109 BTC. The company now holds a total of 16,500 BTC, making it one of the largest public holders of the cryptocurrency.
The latest purchase was made at an average price of $76,988 per Bitcoin, bringing the total cost to approximately $85.4 million. This marks the third significant acquisition by Strive in recent months, following purchases of 382 BTC and 444 BTC earlier in May and April respectively.
Strive's strategy focuses on accumulating Bitcoin as a balance sheet asset, with the aim of generating returns through the increased value of its holdings. The company has reported increased cash reserves, with its cash and cash equivalents standing at $93.3 million compared to $87.3 million previously.