State Street boosts exposure to Strive by 770% as Bitcoin strategy gains traction State Street Corporation has dramatically increased its stake in Bitcoin-focused asset manager Strive Asset Management (ticker: ASST), buying roughly 1 million shares in a transaction worth about $17.7 million, according to a Bitcoin Treasuries report. The move lifts State Street’s total holding in Strive to nearly 1 million shares — now valued at roughly $20 million — marking a 770% jump in exposure to the company. Market reaction was muted: ASST ticked up 0.34% in premarket trading after the disclosure. The stock closed at $16.98 on May 20, having climbed more than 5% during that session. Why it matters - Institutional interest is growing: Vanguard has also taken a significant position in Strive, underscoring rising institutional appetite for companies that use Bitcoin as a corporate treasury asset rather than a passive investment. - Strive is aggressively building its Bitcoin reserves. Filings show the firm purchased 382 BTC between May 13 and May 18 at an average price of about $79,348 per coin (transaction costs excluded). That brings Strive’s corporate treasury to 15,391 BTC — placing it among the largest public corporate Bitcoin holders and just shy of Hut 8’s holdings (roughly 300 BTC more). Balance sheet and capital moves - As of May 18, Strive reported about $87.3 million in cash and cash equivalents. - The company also held nearly $49.8 million of Variable Rate Series A Preferred Stock issued by Strategy. - Recent filings show Strive has issued approximately 63.66 million Class A common shares and about 9.87 million Class B shares, and disclosed the sale of 5.24 million shares tied to its SATA preferred stock offering. Preferred-stock program fuels Bitcoin buys Strive recently introduced daily dividend payments linked to its SATA preferred stock program, and says proceeds from those preferred share sales are being funneled directly into additional Bitcoin purchases — a capital-raising mechanism that has attracted attention from analysts. Analyst views - TD Cowen raised its price target on ASST to $30, citing growth in the company’s Bitcoin reserves. - H.C. Wainwright boosted its target to $38 as Strive continues expanding its treasury holdings. Background Founded by Vivek Ramaswamy, Strive has positioned itself alongside other firms that treat Bitcoin as a treasury reserve asset. With rising institutional ownership and aggressive accumulation, investors are watching to see whether continued Bitcoin purchases can sustain momentum in Strive’s stock. Read more about developments in corporate Bitcoin treasuries and institutional flows.
State Street Boosts Strive Stake 770% in $17.7M Buy as Bitcoin Holdings Rise
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Summary
Bitcoin breaking news: State Street Corporation bought an additional 1 million shares in Strive Asset Management (ASST) for $17.7 million, a 770% jump in its stake. Its total holdings now reach about $20 million. Strive added 382 BTC to its treasury between May 13 and 18, taking its total to 15,391 BTC. The firm has $87.3 million in cash and nearly $49.8 million in preferred stock. Strive launched a preferred stock program to fund more Bitcoin purchases. TD Cowen and H.C. Wainwright raised their price targets for ASST to $30 and $38, respectively.
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