Strive price target raised as bitcoin purchases outpace TD Cowen forecasts

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Strive price target raised

Highlights

TD Cowen raised Strive, Inc.'s price target to $56 from $44 after the company acquired 7,600 BTC in two weeks, exceeding quarterly forecasts.
Strive's bitcoin holdings increased to 35,595 BTC, worth about $2.9 billion, making it fourth among public companies, while ASST shares fell 6.6% to $23.96.
Strive expanded its SATS preferred share offering to 7 million shares at $90 each for $630 million gross proceeds, with closing expected on Oct. 20.

Bitcoin accumulation and funding plan

As reported by The Block, TD Cowen analysts on Friday raised their price target for Strive, Inc. to $56 from $44 after the company bought more bitcoin in the past two weeks than they had projected for the entire fourth quarter.

Analysts Lance Vitanza and Jonnathan Navarrete said Strive's holdings rose to 35,595 BTC, worth about $2.9 billion at current prices, from 28,000 at the end of September. The increase of nearly 7,600 BTC is well above TD Cowen's previous quarterly forecast of 4,750 BTC in purchases.

That buildup includes a 3,311 BTC purchase announced Tuesday and another 2,822 BTC on Wednesday. The new total places Strive fourth among publicly traded companies by bitcoin holdings, just ahead of MARA's reported 35,772 BTC.

Share pressure and market implications

The larger treasury position has also come with a rise in shares outstanding, which TD Cowen said is keeping ASST under pressure. The analysts wrote that warrant exercises led to a substantial increase in diluted shares and weighed on bitcoin yield.

They added that some investors may have sold shares received through warrant exercises, but said that pressure could ease because no $27 warrants remain outstanding. ASST shares were down 6.6% at $23.96 on Friday, although the stock is still up more than 38% year to date.

Strive has also expanded its SATS preferred share offering to 7 million shares priced at $90 each, targeting gross proceeds of $630 million. The offering is expected to close on Oct. 20, and the company plans to reserve enough cash to cover 18 months of dividend payments, while TD Cowen expects the financing to support further bitcoin purchases without adding common shares.

Our earlier article on the Philippine Social Security System’s investment performance explained how the state pension fund defended its strategy amid scrutiny over paper losses, stressing that unrealized declines are not cash losses unless assets are sold below cost. It highlighted SSS’s focus on long-term, diversified holdings that generate recurring dividends and realized gains, while using instruments like preferred shares and other income-oriented allocations to manage volatility and sustain returns.

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