Strive price target rises as stock offering supports bitcoin treasury model

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Strive price target rises

Highlights

StoneX raised its price target on Strive from $32 to $43 and reiterated a Buy rating, citing a stronger bitcoin accumulation outlook.
Strive completed a $630 million upsized IPO for 7 million shares of 15% SATS preferred stock and saw its traditional warrants expire in the same week.
Strive acquired 6,182 BTC between Oct. 17 and Oct. 23, increasing its total holdings to 43,000 BTC and ranking fourth among public corporate holders.

Capital raise reshapes funding strategy

As reported by The Block, StoneX raised its price target on bitcoin treasury company Strive to $43 from $32 in a Monday research report and reiterated its Buy rating, citing a stronger outlook for the firm's bitcoin accumulation strategy.

StoneX Senior Equity Research Analyst Mark Palmer said recent financing moves amount to a reset of Strive's capital structure. Strive's ASST shares fell 9.15% to close at $26.32 on Monday, leaving the new target about 63% above the latest closing price.

On Oct. 20, Strive said it raised $630 million in gross proceeds after closing an upsized initial public offering of 7 million shares of its 15% SATS preferred stock. The company's traditional warrants also expired during the same week, according to its filing.

Palmer said the two developments support what he called a durable, all-preferred bitcoin treasury model. He added that Strive has spent the past year demonstrating it can finance bitcoin acquisitions entirely with perpetual preferred equity, with its SATA preferreds previously carrying most of that effort.

He also said the launch of SATS shows the company can operate two preferred instruments at the same time, each aimed at a different type of income investor. In his view, SATA holders should benefit because SATS ranks below SATA in priority, meaning new capital adds assets without creating claims ahead of the senior preferreds.

Bitcoin holdings expand market position

Separately, Strive said Monday that it bought 6,182 BTC between Oct. 17 and Oct. 23, taking its total bitcoin holdings to 43,000 BTC.

That total places the company fourth among public corporate bitcoin holders, according to Bitcointreasuries data. The larger reserve adds scale to Strive's treasury strategy as listed companies continue to use capital markets structures to increase exposure to bitcoin.

Our earlier article on Equites Property Fund’s UK exit and capital redeployment explained how the REIT lifted its interim distribution after accelerating disposals and redirecting proceeds to South Africa. We noted that the Aviva portfolio sale helped reduce leverage and strengthen liquidity, giving Equites more room to fund domestic logistics growth while maintaining its FY27 guidance.

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