State Street Corporation has sharply increased its exposure to Strive Asset Management after buying nearly 1 million shares in the Bitcoin-focused asset manager.
Summary
- State Street Corporation increased its exposure to Strive Asset Management by 770% after purchasing nearly 1 million ASST shares valued at about $17.7 million.
- Strive Asset Management added 381.61 BTC between May 13 and May 18, raising its corporate Bitcoin holdings to 15,391 BTC, according to company filings.
- Analysts at TD Cowen and H. C. Wainwright & Co. raised their ASST price targets as Strive expanded its Bitcoin treasury strategy and SATA preferred stock program.
According to a recent Bitcoin Treasuries report, the $5.6 trillion asset management firm purchased around 1 million shares of Strive’s publicly traded ASST stock in a deal valued at roughly $17.7 million. The latest filing lifts State Street’s total stake in the company to nearly one million shares, now estimated to be worth close to $20 million at current market prices.
The disclosure points to a 770% jump in State Street’s exposure to Strive, which has increasingly tied its corporate strategy to Bitcoin accumulation. Premarket data showed ASST shares edging up 0.34% following the announcement. Earlier on May 20, the stock closed at $16.98 after gaining more than 5% during the trading session.
Previously, Vanguard Group had also taken a sizable position in the company, adding to growing institutional interest surrounding Strive’s Bitcoin treasury model.
How large has Strive’s Bitcoin treasury become?
Earlier this week, Strive disclosed additional Bitcoin purchases made between May 13 and May 18. Company filings showed the firm acquired 382 BTC during that period at an average purchase price of about $79,348 per Bitcoin, excluding transaction-related costs.
Following the latest purchases, Strive’s corporate treasury now holds 15,391 BTC, according to company disclosures. The total places the firm among the largest public corporate Bitcoin holders globally and puts it close to the holdings reported by Hut 8, which currently holds roughly 300 BTC more than Strive.
At the same time, the company reported cash and cash equivalents of about $87.3 million as of May 18. Regulatory filings also showed Strive held nearly $49.8 million worth of Variable Rate Series A Preferred Stock issued by Strategy.
Separately, the filings confirmed that Strive had issued approximately 63.66 million Class A common shares and around 9.87 million Class B shares. The company additionally disclosed the sale of 5.24 million shares tied to its SATA preferred stock offering.
Why are investors watching Strive’s Bitcoin strategy closely?
In recent days, Strive introduced daily dividend payments connected to its SATA preferred stock program. According to the company, proceeds generated from those preferred share sales are being directed toward additional Bitcoin purchases.
The approach has drawn attention from equity analysts covering the stock. Investment bank TD Cowen recently lifted its price target on ASST shares to $30, citing growth in the company’s Bitcoin reserves. Meanwhile, brokerage firm H.C. Wainwright raised its own target to $38 as Strive continued expanding its treasury holdings.
Founded by Vivek Ramaswamy, Strive has increasingly positioned itself alongside firms using Bitcoin as a treasury reserve asset rather than treating the cryptocurrency as a passive investment. As institutional ownership rises, investors are now closely tracking whether continued Bitcoin accumulation can sustain momentum in the company’s stock.
