Nasdaq-listed asset manager Strive (ASST) just dropped 3,311 BTC worth $280M, its biggest buy since January. They scooped the coins between October 5 and 9, while Bitcoin slid off recent highs near $87,000. While retail was panicking, these guys were vacuuming up cheap coins.
▪️ Who: run by CEO Matthew Cole, trades as ASST. Went public through a merger with Asset Entities, then bought Semler Scientific to pump up the balance sheet.
▪️ When: Monday's report showed the buying ran from October 5 to 9 at an average price of about $84,500 per coin, fees included.
▪️ Ramp-up: at the end of September they spent $94.5M to take the stack to 27,000 BTC, then early this month added another $169M, their biggest accumulation in four months.
▪️ Stack grew from 29,462 BTC a week earlier to 32,773 BTC now.
▪️ On top of the coins, they hold about 505,000 STRC preferred shares from Strategy. So it's another bet on the same story, just wrapped in a different ticker.
▪️ Same picture across the sector: Strategy added $21.5M in BTC while buying back its preferreds. DeFi Development Corp keeps stacking SOL, and Bitmine is loading up on ETH.
📊 Stack value at current prices:
$2.73B📊 Cash on balance sheet:
$310M📊 STRC package:
about $50MClassic treasury company playbook: raise capital, accumulate the coin, and tie the stock price to BTC. While Bitcoin climbs, it's a rocket. When it sags, the stock premium starts looking very suspicious. Regulators are already eyeing how well these premiums hold up without constant buying. Buying the dip only pays off on a bounce. Otherwise you're left holding the bag.
🔮 Who becomes exit liquidity when the buying stops?
@mxcenglish
