Strive snapped up 7,600 $BTC in two weeks, boosting its holdings to 35,595 BTC and pushing MARA behind it to become the fourth-largest Bitcoin treasury company listed in the U.S. Investment bank TD Cowen was so bullish that it raised its price target from $44 straight to $56—a 27% jump—with even Michael Saylor liking the news on X.
Then things took a bizarre turn: Strive’s own stock fell 6.6% on Friday, closing at $23.96.
Why? The money to buy the coins was raised by exercising warrants, which keeps adding to the number of common shares outstanding. That dilution has put a damper on all the good news from the Bitcoin purchases. The good news is that the $27 warrants have all been exercised, so that round of dilution is over. The bad news is that the $630 million preferred stock offering won’t close until October 20, so the new cash hasn’t come in yet.
Place your bets: A: the share price will catch up with the value of its holdings—buy the dip; vote A. B: one round of dilution ends, and another begins—it’ll keep underperforming; vote B.
#比特币财库 $ETH
Then things took a bizarre turn: Strive’s own stock fell 6.6% on Friday, closing at $23.96.
Why? The money to buy the coins was raised by exercising warrants, which keeps adding to the number of common shares outstanding. That dilution has put a damper on all the good news from the Bitcoin purchases. The good news is that the $27 warrants have all been exercised, so that round of dilution is over. The bad news is that the $630 million preferred stock offering won’t close until October 20, so the new cash hasn’t come in yet.
Place your bets: A: the share price will catch up with the value of its holdings—buy the dip; vote A. B: one round of dilution ends, and another begins—it’ll keep underperforming; vote B.
#比特币财库 $ETH