Strive adds 1,109 BTC, seventh-largest corporate holder

Strive, a company founded by Vivek Ramaswamy, has significantly expanded its bitcoin holdings with a new purchase, moving it ahead of two major corporate holders. The firm disclosed in a Tuesday filing that it acquired 1,109 bitcoins between May 19 and May 22 for approximately $85.4 million, paying an average price of roughly $76,989 per coin.

This latest acquisition raises Strive's total bitcoin holdings to 16,500 BTC. According to public data, this makes the company the seventh-largest public corporate holder of bitcoin, surpassing the reported balances of both Coinbase Global and Riot Platforms. Riot Platforms has reduced portions of its bitcoin position this year, selling some holdings to support its expansion into artificial intelligence and data center operations.

The company also reported that it has fully repaid all outstanding debt and holds zero encumbered bitcoin. Its cash and cash equivalents increased to $93.3 million from $87.3 million. Following the disclosure, shares of Strive traded higher, rising more than 4 percent on Tuesday morning and hovering near $19, close to a year-to-date high.

Strive's strategy is closely tied to its financial instruments. The company...