Vivek Ramaswamy-backed startup Strive is rapidly accelerating its Bitcoin accumulation program after raising over $194 million. This milestone comes as Michael Saylor’s strategy sparks new conversation in the market by moving his BTC reserve to Coinbase Prime.
We strive to expand the Bitcoin treasury with a capital of $194 million
Bitcoin Treasuries Data shows that Strive’s Series A perpetual preferred shares (SATA) collected about $194.3 million during the period from May 26 to May 29 at the ATM. The company’s ATM tracker shows an estimated 402.11 BTC purchased on May 26.
Additionally, the company estimated to buy 493.72 BTC on May 27, 573.79 BTC on May 28, and 1,151.5 BTC on May 29. Furthermore, the expected amount of coins earned is around 2,621 BTC over the four trades.
SATA’s net revenues increased From $30.78 million on May 26 to $84.61 million on May 29. Moreover, the cumulative trading volume reached more than $390 million per day during this period.
The funding comes after Strive’s announcement Get 1,109 Bitcoin Valued at approximately $85.4 million. At the time, the average acquisition cost was $76,988 per Bitcoin.
With the purchase, the company owned 16,500 bitcoins, or approximately $1.27 billion, at the time of the announcement. Recent ATM transactions indicate that Strive is still investing new funds into new Bitcoin purchases to grow its holdings. It recently surpassed Coinbase and Riot Platform’s BTC reserve.
SATA shares were also in demand by investors. Trading volume increased during the week. It rose from $58.09 million on May 26 to over $159.5 million on May 29. Strive preferred stock also continued to trade near its $100 bid price throughout the week.
The strategy’s Coinbase transfer is attracting market attention
While Strive has raised funds to buy more Bitcoin, Strategy appears to be looking to sell Bitcoin. On May 29, The strategy has been moved 411.48 BTC to a Coinbase Prime wallet worth about $30.3 million per Encryption tools To track onchain.
Looking at the data on the string from Arkham IntelligenceThere were two transactions. It witnessed transfers totaling about 205.3 bitcoins and 206.2 bitcoins. In addition, it included a test transfer before the funds arrived at the address connected to the exchange.
The movement comes after Michael Saylor said They plan to sell some bitcoin, according to the company’s first-quarter earnings call.
