Strive boosts Bitcoin holdings as market slumps, wins bullish analyst call
Strive adds 2,500 bitcoins during pullback
Strive has purchased 2,500 additional Bitcoins for about $185.2 million, lifting its total Bitcoin holdings to 19,000.
The latest tranche was acquired at an average price of $74,092 per Bitcoin between May 23 and June 1, during a pullback in the broader crypto market.
Strong portfolio performance year to date
The firm said its Bitcoin portfolio has returned 23.0% so far this quarter and 36.7% since the start of the year.
Despite the recent downturn, those figures underscore substantial gains on the company’s existing position.
Benchmark initiates coverage with buy rating
Benchmark has begun coverage of Strive, assigning a “buy” rating and a $32 price target.
With Strive shares trading around $17.20, the target implies upside of nearly 93%, according to analyst Mark Palmer, who initiated the rating.
Purchase contrasts with weak sentiment in crypto
Strive’s buying comes as Bitcoin trades below $70,000 as of June 2, notably under the firm’s latest average purchase price.
The move runs against prevailing market sentiment, which has been pressured by:
- persistent macroeconomic concerns
- ongoing geopolitical uncertainty
- pronounced risk-off behavior in digital assets
U.S. spot Bitcoin ETFs have recorded nearly $700 million in net outflows in the final week of May and more than $4.2 billion in withdrawals over the past three weeks, underscoring a sharp pullback in demand.
Strategic accumulation amid fear and liquidations
Strive’s decision to add to its position in the face of falling prices and ETF redemptions signals a long-term accumulation strategy.
The firm appears to be treating the pullback as an opportunity rather than a threat, suggesting confidence that current prices understate Bitcoin’s future value.
This stance contrasts with broader market behavior, where nearly $1 billion in leveraged crypto positions were liquidated on May 28, reflecting elevated short-term caution and forced selling.
Key levels and flows to watch
Market participants are watching support near the February lows around $60,000, a level some analysts flag as a potential downside target if the current bearish trend extends.
In the weeks ahead, two elements are likely to shape sentiment:
- institutional and ETF fund flows into or out of Bitcoin
- whether major technical support levels, particularly around $60,000, hold or break
The positioning of large corporate buyers like Strive during periods of heightened volatility is being closely monitored as a gauge of underlying market strength or weakness.
Buying Bitcoin on dips like Strive? Learn how to time entries with our guide: when is the best time to buy Bitcoin.
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