Benchmark analyst Mark Palmer kicked off coverage of Strive Inc. (NASDAQ: ASST) with a Buy rating and a $32 price target, implying roughly 100% upside from the stock’s recent trading level around $16. The call lands as Strive continues to stockpile Bitcoin at an aggressive clip, positioning itself among the largest corporate holders of the asset on the planet.
Palmer’s thesis centers on something unusual: how Strive pays for all that Bitcoin. Rather than loading up on convertible debt like most of its peers, the company funds its treasury primarily through perpetual preferred equity, a structure Palmer described as one of the most differentiated in the sector. In English: Strive sidesteps the repayment deadlines and interest obligations that come with traditional debt, opting instead for a funding mechanism that looks more like permanent capital.
A 2,500 BTC shopping spree
The rating arrived on June 2, just one day after Strive wrapped up a purchase of 2,500 Bitcoin for approximately $185 million. That haul, accumulated between May 23 and June 1, pushed the company’s total holdings to 19,000 BTC.
At an average acquisition cost of roughly $96,000 per coin, Strive has deployed serious capital to build that position.
