Strive, the bitcoin treasury company founded by Vivek Ramaswamy, saw its shares jump about 10% in early trading on Monday after the firm said its total BTC holdings rose to nearly 20,000 coins.
The company said it purchased 759 bitcoin at an average cost of about $65,850 per BTC, for a total investment of roughly $50 million. Strive's shares (Nasdaq: ASST) hit a high of $16.31, up nearly 10%, before trading back to the $15.40 area at the time of publication.
Bitcoin's price also rose slightly on Monday to $64,967.60, according to The Block's BTC price page.
The stock's gains came as Strive's perpetual preferred stock, SATA, continued recovering after falling below $93 last week amid elevated trading volume. At the time, Chairman and CEO Matt Cole described the selloff as a "leverage liquidation event, not a deterioration in underlying credit quality."
Sales of SATA are designed to help Strive fund BTC purchases. Bitcoin has displayed significant volatility in recent months, falling over 50% from trading at an all-time high of nearly $125,000 late last year.
