Shares of Strive and Strategy advanced Wednesday as bitcoin hit its highest price in two weeks. Both of the treasury stocks are proxies for the coin.
Bitcoin was up more than 2% near $84,500 and hit $84,807 in New York afternoon trade, its best level since October 7. Strategy (Nasdaq: MSTR) closed up more than 7% at $153.48, and Strive (Nasdaq: ASST) jumped more than 13% to $30.75.
ASST closes higher for a third straight session
Wednesday’s gains prolonged a streak. Strategy gained almost 5% Tuesday, and Strive climbed almost 6%.
Strive also popped 6% Monday, three straight up days beginning the week. Bitcoin dropped below $80,000 late last week.
Both stocks are leveraged bitcoin plays. If the price of a coin rises, the value of their holdings rises and it becomes easier to raise new money, and vice versa.
Shares in Strategy slumped to around $82 this summer as its bitcoin treasury went underwater and investors worried about perpetual buying. Since then the stock has wiped out its 2026 losses and is up about 1% for the year.
Clear Street and Cantor raise MSTR targets to $211 and $208
Strategy’s board raised the limit on its digital credit securities repurchase program to $3 billion from $2 billion. Buybacks return capital to holders and retire securities.
Cryptopolitan reported that about $1.16 billion of that authorization is still untapped. Clear Street lifted its MSTR target to $211, while Cantor Fitzgerald raised its target to $208.
Both firms maintained positive ratings.
Upgrades preceded Strategy’s upcoming quarterly earnings. Robust inflows into US spot bitcoin ETFs also helped the stock’s momentum.
Strategy is the biggest corporate holder of bitcoin, with more than $71 billion of the coin. Between Oct. 12 and Oct. 18, it bought 267 BTC for around $22.1 million, per its filing.
Average price was $82,900 a coin. Stack now at 848,517 BTC.
Strategy paid for most of it with sales of 140,872 common shares and also bought about $193.1 million of its STRC preferred stock.
Dallas-based Strive purchased 4,045 BTC from Oct. 12 to Oct. 16. In total, it now holds 36,818 BTC, which is about $3.1 billion at recent prices.
Shares of its new preferred stock commenced trading Tuesday under the ticker SATS. Strive raised $630 million in an upsized sale of 7 million shares at $90 a piece, Cryptopolitan reported.
SATS pays 15% per annum on a stated value of $100. At the $90 sale price, the effective yield is about 16.7%, above the 12% on Strategy’s STRC.
Strive anticipates paying cash dividends on each business day beginning November 9, subject to board approval. Proceeds may be used to buy more bitcoin, working capital and for share buybacks.
MSCI okayed rules that could lead to investment-heavy companies such as Strategy being left out of its indexes. The news earlier this month had MSTR down 10.5%.
MSCI will publish the final list of affected companies on Nov. 11, and changes will take effect after the close on Nov. 30. When names are removed, index funds generally have to sell them.
Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free.