TD Cowen increased its price target on Strive, Inc. (NASDAQ:ASST) by about 27 percent, from $44 to $56, while retaining a Buy rating. Analysts Lance Vitanza and Jonnathan Navarrete cited the firm’s bitcoin buying activity, which has already surpassed their projected total for the full fourth quarter after only a brief period of acquisitions.
Strive’s bitcoin holdings advanced to 35,595 BTC, valued at roughly $2.9 billion at prevailing prices, from 28,000 BTC at the end of September. The nearly 7,600-coin increase exceeded the prior estimate of 4,750 BTC for the entire quarter.
Reported purchases included 3,311 BTC acquired at an average price near $84,500 (inclusive of fees) and a follow-on buy of 2,822 BTC at approximately $83,266 per coin.
These steps moved Strive into fourth place among publicly traded companies ranked by bitcoin treasury size, just ahead of MARA Holdings’ reported holdings of about 35,577 BTC.
The quicker pace of accumulation continues a strategy in which Strive finances purchases primarily through preferred equity instruments rather than conventional debt.
The company has maintained a debt-free balance sheet for an extended period, using preferred share sales and related capital markets tools to grow its bitcoin position while seeking to improve bitcoin ownership on a per-share basis.
Concurrently, Strive priced an expanded preferred share offering.
It issued 7 million shares of its 15.00 percent Series A Perpetual SATS Preferred Stock at $90 per share, two million shares more than initially planned.
Gross proceeds are projected at approximately $630 million before underwriting discounts and expenses, with settlement expected on October 20 subject to standard conditions.
The shares accrue a cumulative 15 percent annual dividend based on a $100 stated amount and are payable daily when declared by the board, with regular payments set to begin in early November.
At the $90 offering price, the effective yield stands near 16.7 percent.
The security ranks junior to Strive’s existing variable-rate SATA preferred shares.
Upon closing, the company intends to place the equivalent of 18 months of dividend payments—roughly $22.50 per share—into a reserve funded by cash and securities.
Net proceeds are allocated to general corporate purposes, including additional bitcoin and bitcoin-related product purchases, working capital needs, income-generating assets, and potential repurchases of common or preferred shares.
The preferred structure allows further bitcoin accumulation without issuing additional common stock, thereby limiting dilution for current shareholders while the reserve supports near-term dividend coverage.
Rapid treasury expansion paired with this form of non-common financing has strengthened the outlook for bitcoin-per-share growth, a central factor in how analysts value public treasury companies.
With bitcoin trading in the low-to-mid $80,000 range during mid-October 2026, Strive’s larger holdings and new capital access support continued competition in the public-company ranking, where Strategy holds the leading position by a substantial margin.
Observers will track the October 20 settlement of the SATS offering and subsequent bitcoin purchases to assess whether the accelerated buying continues for the remainder of the quarter.
The TD Cowen revision demonstrates how stronger-than-expected treasury execution can prompt higher analyst targets even amid relatively steady broader bitcoin market conditions.
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