Strive Asset Management has just crossed a major symbolic milestone: the firm has broken into the global top 5 of publicly listed companies holding the most Bitcoin on their balance sheet. A fresh purchase of 1,800 BTC catapults the firm into a highly exclusive category, alongside heavyweights like MicroStrategy and Marathon Digital.
In the wake of this move, investment bank TD Cowen has raised its price target on ASST stock, signaling growing conviction among institutional analysts in Strive’s Bitcoin-first strategy.
Behind this move, a deeper trend is taking shape: the race to build Bitcoin treasuries among publicly listed companies is accelerating, and those still sitting on the fence risk being left behind very quickly.
A 1,800 BTC Purchase That Reshapes the Public Treasury Rankings
Strive Asset Management, the asset management firm co-founded by Vivek Ramaswamy, has acquired an additional 1,800 BTC, further cementing its position among the largest Bitcoin treasuries held by publicly traded companies. This latest purchase propels Strive to 5th place globally in a ranking that institutional investors are watching very closely.
Strive’s strategy clearly follows in the footsteps of MicroStrategy, which popularized the model of holding Bitcoin as a primary reserve asset on the corporate balance sheet. But unlike other opportunistic followers, Strive projects a strong ideological conviction: the company positions Bitcoin as the only asset capable of durably protecting capital against monetary debasement. This narrative resonates particularly well amid the ongoing debate around inflation and Fed policy.
The ticker ASST — listed on US markets — is thus becoming an increasingly credible Bitcoin proxy for investors seeking exposure to BTC appreciation through a regulated vehicle, without holding cryptocurrencies directly.
TD Cowen Raises Its Price Target: 27,156 BTC Expected by End of 2026
Investment bank TD Cowen has revised its price target on ASST stock upward following this purchase. According to the analysts’ updated projections, Strive is expected to close out 2026 with 27,156 BTC on its balance sheet — roughly 4,300 BTC more than what the previous valuation model had anticipated.
This upward revision reflects an acceleration in the pace of acquisition that TD Cowen had not factored into its initial estimates. For the analysts, Strive’s ability to raise capital and deploy it rapidly into Bitcoin is a signal of operational strength. The market is now closely tracking the correlation between the company’s BTC purchases and the performance of ASST stock, which tends to amplify the moves of the underlying Bitcoin.
A revision of this kind from an institutional player of TD Cowen‘s caliber sends a strong signal to the rest of the market. It not only validates Strive‘s accumulation strategy, but also helps reinforce the legitimacy of the Bitcoin treasury model among traditional investors who remain cautious. As the number of publicly listed companies adopting this approach grows, the competitive pressure to accumulate BTC ahead of a potential new bull wave is intensifying.
The Bitcoin Treasury Race Is Heating Up: What It Means for the Market
Strive‘s entry into the top 5 public Bitcoin treasuries illustrates a structural dynamic that goes well beyond a single isolated case. A growing number of publicly listed companies — from mining firms to financial holding companies — are integrating Bitcoin as a strategic reserve asset, mechanically reducing the supply available on secondary markets. This institutional buying pressure, combined with the post-halving effect of 2024, represents a fundamental bullish driver over the medium term.
For traders and investors tracking on-chain flows, the accelerated accumulation by entities like Strive translates into a reduction in BTC available on exchanges. Data from CryptoQuant and CoinGlass consistently shows that periods of intense institutional accumulation coincide with short-term volatility compression, followed by significant breakouts once retail demand picks back up.
With a potential 27,156 BTC on its balance sheet by December 2026, Strive is positioning itself as a key player in this ecosystem. The question is no longer whether companies will adopt Bitcoin as a store of value — it is how fast they will move, and who will still be able to keep pace with the pioneers.
