Bitcoin rose more than 2% on Wednesday to touch $84,807 in New York afternoon trading, its highest level since October 7. The move lifted two of the most closely watched bitcoin treasury stocks: Strategy closed up more than 7% at $153.48, while Strive jumped more than 13% to $30.75. Both stocks have now posted consecutive gains this week, with Strategy up almost 5% on Tuesday and Strive climbing nearly 6%.
Strategy, the largest corporate holder of bitcoin with more than $71 billion in holdings, disclosed that it bought 267 BTC between October 12 and October 18 for about $22.1 million at an average price of $82,900. Its total stack now stands at 848,517 BTC. The company also raised its digital credit securities repurchase authorization to $3 billion from $2 billion, with about $1.16 billion untapped. Clear Street and Cantor Fitzgerald raised their MSTR price targets to $211 and $208, respectively, ahead of Strategy’s quarterly earnings.
Dallas-based Strive purchased 4,045 BTC from October 12 to October 16, bringing its total holdings to 36,818 BTC, worth roughly $3.1 billion at recent prices. Its new preferred stock began trading Tuesday under the ticker SATS after an upsized $630 million sale of 7 million shares at $90 each. The preferred shares pay 15% annually on a stated value of $100, implying an effective yield of about 16.7%, with cash dividends expected to begin November 9. Robust inflows into US spot bitcoin exchange-traded funds also supported sentiment, although MSCI’s approved rule changes could still remove investment-heavy companies such as Strategy from some indexes, with a final list expected November 11.
