TD Cowen has raised its price target for Strive Inc. (Nasdaq: ASST) to $56 from $44 after the Bitcoin treasury company accumulated more BTC in roughly two weeks than analysts had previously expected it to purchase during the entire fourth quarter of 2026.
The revised target represents an increase of approximately 27% from TD Cowen’s previous $44 target. Analysts Lance Vitanza and Jonnathan Navarrete cited Strive’s faster-than-expected Bitcoin accumulation in their updated assessment, according to reporting by The Block on October 16.
Strive’s Bitcoin holdings climbed to 35,595 BTC, worth approximately $2.9 billion at the prices cited in the report. The company held around 28,000 BTC at the end of September, meaning its holdings increased by approximately 7,600 BTC over the following two weeks.
The pace of accumulation substantially exceeded TD Cowen’s earlier projection that Strive would purchase 4,750 BTC during the full fourth quarter.
Strive Adds More Than 6,100 Bitcoin in Two Disclosed Purchases
Strive’s latest Bitcoin purchases were disclosed in two filings with the U.S. Securities and Exchange Commission (SEC).
On October 13, the company reported that it had purchased 3,311 BTC between October 5 and October 9, at an average price of approximately $84,500 per Bitcoin, including fees and expenses. The acquisition increased its reported holdings to 32,773 BTC as of October 9.
A day later, Strive disclosed another purchase of 2,822 BTC between October 12 and October 13. The company paid an average of approximately $83,266 per Bitcoin, including fees and expenses, for the second purchase.
Together, the two disclosed transactions added 6,133 BTC to Strive’s treasury in a short period. Its total holdings subsequently reached 35,595 BTC.
The accumulation demonstrates how quickly Strive has expanded its Bitcoin position. It also places greater importance on the company’s ability to raise capital, manage its share count and maintain growth in the amount of Bitcoin held relative to its common shares.
Why TD Cowen Raised Its ASST Price Target
TD Cowen’s revised price target reflects the company’s faster-than-expected Bitcoin accumulation, which materially changed the brokerage’s previous assumptions about Strive’s treasury growth.
For Bitcoin treasury companies, the number of coins held is only one part of the investment case. Analysts also examine how the treasury is financed, the number of shares outstanding and how Bitcoin holdings change relative to potential shareholder dilution.
Strive has used multiple financing mechanisms to expand its Bitcoin holdings. These include warrant exercises and preferred-stock offerings, which can provide capital for purchases but have different implications for common shareholders and the company’s financing costs.
The latest price-target increase indicates that TD Cowen sees the accelerated accumulation as a positive factor in its valuation model. However, a broker’s target is an analyst estimate, not a guarantee of the stock’s future price.
Investors should also distinguish between a higher analyst target and actual share-price performance. Strive’s stock fell approximately 6.6% to $23.96 on Friday, October 16, according to The Block, despite the higher target.
Warrant Exercises Bring in $369 Million but Increase Dilution Concerns
Strive’s Bitcoin buying spree coincided with significant activity involving warrants to purchase its Class A common stock.
In an October 14 SEC filing, Strive reported that investors exercised approximately 273.5 million traditional warrants covering 13.67 million shares of Class A common stock. The exercises were expected to generate approximately $369.2 million in gross proceeds.
The company said no traditional warrants issued in connection with its private investment in public equity (PIPE) transaction remained outstanding as of the close of business on October 13.
Warrant exercises can provide a company with additional cash, but they also increase the number of common shares outstanding. That can reduce existing shareholders’ proportional ownership and affect metrics that measure Bitcoin holdings relative to shares.
According to The Block, TD Cowen analysts noted that the substantial increase in diluted shares associated with warrant exercises had pressured Strive’s Bitcoin yield.
Bitcoin yield is a company-defined metric used by some Bitcoin treasury businesses to track changes in Bitcoin holdings relative to a specified share-count measure over time. It is not the same as investment return, profit or the percentage change in Bitcoin’s market price.
The elimination of the remaining traditional warrants could ease this particular source of potential dilution, although future equity issuance and other financing decisions may still affect shareholders.
Strive Expands SATS Preferred-Stock Offering to $630 Million
Strive is also seeking additional capital through a preferred-stock offering that could support further Bitcoin purchases.
On October 13, the company announced a proposed initial public offering of 5 million shares of its SATS preferred stock. It subsequently priced an upsized offering of 7 million shares at $90 each, for expected gross proceeds of approximately $630 million before underwriting discounts, commissions and other offering expenses.
The SATS stock carries a stated annual dividend rate of 15% on its $100 stated amount per share. Preferred-stock dividends and terms differ from those of common shares, and the stated rate should not be interpreted as a guaranteed total investment return.
Strive said the net proceeds could be used for several corporate purposes, including Bitcoin and Bitcoin-related product acquisitions, working capital, income-generating assets, capital expenditures, share repurchases and potential acquisitions.
The company’s stated uses therefore include Bitcoin accumulation, but the entire amount raised should not automatically be counted as money committed exclusively to Bitcoin purchases.
The offering highlights the financing trade-offs facing Bitcoin treasury companies: raising capital can support further accumulation, while preferred dividends create financing obligations and common-stock issuance can dilute existing shareholders.
Strive’s Position Among Public Bitcoin Treasury Companies
With 35,595 BTC, Strive moved ahead of MARA Holdings’ reported 35,577 BTC holdings, according to figures cited in recent reporting, making Strive the fourth-largest publicly traded corporate Bitcoin holder at that point.
Corporate Bitcoin treasuries have become an important part of the digital-asset market, with companies using cash, equity, debt and preferred securities to build Bitcoin positions. Their stock valuations can be influenced by both Bitcoin’s market price and investors’ expectations about how effectively each company finances its treasury.
A growing Bitcoin balance does not necessarily translate into a rising share price. Investors must also consider acquisition costs, financing expenses, share dilution, liquidity needs and the relationship between a company’s market capitalization and the value of its Bitcoin holdings.
For Strive, the rapid increase in holdings appears to have strengthened TD Cowen’s view of its accumulation strategy. The longer-term outcome will depend on whether the company can continue expanding its Bitcoin position on terms that create value for common shareholders.
What Investors Should Watch Next
Several factors could influence Strive’s performance following TD Cowen’s price-target revision:
- Bitcoin accumulation: Whether Strive continues to add BTC at a pace that exceeds analysts’ expectations.
- Bitcoin price movements: Changes in BTC’s market value can materially affect the value of the company’s treasury.
- Share dilution: Future equity issuance, warrant activity or other financing arrangements could affect common shareholders’ proportional exposure.
- Preferred-stock financing costs: The cost and terms of capital raised through preferred securities may influence the economics of additional Bitcoin purchases.
- Bitcoin per share: Investors may monitor changes in the company’s Bitcoin holdings relative to its share count, while reviewing the company’s precise metric definitions.
- Valuation and market sentiment: ASST shares may not move in line with Bitcoin or analyst price targets, particularly when investors reassess financing risks.
The key question is not simply how many Bitcoin Strive can acquire, but whether it can grow its treasury while managing financing costs and dilution effectively.
Bottom Line
TD Cowen raised its Strive price target to $56 from $44 after the company’s Bitcoin purchases in roughly two weeks exceeded the brokerage’s previous forecast for the entire fourth quarter.
Strive’s holdings reached 35,595 BTC following two disclosed purchases totaling 6,133 BTC in October. At the same time, warrant exercises generated expected gross proceeds of $369.2 million while increasing the diluted share count, and the company priced a $630 million preferred-stock offering.
The developments strengthen the case for watching Strive’s Bitcoin accumulation strategy, but they also underline the importance of financing structure and shareholder dilution. TD Cowen’s higher target reflects its analysis—not a guaranteed outcome for ASST investors.
Disclaimer: This article is for informational and educational purposes only and does not constitute financial or investment advice. Analyst price targets are estimates and can change. Investors should review company filings, financing terms and individual risk tolerance before making investment decisions.
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