Strive buys 3,311 bitcoin for about $280 million, its biggest purchase since January

Strive (Nasdaq: ASST) has made its largest bitcoin purchase since January, adding 3,311 BTC for roughly $280 million.

The numbers

• Bought: 3,311 BTC between 5 and 9 October
• Average price: about $84,500 per coin, including fees
• Total holdings: 32,773 BTC, up from 29,462 a week earlier — worth around $2.73 billion at current prices, according to Decrypt

The purchase continues a fast run of buying: Strive added about $169 million of bitcoin earlier this month and $94.5 million in late September. The firm bought during a weak week for the market, well below bitcoin's recent highs near $87,000.

Who is Strive?

Strive, led by CEO Matthew Cole, is one of a growing group of listed companies that raise capital to build a bitcoin treasury — the model pioneered by Michael Saylor's Strategy. It went public through a merger with Asset Entities and has since combined with Semler Scientific. Besides bitcoin it holds about 505,000 shares of Strategy's STRC preferred stock and roughly $310 million in cash.

The risk

Treasury companies tie their share price to a volatile asset. Buying a dip pays off if bitcoin recovers, but the same exposure works in reverse, and investors are increasingly asking how much of these firms' stock premiums depends on continued buying.