Benchmark starts Strive Buy with $32 target on Bitcoin treasury
Benchmark (analyst Mark Palmer) initiated coverage of Strive Inc. (NASDAQ: ASST) with a Buy rating and a $32 price target, implying nearly 100% upside from about $16. The thesis is that Strive builds its Bitcoin treasury using perpetual preferred equity (SATA), avoiding the maturity and interest burdens typical of convertible debt.
The call comes as Strive purchased 2,500 BTC for roughly $185M on June 1 (covering May 23–June 1), taking total holdings to 19,000 BTC. The implied average acquisition cost was about $96,000 per coin. Timing also stood out because Bitcoin was under pressure (below $69,000) while a peer, Strategy (MSTR), sold 32 BTC.
Despite a volatile backdrop, Strive’s stock is down about 86% over the past year. Other analysts have maintained or raised targets, but the market question remains whether Strive’s equity will ever trade close to the net asset value of its Bitcoin holdings, or continue at a discount.
For crypto traders, this is a Bitcoin corporate-treasury and capital-structure story: Strive’s financing model may support continued accumulation, while the equity discount versus NAV will likely drive sentiment around ASST and related “BTC treasury” themes.
Bullish
The news is broadly bullish for crypto-linked equities. A fresh Buy initiation with a high target ($32) reinforces optimism that Strive’s Bitcoin treasury strategy can close (or at least narrow) the valuation gap versus its BTC NAV. More importantly for trading, Strive’s reported purchase of 2,500 BTC to reach 19,000 BTC signals continued demand from a large corporate holder—supportive for BTC sentiment, even if the immediate flow impact on the overall market is small.
In the short term, traders may bid up ASST on the rating headline and the “buying into weakness” narrative (Strive adding while BTC dipped and a peer trimmed). In the medium term, the key variable is whether market pricing starts reflecting NAV as other analysts update targets; similar past patterns in BTC-treasury equities show that sustained accumulation plus improving capital-structure credibility often leads to multiple expansion, though volatility remains high when BTC sells off.
Long term, the perpetual preferred equity structure may reduce forced deleveraging risk because it removes a clear repayment clock, which can support continuity of accumulation. However, perpetual instruments are not “free money,” and dividends/priority claims can still matter to equity holders. The discount-to-NAV debate will likely keep traders sensitive to BTC drawdowns and liquidity conditions, but overall the direction of the catalyst skews positive.