Cole Grinde
Stock & Options Investor, Dividends/Value/Fundamentals, Tesla
AI agents will unlock bitcoin's utility, raising its inherent value while reducing speculation, which should carry it to six or seven digits. That makes owning crypto outright, or vehicles such as Strive and Strategy, paramount. Their valuations have compressed over the past year, making this a great time to add. x.comÂ
Strive's live SATS preferred has raised $630m, advancing its Bitcoin accumulation case and making Strive shares super, super bullish. It offers a 15% annualized return paid daily. Strive is most likely now the world's second-largest corporate Bitcoin holder, though that has not yet been announced. x.comÂ
Strive's completed $630 million perpetual preferred IPO gives it capital to add more Bitcoin to its reserves. The preferred traded $89 million on day one and pays a 15% dividend in daily installments; expect more Bitcoin in Strive's corporate reserves. x.comÂ
High interest rates curb leveraged Bitcoin speculation while new investment opportunities compete for limited capital. AI companies are taking on heavy debt, SpaceX recently went public and Anthropic is preparing an IPO; many beaten-down AI stocks may offer a better chance of doubling than Bitcoin. With Bitcoin below $80,000, $70,000 is more likely than $90,000 from here. x.comÂ
Strive's bitcoin treasury is scaling at a striking pace. It bought 6,182 BTC in a week to reach 43,000, up 17%; holdings are up 54% less than a month into the quarter and 5.6 times since the start of the year. Effective common shares outstanding also rose from 124.1 million to 127.3 million during the week. x.com x.comÂ
Heavy inflows could lift Strive's mNAV above Strategy's for periods because they have more impact on the smaller company. Strive could do even better than 6x versus Strategy's 4x, as investors seek the faster Bitcoin treasury stock. x.com x.com x.comÂ
Bitcoin ETF IBIT's whale accumulation at 30.2% remains too low for a sustained move higher. It is testing a new volatility hole at $43.30-$49.50; $48 must be cleared for acceleration, while $39.40 and $44.10 are near-term support. x.comÂ
Strive's common ATM can lift long-run returns by funding bitcoin purchases at a share premium. Bitcoin is historically cheap; stacking in a bear market or before the bull market begins drives the biggest gains later. But too much weekly issuance can blunt upside, exhaust investors and cap mNAV expansion; share scarcity matters. The ATM is crucial, but caution is preferable. Cole Macro said preferreds should help keep dilution below Strategy's levels on the way up. x.com x.com x.comÂ
Strive's new preferred and warrant proceeds give it capital to expand its bitcoin treasury. Holdings rose from 27,462 to 36,818 BTC in three weeks; the upsized $630M SATS IPO, its second preferred with a 15% coupon paid every business day, and another $369M from warrants are not in that count yet. The bullish case is 100,000 BTC by summer 2027. x.comÂ
Bitcoin treasury companies will and should trade at a discount to NAV, since money in a double-tax structure has no reason to trade at a premium to money. Participants are harvesting the premium against each other in a zero-sum game until it flips to a discount, in bull or bear markets. Since tracking began, bitcoin rose 4.9% and Strive's bitcoin holdings 4.7%, yet Strive shares fell 14.8%, leaving bitcoin 19.7% ahead. x.com x.comÂ
Strive's bitcoin stack keeps growing fast, while trading liquidity in its shares and SATA preferred keeps compounding. Strive now holds 29,462 BTC, up 3.9x in 2026, with 9,216 added in the last six weeks alone, a 46% jump, and its average cost has fallen to $89,994 from $116,610 at its first purchase. Average weekly dollar volume in ASST and SATA rose from $617M in the first four weeks after SATA's IPO to $1.47B over the last four. Everyone on the Strive team is bullish. x.com x.com x.comÂ