JUST IN: Investment bank The Benchmark Company analyst Mark Palmer has initiated a buy rating on #Bitcoin treasury company Strive $ASST with a price target of $32.
"Strive has a capital structure that is purpose-built to withstand BTC volatility." 🔥
The buying pressure on Bitcoin is very real and historic right now — institutions, ETFs, and big corporate buyers like Strategy are soaking up far more coins than miners are producing every single day. Yes, profit-taking from long-term holders and routine miner sales happens, but what we're seeing today is classic market consolidation.
Heading into mid-to-late summer, the imbalance is going to flip hard bullish — and we could see Bitcoin rip much higher, much faster than most expect. This setup is loading up for a serious move.
Strategy is absolutely dominating.
S&P Global, last quarter, in their most polite possible language, said they wanted Strategy to rely less on convertible debt.
Saylor's response was to retire $1.5B of convertible debt at a discount, fund the entire thing with preferred stock and equity, and use the leftover cash from the spread to buy more Bitcoin.
He hit the bid, sold them STRC on the other side of the trade, and walked off with 24,869 sats per share you didn't have last month.
The capital structure is now less levered, more preferred-funded, more Bitcoin-backed, and somehow simultaneously more aggressive.
This is what happens when people discover that fiat is a melting ice cube and the credit rating agencies are graded on a curve calibrated to companies that don't own 843,738 Bitcoin.
The convertible debt holders got their 8% discount.
S&P got their lower convert reliance.
Saylor got 24,869 more Bitcoin.
Everyone won, except the people who sold.
MASSIVE: Ripple CEO Brad Garlinghouse is hinting $XRP could become part of America’s banking system and models are now pointing to ABOVE $30,000 per XRP.
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