StoneX Raises Strive Price Target 34% to $43, Maintains Buy Rating

Oct. 27 — Citing The Block, StoneX raised its price target on bitcoin treasury company Strive from $32 by 34% to $43 while maintaining a Buy rating. Analyst Mark Palmer said Strive's recently completed SATS preferred stock IPO and the expiration of traditional warrants amount to a "clean reset" of the company's capital structure, underscoring its all-preferred-equity bitcoin treasury model. On Oct. 20, Strive completed an upsized IPO of 7 million shares of 15% SATS preferred stock, raising $630 million in gross proceeds; SATS carries a 15% annual dividend rate, and the company has set aside sufficient funds to cover payments for the first 18 months. Palmer said SATS ranks junior to the earlier SATA preferred stock, so every dollar raised adds assets without adding claims senior to the senior preferred.

In addition, Strive disclosed on Monday that it bought 6,182 BTC between Oct. 17 and Oct. 23, lifting its total holdings to 43,000 BTC. Strive's shares fell 9.15% on Monday to close at $26.32.