TD Cowen analyst issues buy rating on Strive with $28 target, backing Bitcoin treasury strategy

TD Cowen analyst Lance Vitanza is keeping his Buy rating on Strive, Inc. (NASDAQ: ASST), though he trimmed his price target from $32 to $28 on July 22. With ASST trading in the $12 to $15 range, that revised target still implies roughly 85% to 130% upside. Vitanza also initiated coverage on Strive’s preferred stock, the Variable Rate Series A Perpetual Preferred Stock trading under the ticker SATA. That instrument carries a 13% annualized dividend paid out every business day, a structure the company claims is a first for US preferred securities. The Bitcoin treasury playbook, with a twist Strive has been aggressively expanding its at-the-market equity program to fund ongoing Bitcoin purchases, essentially raising capital through share sales to buy more crypto. The SATA preferred stock carries a 13% annualized yield, paid daily since June 16, 2026, and classified as a return of capital to the extent of the holder’s tax basis. The preferred shares have been trading close to their $100 par value, targeting a tight range between $99 and $101. The numbers tell a complicated story Strive reported a GAAP net loss of $265.9 million for Q1 2026. The company operates without any debt on its ...