The Benchmark Company initiates buy rating on Strive with $32 price target, sees nearly 100% upside

Benchmark analyst Mark Palmer kicked off coverage of Strive Inc. (NASDAQ: ASST) with a Buy rating and a $32 price target, implying roughly 100% upside from the stock’s recent trading level around $16. The call lands as Strive continues to stockpile Bitcoin at an aggressive clip, positioning itself among the largest corporate holders of the asset on the planet.

Palmer’s thesis centers on something unusual: how Strive pays for all that Bitcoin. Rather than loading up on convertible debt like most of its peers, the company funds its treasury primarily through perpetual preferred equity, a structure Palmer described as one of the most differentiated in the sector. In English: Strive sidesteps the repayment deadlines and interest obligations that come with traditional debt, opting instead for a funding mechanism that looks more like permanent capital.

A 2,500 BTC shopping spree

The rating arrived on June 2, just one day after Strive wrapped up a purchase of 2,500 Bitcoin for approximately $185 million. That haul, accumulated between May 23 and June 1, pushed the company’s total holdings to 19,000 BTC.

At an average acquisition cost of roughly $96,000 per coin, Strive has deployed serious capital to build that position.

The timing of the latest buy was noteworthy. Bitcoin had dipped below $69,000 around the same period, partly influenced by Strategy (MSTR) selling 32 BTC. Strive was buying into weakness while a peer was trimming.

A turbulent year, but momentum is shifting

Strive’s stock has suffered an 86% decline over the past year. An 86% drop means if you invested $10,000, you were staring at roughly $1,400.

Other analysts have also responded positively, raising or maintaining their price targets on the stock.

The company’s path to public markets was itself unconventional. Strive went public through a merger with Asset Entities in 2025, then acquired Semler Scientific to accelerate its Bitcoin accumulation.

Strive Asset Management, the entity behind the publicly traded vehicle, was co-founded in 2022 by Vivek Ramaswamy and Anson Frericks.

Why the capital structure matters

Strive’s approach with perpetual preferred equity, specifically its SATA instrument, eliminates the repayment clock. There’s no maturity date forcing the company to refinance or sell Bitcoin at the worst possible time.

The tradeoff is that perpetual preferred equity isn’t free money. Preferred shareholders typically receive dividend payments and have priority claims on assets.

What this means for investors

Palmer’s $32 target implies Strive would need to roughly double from current levels. At 19,000 BTC, Strive’s Bitcoin position alone represents a substantial chunk of its potential valuation. The key question for investors is whether the market will ever value Strive’s shares at something close to the net asset value of its Bitcoin, or whether the stock will continue trading at a significant discount, as it appears to be doing now.