PT Revised to Reflect June 30 BTC Outlook and Recent Treasury Activity

研报英文原文证据摘录

PT Revised to Reflect June 30 BTC Outlook and Recent Treasury Activity

Digital Assets

Strive

TD SECURITIES (USA) LLC TARGET UPDATE

July 21, 2026

Price: $12.34 (07/20/2026) PT Revised to Reflect June 30 BTC Outlook

Price Target: $28.00 (Prior $32.00) and Recent Treasury Activity

BUY (1)

Lance Vitanza, CFA THE TD COWEN INSIGHT

646 616 3053

We revise our Price Target to $28, incorporating the bitcoin forecast revisions we published

lance.vitanza@tdsecurities.com

on June 30 together with recent treasury activity and updated dilution assumptions. While our

Jonnathan Navarrete bitcoin outlook is lower than previously modeled, Strive continues to expand bitcoin ownership

646 616 3052 per share. We view continued BTC Yield generation as evidence that capital formation remains

jonnathan.navarrete@tdsecurities.com

accretive.

Key Data

Symbol NASDAQ: ASST Strive Continues to Expand Bitcoin Ownership per Share

Beta: 13.20 Despite a challenging backdrop for both bitcoin and bitcoin treasury equities, Strive continues

52-Week Range: $178.20-$7.17 to increase bitcoin ownership on a per-share basis. Bitcoin holdings increased from 13,628

Market Cap: $906.1MM BTC at the end of 1Q26 to 19,864 BTC at the end of 2Q26 and have since risen further to 19,921

Net Debt (MM): $(132.5) BTC according to the company's most recent treasury disclosure. Over the same period, BTC/

Cash/Share: $(1.17) share increased from approximately 189 bitcoins per million fully diluted shares to roughly 231,

representing 24.0% BTC Yield during 2Q26. We continue to view BTC/share growth as one ofDil. Shares Out (MM): 61.6

Enterprise Value the most important measures of value creation because it captures both bitcoin accumulation

$987.2

(MM): and the dilution associated with raising capital.

BV/Share: $10.34