I just saw an interesting move; the Bitcoin treasury company Strive has been making big purchases again. This time, they bought $50 million worth of Strategy's STRC perpetual preferred shares, and also purchased an additional 179 Bitcoins, bringing their total holdings to 13,311 coins, which is roughly $930 million at current prices.

Honestly, it seems like Strive is having a tough time. When they were founded in 2025, they tried to replicate Michael Saylor’s successful strategy, but the results weren’t ideal. Their stock price has fallen over 90% from last summer’s high, and they even had to do a 1-for-20 reverse stock split to keep the share price above $1. Nevertheless, they continue to adjust their asset allocation, increasing the dividend on SATA preferred shares to 12.75%, and the yield on their STRC holdings is also at 11.5%.

Why are they still adding more Bitcoin? I think there’s a bigger background worth paying attention to. The IMF recently warned that by 2029, global public debt could reach around 100% of global GDP, causing many investors to worry about governments’ repayment abilities. In an environment where debt growth exceeds economic growth and bond yields rise due to concerns, more and more people are looking beyond traditional finance.

Bitcoin becomes interesting here. Its supply is fixed, it’s independent of any country’s balance sheet, and it has performed well during past financial crises. These features make it a potential long-term safe haven asset to hedge against increasing public debt and financial repression. As Bitcoin recently broke through the $74,000 mark, the ASST index also rose 2.2% in early Wednesday trading. It seems the market is gradually digesting this logic.