Strive CEO Matt Cole says the Bitcoin bear market is over, citing a breakout week in which the token moved higher against both the US dollar and gold. Bitcoin climbed roughly 21% between Wednesday and Friday, briefly surging above $79,000, and Cole says the price action marks the start of a new cycle.
The two-asset breakout
Bitcoin's jump is being attributed in large part to the Treasury's decision to buy back longer-dated bonds — a move that softens the dollar and pushes capital toward hard assets. This month, Bitcoin is up more than 22% against the dollar and has gained 6.6% against gold. That's the kind of dual signal Cole says he's been waiting for.
The timing isn't accidental. Cole dates Bitcoin's bottom against gold to February, and the bottom against the dollar to July — about five months later. He sees that staggered floor as a confirmation that the bear market ran its course rather than a pause before more downside.
Why Cole thinks the next cycle is the strongest
Bitcoin peaked against gold in December 2022 and its dollar price topped in October 2025. With both floors now in place, Cole expects the next cycle to be the strongest Bitcoin has produced. He's not the only one who's hopeful, but he's more explicit than most public-company executives about the direction.
The $350 million paper loss
Strive holds 20,246 BTC, ranking it seventh among public company holders. The firm's average cost is $94,345 per coin — about 22% above where Bitcoin trades now — which leaves Strive sitting on an unrealized loss of roughly $350 million. That's a big number, and Cole isn't pretending otherwise. He acknowledged Bitcoin could still pull back after the rapid advance, but he says he would expect strong buying on any meaningful correction.
The next test is whether Bitcoin holds its ground. Cole's call is on the record, and so is the position he's holding.
