Today: 25 October 2025
Subscribe
Strive’s Bitcoin Bonanza: $1.3B Merger, 11K BTC and a Wild Stock Ride
 ·  ·  ·  ·  ·  · 

ASST Stock Surges on Bitcoin Deals – Strive’s Bold Strategy Explained

by
24 October 2025
  • Stock ticker: ASST (Strive Asset Management, LLC) on NASDAQ.
  • Price (Oct 24, 2025): Closed at $1.10 (+27.3% on Oct 24) [1] (after-hours $1.195) on heavy volume.
  • Market Cap: ~$758 million [2]. Shares outstanding: ~689 million [3].
  • Business: Dallas-based asset manager (founded 2022) now reborn as a Bitcoin treasury firm. It launched an ETF in Aug 2022 and now manages roughly $2B in client assets [4]. Strive calls itself “the first publicly traded asset management Bitcoin treasury company” focused on increasing Bitcoin per share over time [5].
  • Recent news: Announced a $750M funding round (May 2025) to start Bitcoin acquisitions [6]; appointed crypto veteran Ben Werkman as Chief Investment Officer (Oct 6, 2025) [7]; agreed to acquire biotech/crypto companies and content platforms. In mid-September, Strive struck deals to merge with Semler Scientific (all-stock, adds 10,900+ BTC) [8] and to buy MSTR True North Inc. (media/crypto platform) [9]. Its stockholders also approved expanding the board of directors (dropping an 11-member cap) [10].
  • Next earnings date: Estimated Nov 13, 2025 [11].
  • Analyst outlook: No consensus price target is available yet, but observers note Strive’s aggressive, all-equity funding and high-profile acquisitions signal a “bold next phase” for the firm [12]. CEO Matt Cole emphasizes that Strive’s novel strategies aim to “drive sustained outperformance relative to Bitcoin” [13].

Stock Rally on Major Bitcoin Deals

Strive’s stock has seen wild swings recently. After trading in the 30s–90s cents for most of 2025, ASST spiked over $1 on Oct 24 [14]. This jump came as investors digest several blockbuster moves. In late September the company announced it would acquire medical-tech firm Semler Scientific in an all-stock merger – a deal valuing Semler at about $90.52 per share (a ~210% premium) [15]. At the same time Strive bought 5,816 Bitcoin (about $675 million worth) to add to its corporate treasury [16]. CEO Matt Cole hailed this as a game-changing tie-up: “This merger cements Strive’s position as a top Bitcoin treasury company,” he said, noting it accelerates their plan to grow Bitcoin holdings faster than any peer [17].

Just days earlier Strive had agreed to acquire True North Inc., a “Bitcoin advocacy” media platform tied to Michael Saylor’s MicroStrategy ecosystem. In that deal, Strive appointed True North founder Jeff Walton as True North’s CEO and Strive’s new Chief Risk Officer [18]. Walton remarked that joining Strive was “the most exciting and rational path” to amplify True North’s reach and advance crypto education [19]. These content and community assets (podcasts, events, etc.) are seen as synergistic: True North’s audience can now tap into Strive’s nationwide channels, and Strive gains a built-in publicity arm.

In May 2025 Strive and its parent (Asset Entities, Nasdaq:ASST) had secured a $750 million private investment to kick-start Bitcoin buying [20]. This funding round (priced at $1.35/share, +121% over pre-merger levels) was led by top institutions and Strive’s own management [21]. Strive explicitly avoided any debt financing, preferring this equity-only approach to keep flexibility [22] [23]. The money will support what Cole calls “alpha-generating Bitcoin accumulation strategies” – moves intended to outperform just holding Bitcoin itself [24].

Business Model – ETFs to Bitcoin Treasury

Originally a niche ETF advisor, Strive Asset Management has pivoted sharply into crypto. The firm’s brochure now proudly notes it “launched its first ETF in August 2022” and has quickly grown to manage ~$2 billion in assets [25]. But its mission has shifted: Strive seeks to “maximize Bitcoin per share”. In practice, that means using its cash and capital to buy Bitcoin and Bitcoin-linked assets, rather than traditional stocks or bonds. According to its SEC filings, Strive holds thousands of Bitcoin on its balance sheet as corporate treasury (now over 10,900 BTC combined after the Semler deal) [26].

CEO Matt Cole explains that most corporate Bitcoin-holders simply accumulate Bitcoin (what he calls “beta” strategies). Strive’s bet is to also pursue “alpha” opportunities: for example, buying companies with hidden cash value or distressed Bitcoin claims at a discount [27]. “Most Bitcoin treasury companies are valued on their Bitcoin holdings,” Cole said. “Our alpha-generating strategies are designed to drive sustained outperformance” beyond the price of Bitcoin itself [28]. In concrete terms, Strive is exploring deals like distressed biotech takeovers (to unlock cash) and settling long-dormant Mt. Gox claims through partners – opportunities it believes few others can or will tackle [29] [30].

Importantly, Strive has structured itself to avoid leverage. All recent funding was in stock or warrants; there is no outstanding debt raised for these projects [31]. Its leadership says this “preferred equity only” model protects shareholders from debt risks that have hurt some other Bitcoin-focused firms.

Competitive Landscape

On the public markets, Strive’s peers include companies like MicroStrategy (Nasdaq: MSTR) and Marathon Digital (Nasdaq: MARA), which hold Bitcoin on their balance sheets or by mining. Strive sets itself apart by not being a software or mining firm at heart, but an investment manager turned Bitcoin treasury. For perspective, MicroStrategy (rebranded as Strategy, Inc.) holds tens of thousands of Bitcoin but also a software business [32]. Strive says it is the first company on Nasdaq explicitly built around a Bitcoin treasury investment strategy [33].

In September, MicorStrategy’s subsidiary True North (the one Strive bought) was already known for Bitcoin commentary and serviceable cash flow. Now that it’s part of Strive, analysts note Strive will be among the largest public holders of corporate Bitcoin. Strive’s stock volatility has tracked Bitcoin’s: at one point it ranged from about $0.34 to $13.42 over 12 months [34], reflecting its rapid dilution (from share issuances) and crypto swings.

Investors are watching how Strive’s aggressive moves pay off. Industry observers point out that Strive is launching an unprecedented capital plan – up to $1.5B of total funding possible (with warrants) – focused on crypto deals [35]. ConnectMoney’s Joe Palmisano calls this “a bold next phase” that aims to exploit inefficiencies in crypto markets [36]. But he and others caution that success hinges on both crypto prices and execution of those acquisitions.

Bottom Line & Outlook

Strive (ASST) stock now sits around $1.10 (as of Oct 24) [37], a level far below its peak last year but reflecting a new phase of high-stakes growth. The company’s razor-sharp focus on Bitcoin – through big purchases and equity-based deals – has impressed some crypto investors, while traditional analysts remain cautious. As executive team members have emphasized, their goal is to “increase Bitcoin per share” as fast as possible [38]. For ordinary investors, that means watching Bitcoin prices and Strive’s deal pipeline closely.

Sources: Company press releases and financial reports [39] [40] [41]; market data [42] [43]; and financial news coverage [44] [45].

🚨 BITCOIN TREASURY MERGER STRATEGY?!?!?!?!?!
Watch this video on YouTube.

References

1. stockanalysis.com, 2. stockanalysis.com, 3. stockanalysis.com, 4. www.globenewswire.com, 5. www.globenewswire.com, 6. www.connectmoney.com, 7. stockanalysis.com, 8. www.globenewswire.com, 9. www.globenewswire.com, 10. www.tipranks.com, 11. www.marketbeat.com, 12. www.connectmoney.com, 13. www.connectmoney.com, 14. stockanalysis.com, 15. www.globenewswire.com, 16. www.globenewswire.com, 17. www.globenewswire.com, 18. www.globenewswire.com, 19. www.globenewswire.com, 20. www.connectmoney.com, 21. www.connectmoney.com, 22. www.prnewswire.com, 23. www.connectmoney.com, 24. www.connectmoney.com, 25. www.globenewswire.com, 26. www.globenewswire.com, 27. www.connectmoney.com, 28. www.connectmoney.com, 29. www.connectmoney.com, 30. www.prnewswire.com, 31. www.prnewswire.com, 32. www.strategy.com, 33. www.globenewswire.com, 34. stockanalysis.com, 35. www.prnewswire.com, 36. www.connectmoney.com, 37. stockanalysis.com, 38. www.globenewswire.com, 39. www.globenewswire.com, 40. www.globenewswire.com, 41. www.connectmoney.com, 42. stockanalysis.com, 43. stockanalysis.com, 44. www.connectmoney.com, 45. www.tipranks.com

Tags:

Marcin Frąckiewicz Latest posts

CEO of TS2 Space and founder of TS2.tech. Expert in satellites, telecommunications, and emerging technologies, covering trends in space, AI, and connectivity.

  1. DraftKings Bets Big: Railbird Acquisition and NBC Deal Ignite Investor Frenzy
  2. NUAI Stock Soars 185% on Texas AI Data Center Pivot – Hype or Opportunity?
  3. Disney’s Next Act: Streaming Overhaul and Park Boom Fuel Bullish Outlook, Analysts See 20% Stock Upside
  4. Spotify Stock Skyrockets After CEO Shake-Up and Bold New Moves

Related Articles

Datavault AI (DVLT) Stock Skyrockets on Bitcoin Deal & AI Hype – Is the 400% Rally Sustainable?
Previous Story

Datavault AI (DVLT) Stock Surges 52% on $150M Funding Deal and IBM Partnership

Luminar (LAZR) Stock Surges on Lidar Hype – Volvo & NVIDIA Deals Ignite Investor Interest
Next Story

Luminar (LAZR) Stock Surges on Lidar Hype – Volvo & NVIDIA Deals Ignite Investor Interest

Stock Market Today

  • Intel Stock: Where Does It Go From Here After a 100% Rally
    October 25, 2025, 6:00 AM EDT. Intel has surged about 100% year-to-date as a turnaround storyline takes shape. This review covers Intel's latest Q3 results and the management commentary from the earnings call, highlighting what investors should watch next. In the near term, catalysts include progress on process tech, data-center demand, and product ramp for key platforms. The conversation on profitability, capital allocation, and share repurchases will color the stock's path, while ongoing challenges such as competitive pressure and macro demand remain risks. The takeaway: with a fresh earnings beat or stronger guidance, the stock could extend gains, but investors should weigh fundamental momentum against execution risk and valuation. Intel, Q3, earnings, outlook, risk.
  • Is Innodata (INOD) Undervalued After the Latest Rally? A Valuation Review
    October 25, 2025, 6:04 AM EDT. Innodata (INOD) shares surged in the latest session, rising ~4%, as investors weigh what the rally implies for its valuation. The stock has posted a 1-day gain around 3.7%, a 94% year-to-date gain, and a 278% total shareholder return over the past year, fueling debate about whether the valuation remains justified. Street figures put a fair value near $78, suggesting the stock is either undervalued or fairly priced given growth prospects. The company trades at a steep P/E multiple of about 57.2x versus a 26.5x industry average and a ~22.2x benchmark, underscoring premium pricing for potential AI demand. Key risk: a shift in enterprise AI demand or clients insourcing could compress margins. The setup hinges on durable revenue, recurring contracts, and expanding data-services partnerships.
  • Johnson & Johnson (JNJ) Valuation in Focus After Momentum Rally: Is the Upside Justified?
    October 25, 2025, 6:06 AM EDT. JNJ has extended its rally as steady revenue and earnings growth shape a longer-term outlook. The stock has delivered roughly 8% in the last month and 22% over the past year, fueling optimism about near-term resilience and future profitability. The latest valuation narrative places a fair value near $198, signaling an undervalued stance for patient buyers. Still, risks such as talc litigation and potential drug-pricing pressures could temper gains. Investors should weigh the upside from a large U.S. investment in manufacturing, R&D, and technology against these headwinds. In short, current momentum partly reflects solid fundamentals, but the market may already price in much of the growth.
  • Comfort Systems USA (FIX) Rallies on Blowout Q3; Backlog and Demand Send Shares Higher
    October 25, 2025, 6:30 AM EDT. Comfort Systems USA (NYSE: FIX) stunned investors with a blowout Q3: revenues rose 35% to $2.45 billion and EPS hit $8.25, supported by a $9.38 billion backlog. The stock jumped about 17-18% on Oct 24, 2025, extending a 2025 gain to roughly +130%. Analysts, including Stifel with a $1,069 target and UBS rating it a 'Buy', see continued strong HVAC demand from data centers and chip plants and a robust construction cycle as key drivers. The company's backlog and free cash flow underpin its growth, while the broader trend toward heat pumps, low-GWP refrigerants under the AIM Act supports the market. Valuation remains premium, around 50× forward EPS, but the growth backdrop remains compelling for investors.
  • Ripple Prime Explained: XRP, RLUSD, and the Rise of Multi-Asset Prime Brokerage for Institutional Finance
    October 25, 2025, 6:46 AM EDT. Ripple Prime marks a shift where institutional adoption hinges on embedding blockchain into familiar structures rather than replacing them. RLUSD as collateral illustrates how stablecoins can move beyond payments into core market operations. Ripple Prime's platform-based model directly challenges SWIFT's network-based evolution, offering two parallel paths to a digitized, global finance ecosystem. Institutional-grade compliance, custodianship, and transparency are the keys to converting blockchain from speculative tech into trusted infrastructure. By acquiring Hidden Road (rebranded Ripple Prime), Ripple becomes the first crypto firm to own a global, multi-asset prime broker, providing TradFi and crypto access under one roof. The digital-first architecture blends Ripple's blockchain stack with traditional prime brokerage controls, enabling cross-asset trading, financing, settlement, and integrated collateral management across XRP, RLUSD, and beyond.
Go toTop