Strive Asset Management, LLC is best known to public-market investors through its parent company, Strive, Inc., whose securities trade on Nasdaq as ASST (Class A common stock) and SATA (Variable Rate Series A Perpetual Preferred Stock). As of Dec. 22, 2025, Strive is back on the radar for a very 2025 reason: it sits at the intersection of traditional asset management and the bitcoin-treasury trade—a strategy that’s now facing new scrutiny from index providers and investors alike. [1]
Below is a full, news-driven roundup of what’s moving Strive stock today, what management has said recently, what Wall Street coverage exists (it’s thin), and what forecasts—both analyst-led and model-based—are circulating as of 22.12.2025.
Strive (ASST): Where “asset manager” meets “bitcoin treasury company”
Strive describes itself as “the first publicly traded asset management Bitcoin treasury company,” and says it is focused on increasing “Bitcoin per share” over time. In its recent company statements, Strive reported holding approximately 7,525 bitcoins (as of early November 2025). [2]
Operationally, Strive also points to its asset-management business: Strive Asset Management, LLC (an SEC-registered investment adviser and wholly owned subsidiary) has grown to over $2 billion in assets under management since launching its first ETF in August 2022, according to Strive’s December releases. [3]
And structurally, Strive has been building a capital stack designed to fund bitcoin accumulation—most notably via SATA, the company’s perpetual preferred stock. [4]
ASST stock price today (Dec. 22, 2025): small-cap volatility still rules
After closing Dec. 19 at about $0.8985, ASST traded around $0.9460 in pre-market activity on Dec. 22 (time-stamped by the quote source). The key takeaway isn’t the pennies—it’s the volatility profile: ASST has been trading like a crypto-linked microcap, not like a sleepy asset manager. [5]
That volatility is also shaping how investors interpret every new financing headline—especially anything that implies future issuance.
Today’s biggest macro headline: MSCI index risk is spreading across bitcoin-treasury firms
One of the most important pieces of “today” news (dated Dec. 22, 2025) isn’t a Strive press release—it’s the index-provider risk that could change the cost of capital for the entire bitcoin-treasury sector.
Reuters reports that MSCI is considering excluding companies whose digital-asset holdings exceed 50% of total assets from its global stock indexes, arguing these firms can resemble investment funds. MSCI is running a consultation and is expected to decide by Jan. 15, 2026. [6]
Why this matters for Strive:
- Even if a company isn’t immediately removed, the market prices the risk of reduced passive/index demand.
- A major portion of the bitcoin-treasury playbook involves raising capital (equity, preferred, convertibles) to buy more bitcoin—so anything that raises the cost of capital can hit the strategy at its foundation.
In the same Reuters piece, Strive CEO Matt Cole said the proposals have “mostly been priced in,” but also warned that over the longer term it could raise the cost of capital for bitcoin treasury companies broadly. [7]
Strive’s own response: a formal letter urging MSCI to reconsider
Strive didn’t just comment from the sidelines—it sent a detailed letter to MSCI dated Dec. 4, 2025.
In that letter, Strive argues MSCI should remain neutral and avoid redefining the equity universe by excluding firms above a digital-asset threshold. Strive also proposes alternatives such as client-selectable index variants (for example, “ex-digital asset treasury” versions), allowing investors to opt out without changing the baseline benchmark. [8]
Strive’s letter also frames SATA as part of the company’s approach: it describes SATA as a publicly traded security intended to provide investor cashflow while Strive seeks to capture value from the spread between financing cost and bitcoin returns. [9]
This matters for ASST investors because it shows Strive is not merely “exposed” to the index debate—it’s actively trying to shape the outcome.
Company-specific headline #1: Strive raised the SATA dividend to 12.25%
On Dec. 15, 2025, Strive announced it increased the annual dividend rate on its SATA perpetual preferred stock to 12.25%, up from 12.00%. The dividend is based on the $100 stated amount and is paid in monthly installments (if declared). [10]
Strive also declared the next monthly dividend at $1.0208 per share, payable Jan. 15, 2026 to holders of record as of Jan. 1, 2026, and said it expects the dividend to qualify as a Return of Capital. [11]
Why the SATA dividend change matters for ASST common shareholders
In plain English: Strive is trying to keep SATA attractive enough to fund the broader strategy—while also managing the optics and economics of that capital cost. Raising the dividend can be read two ways:
- Bullish read: Strive is confident it can structure financing and deployment in a way that supports higher payouts.
- Bearish read: Strive may need to pay up to keep preferred demand strong—especially if sector sentiment is weakening.
Either way, the SATA yield and issuance strategy has become a central variable in how the market values ASST.
Company-specific headline #2: Strive launched a $500 million SATA “at-the-market” program
On Dec. 9, 2025, Strive announced a $500,000,000 SATA at-the-market (ATM) program, meaning it may sell shares of the SATA preferred stock from time to time under an existing shelf registration framework. [12]
Strive said proceeds may be used for general corporate purposes including:
- acquiring bitcoin and bitcoin-related products
- working capital
- purchase of income-generating assets
- capital expenditures
- repurchases of ASST common stock
- repayment of debt
- and acquisitions that complement the business [13]
This announcement is a big deal because ATMs create ongoing supply optionality. For common shareholders, it’s not direct dilution (it’s preferred), but it can still influence the valuation of the overall capital structure and the risk profile.
Earlier (but still relevant) capital-markets context: SATA’s IPO and bitcoin purchases
In November, Strive announced the closing of its SATA IPO: 2,000,000 shares priced at $80 and expected to trade under ticker SATA. In that same release, Strive said it had acquired 1,567 bitcoin at an average price of $103,315, and held 7,525 bitcoin as of Nov. 10, 2025. [14]
A separate SEC filing summary reported net proceeds of about $149.3 million from that offering (after discounts and expenses), with proceeds used to purchase bitcoin and for general corporate purposes. [15]
Also notable: Strive has publicly discussed an intention to manage SATA’s dividend and issuance with the goal of keeping SATA trading within a stated long-term range (Strive cited $95–$105 in a legal-adviser summary of the structure). [16]
Financial results and company outlook: big GAAP loss, smaller “adjusted” loss, and a 2026 operating forecast
Strive’s third-quarter 2025 release (covering a period after its corporate transition) included:
- GAAP net loss of $192.3 million (about $0.22 per diluted share), with the company attributing the majority to non-recurring and/or non-cash items
- Non-GAAP adjusted net loss of $13.0 million (about $0.01 per diluted share) [17]
Strive also provided a specific directional forecast for its asset management operating business in 2026: management forecast it to range from a single-digit million-dollar loss to single-digit million-dollar income (roughly -$0.01 to +$0.01 net per diluted share, as framed in the release). [18]
Finally, Strive disclosed it launched a bitcoin treasury dashboard intended to provide ongoing disclosure around holdings and related metrics. [19]
Insider buying: CEO purchase highlighted in mid-December coverage
One December catalyst that often matters for microcaps is insider activity. MarketBeat reported that CEO Matthew Ryan Cole purchased 248,999 shares on Dec. 15 at an average price of $0.80, and described this as a significant increase in his stake (based on an SEC filing). [20]
Insider buys don’t “prove” anything (executives can be wrong too—tragically, publicly, and in HD), but they can shift sentiment when a stock is already thinly held and headline-driven.
The Semler Scientific deal: still a live overhang for valuation
Strive’s planned acquisition of Semler Scientific remains a key part of the longer narrative.
Reuters previously reported (Sept. 22, 2025) that Strive—co-founded by Vivek Ramaswamy—agreed to acquire Semler Scientific in an all-stock deal valued around $1.34 billion, with Semler shareholders receiving about 21.04 Strive shares per Semler share (valuing Semler at $90.52 per share, a ~210% premium at the time). Reuters also reported Strive planned to purchase 5,816 bitcoin for $675 million, bringing holdings to over 10,900 coins. [21]
By early December, however, some market commentary noted that the implied value of Strive’s offer had fallen sharply as ASST’s share price dropped. [22]
For ASST, this creates a persistent question: does the deal still close on expected terms, get renegotiated, or become a drag on investor confidence until resolved?
Forecasts for ASST stock: analyst target, thin coverage, and a lot of modeling noise
Wall Street analyst coverage (limited)
ASST doesn’t have deep sell-side coverage. Still, multiple tracking services report a $1.50 price target tied to a Buy initiation from Maxim Group (Matthew Galinko) in mid-December. [23]
MarketBeat’s aggregation shows an average target of $1.50, but the key detail is the low number of contributing analysts, which makes “consensus” less meaningful than it sounds. [24]
Company-provided operational outlook
Unlike many microcaps, Strive has explicitly given a directional 2026 outlook for its asset-management operating business (loss to income range), though that is separate from predicting ASST’s share price. [25]
Model-based and technical forecasts (treat as “weather forecasts,” not “prophecies”)
A variety of quant and retail forecasting sites publish short-term predictions. For example, CoinCodex’s model output (time-stamped Dec. 22) projected a modest near-term move and flagged bearish sentiment in its indicators. [26]
These forecasts can be useful as a sentiment mirror, but they’re not a substitute for understanding Strive’s capital structure, bitcoin exposure, and event risk.
What investors are watching next (as of 22.12.2025)
1) MSCI’s decision deadline (Jan. 15, 2026).
If MSCI proceeds with broader exclusions, the market may reassess the sector’s passive-flow support and cost of capital. [27]
2) The pace and pricing of SATA issuance under the new $500M ATM.
Because it’s an ATM, the “how much” and “when” can matter more than the headline number. [28]
3) SATA dividend policy and trading level versus par ($100).
Strive is actively adjusting the dividend rate, and that’s unusual enough to stay in focus. [29]
4) Bitcoin price volatility and Strive’s disclosed holdings.
Strive’s own materials repeatedly center bitcoin-per-share; when bitcoin falls, the strategy can look like genius delayed or gravity—depending on your mood and time horizon. [30]
5) Semler transaction progress and integration narrative.
Strive has positioned the Semler deal as strategic; investors will look for tangible updates that reduce uncertainty. [31]
Bottom line: ASST is trading on capital structure, index policy risk, and bitcoin—more than “asset management”
On Dec. 22, 2025, Strive is not just another ticker with an earnings date and a chart. It’s a live experiment in building a publicly traded, bitcoin-centered balance sheet while running an asset-management platform—and funding that strategy with an actively managed preferred layer (SATA). [32]
The near-term story is dominated by:
- MSCI/index eligibility risk spreading across the bitcoin-treasury category [33]
- Strive’s own financing choices (SATA dividend hike + $500M ATM) [34]
- Thin analyst coverage (meaning price targets can move sentiment disproportionately) [35]
For investors, the practical lens is simple: ASST is a high-volatility, event-driven equity where the next major move could come from policy, financing, or bitcoin—sometimes all in the same week, because reality is a maximalist.
References
1. investors.strive.com, 2. investors.strive.com, 3. investors.strive.com, 4. www.nasdaq.com, 5. stockanalysis.com, 6. www.reuters.com, 7. www.reuters.com, 8. strive.com, 9. strive.com, 10. investors.strive.com, 11. investors.strive.com, 12. investors.strive.com, 13. investors.strive.com, 14. www.nasdaq.com, 15. capedge.com, 16. www.davispolk.com, 17. investors.strive.com, 18. investors.strive.com, 19. investors.strive.com, 20. www.marketbeat.com, 21. www.reuters.com, 22. finance.yahoo.com, 23. www.moomoo.com, 24. www.marketbeat.com, 25. investors.strive.com, 26. coincodex.com, 27. www.reuters.com, 28. investors.strive.com, 29. investors.strive.com, 30. investors.strive.com, 31. www.reuters.com, 32. investors.strive.com, 33. www.reuters.com, 34. investors.strive.com, 35. www.marketbeat.com
