Image Source: Pexels

Key Takeaways

• Strive (ASST) stock jumped 27% on Oct. 24, 2025, closing at $1.10 as investors reacted to multiple Bitcoin-related acquisitions and strategic moves.
• The company announced an all-stock merger with Semler Scientific valued at $1.34 billion, adding 5,816 BTC to bring combined holdings to nearly 11,000 Bitcoin.
• Strive acquired True North Inc., a Bitcoin media platform, and named founder Jeff Walton as Chief Risk Officer while expanding its board.
• The Dallas-based firm raised $750 million in May 2025 to fund Bitcoin purchases and appointed crypto veteran Ben Werkman as Chief Investment Officer in early October.
• An Oct. 10 SEC filing revealing plans to register 1.28 billion new shares sent the stock crashing 32% in after-hours trading before the recent rebound.

Strive Asset Management stock climbed 27% on Oct. 24, 2025, before it closed at $1.10. The rally came as investors processed a flurry of Bitcoin-focused deals.
 

(Click on image to enlarge)

Image Source: KnockoutStocks

The Dallas-based firm announced an all-stock merger with Semler Scientific valued at roughly $1.34 billion. The deal added 5,816 Bitcoin to Strive’s treasury. Combined holdings now total nearly 11,000 BTC. That’s worth about $675 million at recent prices.

CEO Matt Cole called the Semler tie-up transformational. He said it “cements Strive’s position as a top Bitcoin treasury company.” The merger valued Semler at $90.52 per share. That represents a 210% premium over its previous trading price.

Days before the Semler news, Strive agreed to buy True North Inc. True North is a Bitcoin media and education platform tied to MicroStrategy. The company named True North founder Jeff Walton as Chief Risk Officer. Walton said joining Strive was “the most exciting and rational path” to grow crypto education reach.

Strive also appointed Ben Werkman as Chief Investment Officer in early October. Werkman previously worked at Swan Bitcoin and founded Bitcoin advisory firm NumerisX.

Meanwhile, the stock has been on a wild ride. After trading in the $0.30 to $0.90 range for most of 2025, shares briefly topped $13 mid-year before crashing. Additionally, an Oct. 10 SEC filing sent the stock tumbling 32% in after-hours trading. The filing revealed plans to register 1.28 billion new shares for insider sales.

Behind the Bitcoin Treasury Strategy

Strive raised $750 million in May 2025 specifically to buy Bitcoin. The funding round priced shares at $1.35 each, a 121% premium over earlier levels. The company avoided debt entirely. All funding came through equity or warrants.

Cole described Strive as an “alpha-generating Bitcoin acquisition platform.” The goal is to beat Bitcoin’s returns, not just match them. Strive started as an anti-ESG ETF advisor co-founded by former presidential candidate Vivek Ramaswamy. It launched its first ETF in August 2022, and it now manages about $2 billion in client assets.

However, the mission has changed dramatically. Strive now calls itself “the first publicly traded asset management Bitcoin treasury company.” The firm’s official goal is to “increase Bitcoin per share” over time. That means buying more Bitcoin faster than dilution from new stock issuances.

Cole said most Bitcoin treasury companies just hold crypto. Strive wants to find deals that unlock hidden value. The company has been looking at distressed biotech takeovers and settling old claims. These moves are designed to buy Bitcoin-linked assets at discounts.

The Risks and Wild Swings

The stock has remained extremely volatile. Analysts have warned that Bitcoin treasury companies often move four to five times as much as Bitcoin itself. A 5% drop in Bitcoin could trigger a 20% fall in Strive shares. The equity-only funding model also means constant dilution risk.

Kaiko analyst Adam McCarthy cautioned that digital asset treasury stocks are “hyper-volatile.” He noted they function like leveraged plays on cryptocurrency prices.

Regulators have been paying attention, too. The SEC and FINRA have contacted over 200 companies about unusual trading around crypto treasury announcements. Some crypto commentators have criticized the model. Kadan Stadelmann called certain strategies “self-dealing, dressed up as capital deployment.”

However, believers seem to see potential. Blockchain investor Ryan Watkins suggested well-run digital asset treasurers could become “the Berkshire Hathaways of their blockchains.” Blockchain.com CEO Peter Smith praised the sector and predicted consolidation among the strongest players.

No major Wall Street firms have covered Strive stock yet. Most research platforms do not have a consensus price target at the moment. The stock has ranged from $0.34 to $13.42 over the past 12 months. That extreme volatility reflects both crypto price swings and dilution from new share issuances.

What Happens Next

Strive’s market cap briefly dipped below the value of its Bitcoin holdings earlier in October. That suggested investors were pricing in heavy dilution concerns. The Oct. 24 rally showed how quickly sentiment can shift. Trading volume was unusually high as investors scrambled to figure out where the stock could move.

Bitcoin itself has rallied about 20% in 2025. Easing inflation and pro-crypto regulation have helped bridge the gap between cryptocurrency and traditional finance.

Strive seems to be following MicroStrategy’s playbook of using equity to fund Bitcoin purchases. But it’s adding its own twist with media acquisitions and strategic deals. Werkman said in a press release he was “thrilled to join Strive at this pivotal moment in Bitcoin’s history.” He highlighted the mission to use Bitcoin in “the next frontier of corporate finance.”

Cole stressed that forward-looking statements carry risks and uncertainties. Execution risk remains high given the aggressive deal-making and lack of debt cushion. Strive’s next earnings date is estimated for Nov. 13, 2025. The company currently holds over 10,900 Bitcoin on its balance sheet after the recent acquisitions.

More By This Author: