Shares of Strive Asset Management (NASDAQ: ASST), co-founded by former U.S. presidential candidate Vivek Ramaswamy, surged 40% in overnight trading.
The gains extended a 27% jump from the previous session, where the stock closed at $1.10, marking a remarkable run for the Dallas-based firm, now up 124% year-to-date.
Why ASST stock is rallying
Notably, the rally followed a series of high-profile acquisitions and executive appointments that solidified Strive’s position as a leading “Bitcoin treasury company.” This momentum has been fueled by renewed bullish sentiment across the cryptocurrency markets after days of volatility, with Bitcoin reclaiming the $115,000 support zone.
In this line, the firm announced a $1.34 billion all-stock merger with Semler Scientific, adding 5,816 Bitcoin (BTC) to its balance sheet and bringing total holdings to nearly 11,000 BTC, worth about $675 million. CEO Matt Cole called the merger “transformational,” saying it cements Strive’s status among the top corporate holders of Bitcoin.
Just days earlier, Strive agreed to acquire True North, a Bitcoin media and education platform linked to Strategy (NASDAQ: MSTR). As part of the deal, True North founder Jeff Walton was appointed Chief Risk Officer, while crypto veteran Ben Werkman, formerly of Swan Bitcoin, joined as Chief Investment Officer.
These moves build on Strive’s $750 million capital raise in May to fund Bitcoin purchases—an ambitious bet that digital assets will outperform traditional investments.
ASST stock price volatility
Notably, ASST stock had previously suffered a steep decline after an October 10 SEC filing revealed plans to register 1.28 billion new shares, triggering a 32% sell-off. Analysts warn that the stock’s movements can be four to five times more volatile than Bitcoin, amplifying both gains and losses.
Once known for its “anti-ESG” investing stance under co-founder Ramaswamy, Strive has since reinvented itself as a crypto treasury vehicle focused on increasing “Bitcoin per share” over time.
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