Strive Inc. (NASDAQ:ASST) shares surged Monday, extending a multi-day rally sparked by investor Mike Alfred's disclosure of a stake exceeding 1 million shares and his endorsement of the company as a top Bitcoin (CRYPTO: BTC/USD) treasury play.
The Alfred disclosure reignited retail interest, social media chatter, and heavy volume, and traders pushed the stock sharply higher in early trading as optimism around Strive's Bitcoin accumulation strategy increased.
Strive recently announced its pivot to becoming a Bitcoin-focused asset manager, which comes after its merger with Asset Entities Inc. last month, with the company continuing to trade on the NASDAQ with the same ticker symbol ASST.
Also Read: Strive Taps Crypto Veterans To Guide $1.5 Billion Bitcoin Treasury Expansion
A few weeks later, it announced plans to acquire Semler Scientific Inc. (NASDAQ:SMLR) in an all-stock deal, bringing over 5,000 Bitcoins to its treasury.
This comes in addition to the company's own efforts to raise $1.5 billion via private placement financing and exercising available warrants to finance its Bitcoin purchases.
Through a combination of mergers, acquisitions and direct purchases, Strive now holds an estimated 10,900 Bitcoins, worth $1.26 billion in its corporate treasury, making it one of the largest Bitcoin Treasuries.
That narrative, a public company funded to accumulate Bitcoin, appears to be the dominant catalyst driving retail flows.
The stock last traded at approximately $1.48 in the premarket (up ~34.6%), with a 52-week range of $0.34–$13.42 and a market capitalization of nearly $1.08 billion.
ASST is trading well above its key moving averages, roughly 59% above the 50-day SMA and about 52% above the 200-day SMA, while average daily volume sits near 17.6 million shares and the 14-day RSI reads 41.3.
Price Action: ASST shares were trading higher by 29.09% to $1.420 at last check Monday.
Read Next:
Image via Shutterstock
