Strive, Inc. is having a moment. The NASDAQ-listed Bitcoin treasury company, trading under the ticker ASST, watched its share price climb to approximately $26.82 before touching $27 in recent sessions, pushing its market capitalization toward $3 billion amid a broader rally in Bitcoin-adjacent equities.
The company holds roughly 23,156 BTC, worth approximately $1.87 billion to $1.9 billion at current prices, making it the fifth-largest publicly traded corporate Bitcoin holder on the planet.
How Strive got here
Strive went public through a reverse merger with Asset Entities, completed on September 12, 2025. Co-founded by Vivek Ramaswamy, the company operates on a zero-debt model, financing its Bitcoin acquisitions through preferred equity instruments and equity issuances rather than traditional debt.
August 2026 was particularly busy on the buying front. Strive added 3,156 BTC during that single month, including one purchase of 1,800 BTC for approximately $143 million, at an average cost of $79,431 per coin.
The math behind the ambition
CEO Matt Cole laid out the company’s ambitions directly on September 3, 2026, saying that finishing 2026 as the second-largest public corporate Bitcoin holder is, in his words, “not out of the realm of possibility.”
The mechanism for getting there sits in the warrant structure. Strive has approximately $700 million in warrants available for exercise at a strike price of $27, meaning a sustained share price at or above that level unlocks a significant new pool of capital for further Bitcoin purchases.
Over the past 52 weeks, ASST traded in a range between $7.02 and $252. Year-to-date gains in 2026 have been strong, and analyst price targets have clustered in the $26 to $29 range, suggesting the current price sits roughly in line with consensus expectations.
The stock is currently trading at a premium to the net asset value of its Bitcoin holdings, with its market-to-NAV ratio sitting around 1.28 times.
What this means for the corporate Bitcoin playbook
The zero-debt structure is worth watching specifically. Many corporate Bitcoin holders have leaned on convertible notes and senior secured debt to fund purchases, which introduces refinancing risk if Bitcoin prices fall sharply. Strive’s preferred equity approach sidesteps that particular trap, though it introduces its own form of dilution through equity issuances.
For the broader market, Strive’s aggressive buying adds institutional demand pressure to Bitcoin at a time when spot Bitcoin ETFs have already absorbed significant retail and institutional flows. A company announcing 3,156 BTC in purchases over a single month is not a footnote in the order book.