Shares of Strive Inc. shifted sharply higher Monday, jumping 9.3% to $19.92 after the Vivek Ramaswamy-founded asset manager disclosed it purchased 1,110 Bitcoin for roughly $81.5 million between August 17 and 21. The coins were acquired at an average cost of $73,409 per Bitcoin , a price that now looks savvy with Bitcoin trading near $79,000 on Monday morning . The announcement caps a five-day rally that has lifted ASST from $12.80 to nearly $20 — a 56% sprint — as crypto sentiment recovers alongside broader risk appetite.

  • The Biggest Purchase in Months Signals an Aggressive Pivot Back. With the latest buy, Strive's total holdings hit 21,356 BTC, valued at roughly $1.69 billion . Holdings sat at about 13,311 BTC in March 2026 and 16,500 BTC by May — meaning the company has added roughly 60% more Bitcoin in five months. The purchase was funded through proceeds from selling SATA preferred stock and ASST common shares in at-the-market offerings , a mechanism that converts shareholder equity into cryptocurrency.

  • More Bitcoin Per Share, But More Shares Per Shareholder. The deal added 3,646,300 effective shares, continuing a pattern of steady dilution — meaning the company is issuing new stock to buy coins. Fully diluted shares grew from roughly 86.8 million to 88.7 million in the first week of August alone , and this latest round pushes the count higher still. As long as Bitcoin rises, the math works; if it doesn't, shareholders absorb both dilution and crypto losses.

  • The Stock Still Trades at a Deep Discount to Its Bitcoin. Recent data showed Strive trading at an enterprise-value-to-Bitcoin ratio of just 0.75x, meaning Bitcoin holdings represent roughly 180% of the company's market cap . At $19.92 a share the market is essentially saying it doesn't fully trust this model — a price-to-sales ratio of 14.2x against persistent losses underscores that traditional earnings aren't part of the equation.

  • A Board Member Is Buying — and the CEO Calls Bitcoin "Historically Cheap." CEO Matt Cole said Bitcoin "is historically cheap in this price range," while board director Pierre Rochard bought 15,900 shares last week . Insider conviction matters, but Strive's average all-in cost across all purchases sits near $94,761 per Bitcoin — well above today's market price, meaning the overall treasury is still underwater.

The core question for investors is simple: is ASST a stock or a Bitcoin wrapper? The discount to its own holdings suggests the market hasn't fully decided.