Strive (ASST) Due Diligence Analysis Report

2025-11-19 07:35:39 EST

---

A due diligence report on Strive (NASDAQ: ASST) highlights its position as a Bitcoin (BTC) treasury company with ~7,525 BTC holdings, a recent $160M preferred equity raise, and institutional stakes from Jane Street and Anson Funds (~10% each). Key catalysts include a potential BTC price rebound and M&A execution [User Input].

Verification from external sources:

• Strive holds 7,525 BTC as of November 10, 2025 [1].
• The company raised $160M via an oversubscribed IPO of Variable Rate Series A Perpetual Preferred Stock (SATA) [2].
• Institutional investors Jane Street Group and Anson Funds Management LP added 31.09M and 35.25M shares respectively in Q3 2025 [3].

---

• ASST Price:
  +7.69% to $1.12 on November 19, outperforming peer MicroStrategy (MSTR: +5.82%) and BTC (-1.69% to $91,394) [0,6].
• Volume:
  88.82M shares traded, exceeding the 75.25M 30-day average, indicating increased investor interest [0].

• Positive sentiment from institutional investments and M&A plans may support future price movements, but performance is highly correlated to BTC price volatility [1,4].

---

Metric	Value	Source
BTC Holdings	~7,525 BTC	[1]
Recent Raise	$160M (SATA Preferred IPO)	[2]
ASST Price	$1.12 (+7.69% day)	[0]
Market Cap	$693.5M	[0]
Institutional Stakes	Jane Street (31.09M shares), Anson Funds (35.25M shares)	[3]
Acquisition Premium	210% (Semler Scientific deal)	[4]
Beta	17.36 (high volatility)	[5]
EPS (TTM)	-$0.04	[0]

---

• Direct:
  ASST common stock, SATA preferred stock [2].
• Related:
  BTC (core treasury asset), MSTR (peer BTC treasury company) [0,6].
• Sectors:
  Crypto-asset management, financial services [1].
• Upstream:
  Bitcoin miners (potential BTC purchases from raise proceeds) [2].

---

• Confirmation of Jane Street/Anson’s exact stake percentage (user input claims ~10% each; current data suggests ~5-6% based on market cap) [3].
• Closing date of the Semler Scientific acquisition (announced September 22, 2025, but not yet closed) [4].
• Detailed breakdown of how the $160M raise will be allocated to BTC purchases [2].

• Bullish:
  Institutional confidence, M&A growth opportunities, and direct BTC exposure [1,3].
• Bearish:
  High volatility (beta=17.36), negative earnings, and a 210% acquisition premium for Semler Scientific [4,5].

• BTC price movements (core treasury asset value) [6].
• Semler Scientific acquisition completion [4].
• SATA preferred stock dividend impact (12% annual variable dividend) [2].
• Further institutional investments [3].

---

• High Volatility:
  ASST’s beta of 17.36 indicates significant price swings relative to the market [5]. Users should be aware that this volatility may lead to unexpected losses.
• Negative Earnings:
  The company’s TTM EPS of -$0.04 raises concerns about short-term profitability [0].
• Acquisition Premium:
  The 210% premium paid for Semler Scientific may erode future returns if synergies are not realized [4].
• BTC Dependence:
  ASST’s value is tightly linked to BTC price; a sustained drop in BTC could negatively impact the company’s treasury and stock price [1,6].

---

[0] Ginlix Analytical Database (get_stock_realtime_quote for ASST/MSTR)
[1] BitcoinTreasuries.net. “Strive - Bitcoin Treasury Holdings & Analysis.” URL: https://bitcointreasuries.net/public-companies/strive
[2] CryptoBriefing. “Strive raises $160M in oversubscribed SATA IPO as Vivek Ramaswamy buys in.” URL: https://cryptobriefing.com/strive-preferred-shares-ramaswamy-acquisition/
[3] QuiverQuant. “Strive Asset Management Stock (ASST) Opinions on Bitcoin Treasury Strategy.” URL: https://www.quiverquant.com/news/Strive+Asset+Management+Stock+(ASST)+Opinions+on+Bitcoin+Treasury+Strategy
[4] ArchitectPartners. “Strive acquires Semler Scientific for $1.42B in all-stock transaction.” URL: https://architectpartners.com/strive-acquires-semler-scientific-for-1-42b-in-all-stock-transaction/
[5] StockAnalysis.com. “Strive Asset Management, LLC (ASST) Stock Price & Overview.” URL: https://stockanalysis.com/stocks/asst/
[6] Investing.com. “Bitcoin Historical Data.” URL: https://www.investing.com/crypto/bitcoin/historical-data

---

Disclaimer:

This analysis is for informational purposes only and does not constitute investment advice. Always conduct independent research before making financial decisions.

Risk Warning:

ASST is a high-risk investment due to its volatility, negative earnings, and dependence on BTC price movements.

Compliance Note:

All data is sourced from verified tools and external references as of November 19, 2025.