Strive Stock Surges with Bitcoin's Rally
Strive Inc. (NASDAQ:ASST) shares are rising in tandem with the price of Bitcoin, which has surpassed $86,309.22, a 2.81% increase over the past 24 hours.
As one of the world's largest corporate holders of Bitcoin, Strive's treasury is comprised of more than 23,000 Bitcoin, valued at approximately $1.8 billion.
Due to the substantial majority of Strive's market capitalization represented by its Bitcoin holdings, the stock functions as a leveraged proxy for Bitcoin's price, exhibiting a 78% correlation with the iShares Bitcoin Trust ETF over the past 90 days.
When Bitcoin rises, the mark-to-market value of Strive's treasury increases directly, often resulting in an outsized move in the stock relative to Bitcoin's own gain.
Recently, Strive disclosed the purchase of an additional 1,107 Bitcoin, bringing its total holdings to approximately 27,462 as of September 25.