Strive Asset Management Enters The Upside Down As Bitcoin Treasury Strategy Stumbles

2025-12-08 17:41:49 ET

Strive Asset Management, LLC ( ASST ) offers a jumbled and, in my opinion, currently hard to invest in Bitcoin (BTC-USD) as a treasury business strategy that aimed to ride the bandwagon established by Strategy ( MSTR ) but faces headwinds from elevated financing costs and a constrained premium to its BTC holdings. The company owned 7,525 BTC as of its most recent purchase of the cryptocurrency, with this bought at an average price of $113,383 per BTC for an aggregate nominal amount of $853.21 million. With BTC currently valued at $92,438, around $695 million in aggregate, ASST sits on a significant paper loss of around $158 million. While bulls would be right to highlight a market cap of $859 million puts ASST's mNAV at a decent 1.24x, this is far below MSTR's premium that was well north of 2x before the recent BTC dip. BTC as a treasury is anchored on constant access to the capital market to raise funds recycled into buying BTC. ASST needs to be able to continually sell its common equity to achieve this, but would see its BTC per share come in at a materially lower clip in the event its mNAV continues to narrow....

Read the full article on Seeking Alpha

For further details see: