Strive stock extended its rally this week, tracking the recent surge in Bitcoin as cryptocurrency markets rebounded. ASST, the ticker for Strive, reached $30.8, marking its highest valuation since early October and representing a 335% gain from this year’s lowest price.
Strive becomes major Bitcoin holder
Strive, a company linked with entrepreneur and investor Vivek Ramaswamy, has rapidly emerged as one of the largest institutional holders of Bitcoin globally. Latest data shows Strive holds 36,818 BTC, valued at over $3.1 billion at current prices.
This accumulation brings Strive to fourth place among Bitcoin-holding companies, standing just behind Strategy, Metaplanet, and Twenty One Capital.
Strive’s aggressive expansion in Bitcoin holdings was supported by an initial public offering of its SATS preferred asset, which raised enough capital to purchase an additional 7,328 coins. According to Strive, these funds have been earmarked explicitly for further Bitcoin acquisitions.
The company’s Bitcoin accumulation strategy remains active, given its pool of outstanding shares which supports ongoing crypto purchases.
Mini dictionary: Strive, a US-based financial services company, is known for its digital asset investment products and its growing presence in Bitcoin asset management. The firm was co-founded by Vivek Ramaswamy, a prominent businessman and former US presidential candidate.
Bitcoin reached $84,360, up 45% from its year-to-date low, while Strive’s holdings climbed to a value exceeding $3.1 billion, records show.
Bitcoin price outlook and ETF inflows
Bitcoin’s rally followed a positive outlook in a new JPMorgan Asset Management report that projected annualized returns of 10% in the long term for the largest cryptocurrency. The bank argued that Bitcoin is likely to outperform traditional assets such as gold, equities, and bonds, citing its recent strength.
Analysts at JPMorgan stated that the upward momentum may persist, reinforced by strong inflows into spot Bitcoin exchange-traded funds (ETFs). On Tuesday, these ETFs added $23 million, following $526 million of inflows on Monday. Inflows for July reached $172 million, while August and September saw $3.52 billion and $2.65 billion, respectively.
| Month | ETF Inflows |
|---|---|
| July | $172 million |
| August | $3.52 billion |
| September | $2.65 billion |
| Monday | $526 million |
| Tuesday | $23 million |
JPMorgan Asset Management noted that Bitcoin’s robust ETF inflows and broad investor interest are strengthening its market position relative to other major asset classes.
Technical and price analysis for Bitcoin and Strive
Recent technical analysis suggests Bitcoin may be on the verge of a bullish breakout. The cryptocurrency bottomed at $57,672 in July and rallied to a peak of $87,254 before retreating to $79,872. Technical signals indicate that Bitcoin has surpassed the upper boundary of a falling wedge pattern, historically seen as a bullish indicator. The coin’s move above the resistance level of $82,703, its highest price in May, has signaled a confirmed breakout, supported by its position above the Supertrend indicator.
Market observers see potential for Bitcoin to challenge its previous peak at $87,254. Breaking above this resistance may pave the way for another climb, potentially aiming for the psychological threshold of $100,000. Such gains would increase the value of Strive’s Bitcoin holdings to approximately $3.6 billion if current acquisition rates continue.
Strive’s own share price has mirrored this positive sentiment. The daily price chart shows ASST rebounded from a low of $7.10 in February to reach $31.87, before retracing to $22.51 in mid-October. Since then, the stock has sustained levels above the Supertrend indicator, while its Relative Strength Index scored 63, the highest since early October.
A close above the $31.87 resistance could trigger additional gains, with the next key level identified at $35.
