El valor de la empresa Strive (ASST) se redujo en un 5,3% debido a la falta de desarrollo y a la volatilidad de la estrategia del tesoro de Bitcoin

In late 2025, Strive Asset Management (ASST) experienced a 5.3% decline in its stock price, exacerbating concerns about its long-term viability as a Bitcoin treasury-driven company. This drop follows a year of significant volatility, with the stock plummeting 92.4% from its 52-week high and trading at a market net asset value (mNAV) of 1.24x. The company's aggressive Bitcoin accumulation strategy, while innovative, has exposed it to systemic risks inherent in a sector increasingly scrutinized for its speculative nature and financial fragility.

Strive's Bitcoin Treasury Strategy: Innovation or Speculation?

Strive's business model centers on maximizing Bitcoin exposure per share through a multi-engine approach, including tax-deferred Bitcoin-for-equity exchanges under Section 351 of the U.S. tax code, leveraged capital raises, and institutional-grade risk controls according to recent analysis. The company's recent acquisition of 1,567 additional Bitcoin units, bringing its total holdings to 7,525 BTC, underscores its commitment to this strategy. However, the model's reliance on Bitcoin's price performance and capital-raising efficiency has proven precarious.

For instance, Strive's proposed merger with Semler Scientific (SMLR) aims to create a corporate Bitcoin treasury powerhouse, combining approximately 13,000 BTC holdings. Yet, the merger's implied value has collapsed by 76% between September and December 2025 due to Strive's declining stock price and Semler's loss of key customers. This highlights the fragility of leveraged, asset-centric strategies in a market where Bitcoin's volatility-falling from $126,000 in October to below $86,000 by late November-directly impacts balance sheet valuations and investor confidence.

Financial Risks and Industry-Wide Challenges

Strive's financial health reflects broader risks in the Bitcoin treasury sector. The company reported a negative net income of over $206 million and an EBIT margin of -10139.4% in its latest financial reports, while its negative price-to-book ratio of -12x signals severe shareholder skepticism. These metrics mirror industry trends: Bitcoin treasury companies, including MicroStrategy (MSTR) and BitMine Immersion Technologies (BMNR), have faced liquidity pressures as Bitcoin's price corrections eroded unrealized gains and compressed equity premiums to net asset values (NAVs).

The sector's reliance on debt and equity financing to fund Bitcoin purchases has created a self-reinforcing cycle of risk. For example, MicroStrategy's $2 billion in zero-coupon convertible bonds and stock sales have enabled it to amass 660,624 BTC but also exposed it to dilution and refinancing challenges. Similarly, Strive's $750 million private placement and perpetual preferred equity offerings depend on Bitcoin's price stability-a condition rarely met in a market prone to rapid swings.

Regulatory and Market Dynamics: A Double-Edged Sword

While regulatory clarity, such as the approval of U.S. spot Bitcoin ETFs in 2024, has spurred institutional adoption, it has also intensified scrutiny of corporate Bitcoin strategies. The SEC's focus on transparency and risk disclosure has forced companies like Strive to navigate a complex compliance landscape. Meanwhile, macroeconomic factors-such as fears of AI overvaluation and inflation volatility-have further destabilized investor sentiment.

The sector's systemic risks are compounded by its concentration in Bitcoin. As of December 2025, Bitcoin treasury companies collectively hold 725,000 BTC (3.64% of the total supply), yet their influence on Bitcoin's price remains limited unless a major player faces distress. Galaxy Research notes that equity premiums for these firms have collapsed, with Nakamoto's stock plummeting 98% compared to Bitcoin's 30% decline according to market analysis. This beta-driven volatility underscores the speculative nature of investing in underdeveloped firms with minimal operational revenue streams.

Conclusion: A Cautionary Tale for the Sector

Strive's struggles highlight the inherent risks of Bitcoin treasury-driven models. While the company's innovative strategies, such as its digital credit platform, aim to unlock long-term value, its financial instability and reliance on Bitcoin's price appreciation make it a speculative bet rather than a sustainable investment. The broader sector faces similar challenges, with leveraged capital structures and regulatory uncertainties creating a high-risk environment.

For investors, the key takeaway is clear: Bitcoin treasury companies offer exposure to a transformative asset class but require careful evaluation of their financial engineering, governance frameworks, and ability to adapt to market cycles. As the sector matures, only those with diversified revenue streams, robust risk management, and regulatory alignment are likely to survive. Strive's 5.3% drop in late 2025 may not be an isolated event but a harbinger of deeper structural challenges in a market still grappling with its own volatility.