Strive Asset Management (ASST) surges 19.13% on Bitcoin strategy and 500M equity offering

Strive Asset Management (ASST) surged 19.13% in pre-market trading on January 6, 2026, signaling a sharp reversal in investor sentiment. The stock, which closed at $0.86 the previous session, saw renewed interest amid strategic moves to bolster its Bitcoin holdings. This follows a prolonged period of underperformance, with the shares down 58.83% over 90 days, raising questions about whether the rally reflects short-term momentum or a shift in market perception.

Recent developments highlight Strive’s aggressive expansion in the cryptocurrency space. The firm announced a $500 million at-the-market equity offering to fund further Bitcoin purchases, aligning with its focus on digital assets. This follows a $160 million preferred stock raise in late 2025, underscoring its commitment to scaling its Bitcoin treasury.

Analysts note that while the firm remains unprofitable—with a net loss of $223.39 million against $5.51 million in revenue—its low price-to-book ratio of 0.9x has drawn attention as a potential value play.

However, the sharp pre-market jump contrasts with broader skepticism. Strive’s business model, reliant on managing exchange-traded funds and Bitcoin investments, faces scrutiny amid volatile market conditions. The company has also challenged MSCI’s Bitcoin “blacklist” policy, arguing it undermines market access. While the recent gains suggest optimism about its growth trajectory, analysts caution that earnings shortfalls and regulatory uncertainties could temper long-term confidence.

The firm’s stock volatility and strategic decisions have attracted a mix of retail and institutional investors, some viewing the low valuation as an entry point despite operational red flags. As Strive continues to raise capital for Bitcoin purchases, the market will be watching for signs that its aggressive growth strategy can translate into sustainable profitability or whether the current rally is a temporary blip in an otherwise fragile stock narrative.