Strive (ASST) Surges 40% on Intraday: Can This Bitcoin-Linked Play Sustain Momentum?

Summary
• Strive (ASST) rockets 39.9% to $1.539, erasing prior 32% post-SEC filing selloff
• $1.34B Semler Scientific merger adds 5,816 BTC to treasury, now holding ~11,000 Bitcoin
• Options frenzy: 175,945 contracts traded on 1.5-strike call ahead of October 31 expiry
• Turnover surges 295% as investors debate whether this is a short-term rebound or a new bull phase. The stock’s 52-week range of $0.335–$13.42 underscores its extreme volatility, but today’s move suggests renewed appetite for Bitcoin treasury plays.

Merger-Driven Bitcoin Accumulation Ignites Short-Term Frenzy
Strive’s 40% intraday surge stems from its $1.34B all-stock merger with Semler Scientific, which added 5,816 BTC to its treasury. This brings total holdings to ~11,000 Bitcoin, valued at ~$675 million at current prices. The deal, priced at a 210% premium to Semler’s prior trading price, positions Strive as a 'Bitcoin acquisition platform' with a mission to outperform Bitcoin itself. The move follows a $750M equity raise in May 2025 and a $1.28B new share filing in October that initially triggered a 32% selloff. Today’s buyers appear to be betting that the merger’s 'transformational' narrative will outweigh dilution risks.

Options Volatility and Gamma Playbook: How to Navigate ASST’s Wild Ride
• 200-day average: $3.08 (far above current price)
• RSI: 16.4 (oversold territory)
• MACD: -0.8238 (bearish) vs. signal line -0.8839
• Bollinger Bands: Price at $1.539, far below upper band of $3.06
• Turnover rate: 295% (extreme liquidity)
• Key support/resistance: 30D support at $0.78–$0.89, 200D support at $0.44–$0.69
• Sector leader MSTR up 3.16% on day, suggesting crypto treasury stocks remain in focus
• Top options:
• ASST20251031C1.5 (Call): Strike $1.5, expiry 10/31, IV 388%, leverage 5.17%, delta 0.618, theta -0.0321, gamma 0.5417, turnover $5.09M. This contract offers high gamma sensitivity and liquidity for a 5% upside scenario (target $1.616) with potential payoff of $0.116 per share.
• ASST20251107C1.5 (Call): Strike $1.5, expiry 11/7, IV 249.99%, leverage 5.17%, delta 0.6186, theta -0.0134, gamma 0.5425, turnover $2.61M. Slightly lower theta decay but same gamma profile, ideal for holding through next week’s volatility.
• Aggressive bulls should consider ASST20251031C1.5 for a short-term play, while ASST20251107C1.5 offers a safer runway. Both contracts benefit from the stock’s current oversold RSI and proximity to key support levels. If $1.5 breaks, the 1.5-strike calls could see exponential gamma-driven gains as the stock retests its 52-week high of $13.42.

Backtest Strive Stock Performance

Bitcoin Treasury Play or Speculative Bubble? Here’s What to Watch Now
Strive’s 40% intraday surge hinges on its ability to execute its Bitcoin acquisition strategy without triggering further dilution. The stock’s 52-week range and -9.5x price-to-book ratio highlight structural risks, but the sector leader MSTR’s 3.16% gain suggests crypto treasury stocks remain in vogue. Key levels to monitor: $1.5 (current price), $1.65 (intraday high), and $1.35 (intraday low). If the stock closes above $1.65 tomorrow, it could signal a short-term reversal from its 32% post-SEC filing drop. Investors should also watch the November 13 earnings date and the company’s 10,900 Bitcoin holdings. For now, the 1.5-strike call options offer the most liquid and leveraged path to capitalize on this volatile play.