Strive (ASST) Surges 11.78% on Merger Approval and Bitcoin Treasury Ambitions: What’s Fueling the Volatility?

Summary
• Strive (ASST) surges 11.78% intraday to $4.27, rebounding from a 3.83 low after shareholders approve its merger with Strive Enterprises.
• The company announces a $750M PIPE financing and plans to become a Bitcoin Treasury Company, positioning itself as a long-term outperformer of Bitcoin itself.
• Technical indicators show oversold RSI (38.62) and a bearish MACD histogram (-0.329), while options volatility spikes to 195.79% on the ASST20250926C4.5 contract.

Strive’s stock is in a whirlwind of strategic transformation and speculative fervor. The merger with Strive Enterprises, now fully approved, has unlocked a $1.5B capital raise and a pivot to Bitcoin treasury management. With a 136.26% turnover rate and a 52-week high of $13.42 still in reach, the stock’s short-term volatility is amplified by high implied volatility in options and a technical setup suggesting a potential rebound from oversold levels.

Merger Approval and Bitcoin Treasury Strategy Ignite Short-Term Optimism
Strive’s 11.78% intraday surge is directly tied to the shareholder approval of its merger with Strive Enterprises, which was finalized on September 12, 2025. The combined entity, now named Strive, Inc., has secured $750 million in equity financing, with an additional $750 million in potential warrant proceeds. This capital will fund an aggressive Bitcoin accumulation strategy, positioning the company to outperform Bitcoin itself through leveraged beta and alpha-generating strategies. The merger’s completion, coupled with the company’s zero-debt profile and $750 million private placement, has reignited investor confidence in its long-term Bitcoin per share growth thesis. The stock’s sharp rebound from a 3.83 intraday low to 4.41 high reflects immediate optimism about the company’s rebrand and capitalization.

Options Volatility and Technicals Signal High-Risk, High-Reward Setup
• RSI: 38.62 (oversold)
• MACD Histogram: -0.329 (bearish divergence)
• Bollinger Bands: 2.819–8.782 (wide range, suggesting consolidation)
• 200D MA: 2.889 (far below current price, indicating potential rebound)
• Support/Resistance: 4.077–4.189 (30D support), 0.364–0.617 (200D support)

ASST’s technicals suggest a short-term rebound from oversold levels, with key resistance at 4.50 and support at 4.00. The stock’s 136.26% turnover rate and -313.7 P/E ratio highlight speculative momentum. Two options stand out for aggressive traders:

• ASST20250926C4.5 (Call, 4.5 strike, 9/26 expiry):
- IV: 195.79% (extreme volatility)
- Leverage Ratio: 10.67% (high)
- Delta: 0.487 (moderate sensitivity)
- Theta: -0.0395 (rapid time decay)
- Gamma: 0.322 (high sensitivity to price swings)
- Turnover: $71,873 (liquid)
- Payoff (5% upside): $0.385 per share (max(0, 4.4835 - 4.5)).
This contract offers explosive potential if ASST breaks above 4.50, leveraging high gamma and IV to amplify gains. However, its rapid theta decay requires a swift move.

• ASST20251003C4 (Call, 4 strike, 10/3 expiry):
- IV: 274.41% (extreme)
- Leverage Ratio: 4.07% (moderate)
- Delta: 0.655 (high sensitivity)
- Theta: -0.0339 (moderate decay)
- Gamma: 0.155 (modest sensitivity)
- Turnover: $4,339 (liquid)
- Payoff (5% upside): $0.2435 per share (max(0, 4.4835 - 4)).
This option balances leverage and time decay, ideal for a mid-term rebound scenario. Its high delta ensures participation in a sustained move above 4.00.

Action Insight: Aggressive bulls should target ASST20250926C4.5 for a short-term breakout above 4.50, while ASST20251003C4 offers a safer play on a 4.00–4.50 consolidation. Both require tight stop-losses due to high volatility.

Backtest Strive Stock Performance
Below is a concise interpretation of the event‐study you requested, followed by an interactive module so you can explore every metric in detail.Key take-aways 1. Sample size: 61 occurrences of a ≥ 12 % intraday gain in ASST.O from 2022-01-01 to 2025-09-18. 2. Typical pattern: a modest next-day pop (+4 % average, 54 % win-rate) that quickly fades; the average return turns negative after day-2 and bottoms around −20 % by day-21. 3. Mean-reversion dominates: none of the day-by-day excess returns vs. the benchmark reach statistical significance at the 95 % level, but the persistent drawdown suggests buying the spike is, on balance, unfavourable. 4. Practical implication: momentum-style follow-through trades appear unattractive; fade-or-avoid strategies may be preferable after such extreme single-day moves.You can drill into every statistic, chart and distribution in the module below.Open the module to review cumulative-return charts, win-rate curves and the full event window statistics. Let me know if you’d like to tweak the holding window, compare against another benchmark, or run further scenario tests.

Bitcoin Treasury Play Gains Momentum: Watch 4.50 Breakout for Next Leg
Strive’s transformation into a Bitcoin Treasury Company has injected fresh momentum into its stock, with the 4.50 level acting as a critical psychological and technical threshold. The 195.79% IV in the ASST20250926C4.5 contract and the stock’s 136.26% turnover rate underscore intense short-term positioning. While the RSI (38.62) and MACD histogram (-0.329) hint at a potential rebound, the path to the 52-week high of 13.42 remains fraught with volatility. Investors should monitor the 4.00 support and 4.50 resistance levels, with a focus on the ASST20250926C4.5 contract for explosive upside. Meanwhile, sector leader Riot Platforms (RIOT), up 0.66% intraday, offers a contrasting play in traditional Bitcoin mining. For ASST, the next 72 hours will test its ability to sustain momentum beyond the merger euphoria.