Shares of Strive (ASST) surged roughly 10% in early trading Monday, as the bitcoin treasury company founded by Vivek Ramaswamy disclosed it had purchased 759 BTC for approximately $50 million last week. The acquisition pushed the firm's total holdings to 19,864 BTC, inching closer to the 20,000 mark.
The latest buy accelerates Strive's accumulation strategy and outpaces a contemporaneous 520 BTC purchase by rival Strategy. The bitcoin treasury firm has been steadily building its reserves, positioning itself as a major corporate holder of the cryptocurrency.
Market reaction was immediate, with Strive's shares jumping on the news. The broader crypto sector also saw positive momentum, though analysts caution that such concentrated bitcoin exposure carries significant volatility risk.
Looking ahead, Strive's continued accumulation may pressure other corporate treasuries to follow suit, potentially driving further institutional adoption. However, critics warn that companies loading up on bitcoin remain vulnerable to sharp price swings, as seen in previous crypto downturns.