Strive hits $1.77B market cap as Bitcoin treasury strategy pushes shares to $19.73

Strive, Inc. has quietly built one of the largest corporate Bitcoin treasuries on a public market, and the stock price is starting to reflect it. Shares of ASST recently closed at $19.73, giving the company a market capitalization of roughly $1.77 billion, a figure that puts it in the same weight class as legacy consumer brands most people would recognize far more easily.

The comparison getting the most attention: Strive’s share price now trades above Wendy’s, which sits in the $8 to $9 range. One company sells Frosties. The other hoards Bitcoin. The market, at least for the moment, prefers the latter.

How Strive got here

Strive went public through a reverse merger with Asset Entities back in September 2025, a move designed specifically to give the company the capital structure it needed to start buying Bitcoin aggressively. It has not been shy about using that structure.

By late August 2026, the firm had accumulated approximately 21,356 BTC, valued at around $1.7 billion. That pile of Bitcoin didn’t materialize overnight. Strive executed multiple purchases throughout 2026, steadily ratcheting up its holdings past the 21,000 mark in a series of transactions that tracked the broader corporate Bitcoin accumulation trend.

To fund these purchases, the company has leaned on a somewhat unusual instrument: SATA preferred stock. This financing mechanism helps Strive raise capital for Bitcoin acquisitions while managing dividends and keeping operational reserves intact.

From anti-ESG crusader to Bitcoin maximalist

Strive’s origin story makes its current identity even more interesting. The firm initially carved out a niche as an anti-ESG asset manager, focusing on proxy voting and pushing back against what it viewed as overly politicized corporate governance.

The pivot to a Bitcoin-centric treasury model changed the calculus entirely. By reorienting its capital allocation around Bitcoin as a benchmark for long-term shareholder returns, Strive tapped into a much larger pool of investor demand: people who want exposure to Bitcoin’s upside through a traditional equity wrapper, without the hassle of custody, wallets, or exchange accounts.

MicroStrategy, now rebranded as Strategy, pioneered the corporate Bitcoin treasury model years ago, and a growing list of companies have followed in its wake. Strive’s contribution to this trend is its speed and scale relative to its size. Accumulating over 21,000 BTC within roughly a year of going public is an aggressive pace by any standard.

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