MSTR Vs ASST Vs BTC – Crypto DATs Outperform Bitcoin in April Amid Renewed Treasury Buying

• Bitcoin-linked equities continue to act as leveraged proxies, amplifying the underlying asset’s price movements.
• Strategy expanded its holdings to 818,334 BTC after multiple large purchases, surpassing BlackRock’s iShares Bitcoin Trust.
• Strive increased its Bitcoin holdings and saw rising institutional interest, despite holding a cost basis above current market prices.

Bitcoin (BTC) gained 17.33% in April, but the stocks built around it gained considerably more.

Strategy (MSTR), the largest corporate holder of Bitcoin, rose approximately 49.39% during the month, clocking nearly 2.8 times Bitcoin's own return. Strive (ASST), a smaller Bitcoin treasury company that is trying to follow Strategy’s playbook, climbed 77.05%, roughly 4.45 times Bitcoin's gain over the same period.

The outperformance reflects a dynamic that has defined Bitcoin-adjacent equities since 2020. When Bitcoin’s price rises, digital asset treasuries (DATs) holding it tend to amplify those moves in both directions.

Strategy’s Bitcoin Holdings Jump, Overtake IBIT

Strategy disclosed a $2.54 billion Bitcoin purchase between April 13 and April 19, the firm's third-largest single purchase on record and its largest weekly accumulation since November 2024, bringing total holdings to 815,061 BTC. 

It followed that with a further $255 million purchase the week of April 20–26, acquiring 3,273 Bitcoin at an average price of $77,906 per coin and bringing total holdings to 818,334 BTC valued at approximately $63.7 billion. 

Following the April 20 disclosure, Strategy's holdings surpassed BlackRock's iShares Bitcoin Trust (IBIT), which held 802,823 BTC. This is the first time in the spot ETF era that a single corporate treasury has owned more Bitcoin than the world's largest spot Bitcoin fund. 

MSTR’s stock gained over 8% in afternoon trade on Friday. Retail sentiment around the Bitcoin proxy improved to ‘neutral’ from ‘bearish’ territory over the past day, accompanied by chatter at ‘low’ levels. 

MSTR’s Smaller Cousin Also Sees Accerlerated Gains

Vivek Ramaswamy-backed Strive reported holdings of approximately 14,557 Bitcoin as of April 24, following a purchase of roughly 789 Bitcoin for an estimated $61.43 million, alongside $90.5 million in cash and $50.3 million in Strategy preferred stock. 

The stock broke above its 50-day moving average on April 10 and multiple analyst initiations followed, including Buy ratings from TD Cowen with a $26 price target and H.C. Wainwright with a $36 price target. 

ASST’s stock gained 4.75% in afternoon trade on Friday. Like MSTR’s stock, retail sentiment around the company rose to ‘neutral’ from ‘bearish’ over the past day, accompanied by ‘low’ levels of chatter.

The April gains come after a difficult stretch for both stocks. Strategy's share price dropped approximately 50% over past year. Both companies remain exposed to Bitcoin price swings, with no operational revenue to buffer against declines. Publicly traded companies now hold more than 1.15 million BTC on their balance sheets, worth roughly $85 billion.

Bitcoin’s price gained nearly 3% in the last 24 hours to nearly $78,400. Retail sentiment on Stocktwits around the apex cryptocurrency trended in ‘neutral’ territory over the past day, accompanied by ‘normal’ levels of chatter. 

Read also: Bitcoin Rises Toward $80,000 After Oil Drops On Iran Peace Signals – Triggers $200 Million Short Squeeze

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