Why Strive Stock Is Ripping Higher In Premarket Today

• Strive, following its merger with Asset Entities in mid-September, announced plans to become a Bitcoin holding company.
• Bitcoin topped the $116K earlier in the Asian session, before giving back some of the gains.
• The optimism toward cryptocurrencies stemmed from a raft of catalysts, including the brightening prospects of a U.S.-China deal.

Strive Asset Management, LLC (ASST) stock climbed sharply in Monday’s early premarket session, signaling that it may rise for a third consecutive session.

On Stocktwits, retail sentiment toward Strive stock remained ‘extremely bullish’ as of early Monday, and the message volume jumped to ‘extremely high’ levels.

Strive’s Bitcoin-Inspired Rally?

Nasdaq-listed Asset Entities, a marketing company, closed its merger with asset management company Strive in mid-September, retaining the Strive name and ‘ASST’ ticker. The company, co-founded by Vivek Ramaswami, announced plans to become a Bitcoin (BTC) holding and marketing company.

ASST’s premarket gains on Monday could be traced to strong gains in Bitcoin (BTC), which topped the $116K earlier in the Asian session, before giving back some of the gains. The optimism toward crypto stemmed from a raft of catalysts, including the brightening prospects of a U.S.-China deal following productive high-level talks between the two countries in Malaysia over the weekend.

Hopes of a rate cut from the Federal Reserve’s rate-setting committee, when it meets for a two-day meeting that kicks off on Tuesday, also lent support to cryptocurrencies.

What Retail’s Feeling About Strive Stock

Retail’s interest in Strive’s stock has been on the rise, with the one-year follower count rising 675% and the message volume over the past seven days leading up to late Sunday was up over 900%.

A bullish watcher lauded the company for the bold move to merge and become the first public Bitcoin treasury company, backed by a massive $750 million funding plan. “Big vision, big potential!” they said.

Another user expected algorithmic buying on Monday, just like last Friday, when it ripped before remaining stuck for a long time.

Since its mid-September listing, the stock has lost about 82%. In premarket, the stock climbed over 26% on top of Friday’s 27%+ rally. 

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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