ASST · Strive

The thesis

Strive, Inc. has turned preferred stock into roughly 43,000 bitcoin, but bitcoin buying slowed to a trickle after 30 October and the shares have fallen with it. The weekly Form 8-K due around 16 November and the SATA December dividend decision show whether the funding channel still works at a 13% to 15% cost.

The shares closed at $21.55 on 10 November (adjusted daily closes), 29.9% below the $30.75 52-week high and down from $27.53 on 28 October. The 14-day relative strength index, a 0-to-100 momentum gauge, reads 24.5, a level usually read as oversold. The three-month price change is still 71.3%. The story is well known and interest has cooled since the 26 October funding news: Strive reported 124 bitcoin bought in the week to 30 October and 29 bitcoin in its 9 November update, against 6,182 in the week to 23 October.

Third-quarter results on 6 November showed $509.0 million of GAAP net income, driven by $534 million of unrealized bitcoin gains at the 30 September mark. Revenue was $2.7 million (company release). The profit is a quarter-end price mark, the most recent purchases were made at $80,526 and $75,721 per bitcoin, and two analysts cut targets on 6 November and 9.

Bullish and bearish views on Strive, Inc.

The bull case on Strive, Inc. (ASST), in brief: holdings grew sharply in October. The bear case: buying has nearly stopped.

Bull case

• Holdings grew sharply in October. Strive acquired 15,124 bitcoin from 1–30 October, after 8,136 in the third quarter (Q3 release, 6 November). Its own bitcoin yield measure, the change in bitcoin per assumed diluted share, was 19.3% for October and 18.5% for the third quarter.
• Funding capacity remains large. Strive closed 7,000,000 SATS preferred shares at $90 for about $609.0 million net on 20 October and opened a $1.0 billion SATS at-the-market program on 26 October. Company news shows a prospectus filed 6 November for up to $2.6 billion of Series A perpetual preferred stock.
• Cash cushion. Cash was $490.4 million at 30 October, up from $285.4 million at 30 September, and Strive also held Strategy's STRC preferred stock at a fair value of $50.1 million (Q3 release).
• Analyst targets still sit far above the price. HC Wainwright maintained a Buy with a $40 target on 6 November, StoneX's target is $43 (Benzinga, 26 October), and TD Cowen's is $44 (The Block, 21 September).
• Management is widening the business. The Q3 release says Strive is evaluating banking, brokerage, reinsurance, structured asset-backed securities and tokenization, which could add revenue beyond bitcoin.

Bear case

• Buying has nearly stopped. Strive bought 124 bitcoin at an average of $80,526 from 24–30 October (company 8-K, 2 November) and 29 bitcoin at $75,721 in the update reported 9 November. The earlier pace was 6,182 bitcoin at $82,732 from 17–23 October.
• Recent purchases sit below earlier prices. Strive's average price was $82,732 for 17–23 October and $75,721 in the 9 November report. Strive held 28,000 bitcoin at an average cost of $90,170 on 30 September (Form 8-K, 5 October).
• Fixed preferred costs rise with each issue. Preferred dividends were $34.2 million in the third quarter and $73.9 million for nine months, against revenue of $2.7 million in the quarter. The SATA dividend was held at 13.00% for November, and SATS pays 15.00%, with SATS dividends paid every business day from 9 November according to the 10-Q.
• Common stock holders absorb the dividends. Net income attributable to common stockholders was $474.8 million in the third quarter, but the nine-month figure was a loss of $88.4 million after preferred dividends (Q3 release). The third-quarter profit is a 30 September price mark that bitcoin's later moves can reverse.
• Analysts are trimming. B. Riley Securities cut its target to $27 on 9 November, keeping a Buy rating, and HC Wainwright cut to $40 on 6 November. B. Riley and Maxim Group were co-managers of the 15 October SATS offering.
• Share supply is large. Strive reported 118,117,620 Class A and 9,213,489 Class B common shares, plus 14,030,176 SATA and 7,003,418 SATS preferred shares, at 30 October (Q3 release). Weighted average diluted shares for the third quarter were 90,534,798.

Price setup

The close of $21.55 on 10 November sits 29.9% under the $30.75 52-week high and next to the $21 weekly-close level the October notes carried. The 28 October close was $27.53. RSI of 24.5 reflects a steep fall in a few sessions, with no sign yet of buyers returning.

Crowding is lower than in October. Retail attention was heavy then, including a twice-leveraged fund on the shares, the T-REX 2X Long ASST Daily Target ETF (ASSX), listed on Cboe since 18 September. The nearby sources of supply are the open SATS at-the-market program and the newly filed $2.6 billion preferred prospectus. No insider sales are in the reviewed filings.

Catalysts ahead

• ~16 November 2026 (est.): Weekly Form 8-K with bitcoin purchases and share counts. Shows whether purchases recover after 124 and 29 bitcoin in the last two reports.
• 30 November 2026: MSCI eligibility rules for non-operating companies take effect. Index changes could force selling in bitcoin treasury shares.

Elapsed catalysts

• 11 November 2026: MSCI list of companies potentially affected by eligibility rules for non-operating companies. Naming bitcoin treasury companies would point to index-driven selling when the rules take effect 30 November. (passed)
• ~13 November 2026 (est.): Board decision on the December SATA dividend rate. A hold at 13.00% points to steady preferred demand; a higher rate shows costlier funding. (passed)

What would change the view

A daily close above $30.75, the highest close of the last 20 sessions (21 October 2026), would show the shares leading the S&P 500 and prove this call wrong.

What it trades with

Strive trades with bitcoin and with Strategy's preferred stocks. Strategy paused its STRC program in June after the preferred fell below its $100 par value, and Strive holds STRC directly ($50.1 million fair value at 30 October). Strategy and Strive are the two largest public bitcoin treasury buyers, so a stress event at either affects the other's preferred pricing. B. Riley, Maxim and HC Wainwright coverage is sensitive to the same funding channel.