Strive has been the clear outlier over the past 30 days. ASST is up 61.3%, outpacing Strategy (MSTR) at +50%, XXI at +38.25%, and Bitcoin itself at +20.7%. All major treasury companies are outperforming Bitcoin as designed, but Strive is leading the pack.
There are several factors behind this. Strive has been on an absolute tear accumulating bitcoin, adding around 1260 BTC over the last 30 days, growing from 13,740 BTC to exactly 15,000, a 9.17% increase in holdings. To put that in perspective, Strategy would have needed to buy approximately ~70,327 BTC to achieve the same percentage increase from their starting position of 766,970 BTC. For context, they actually bought 56,235 BTC last month, meaning Strive's accumulation pace relative to its size was meaningfully more aggressive.
SATA has also been a strong factor in investor demand for Strive. With SATA finally showing real market fit, recently hitting new records and raising considerable capital, we estimate approximately ~508 BTC of recent purchases came from SATA proceeds. SATA currently offers a 13% annualized yield, compared to STRC's 11.50%, making it an attractive option for yield-focused investors seeking bitcoin-backed income.
It might not sound like much compared to STRC, which has far greater demand, but relative to Strive's current bitcoin holdings the demand is significant. It's also the first proof from the market that investors value digital credit instruments beyond STRC. SATA's ex-dividend dates also work remarkably well in tandem with STRC: when STRC hits its ex-dividend date, SATA tends to return to par shortly after, picking up demand from STRC. Then when SATA hits its ex-dividend date, investors rotate back to STRC, and the cycle continues. Investors chasing yield can use both, and because of this they're not really direct competitors in the traditional sense. Strive even holds STRC on their own balance sheet and has stated publicly they do not view STRC as competition in the conventional sense.
TD Cowen analysts Lance Vitanza and Jonathan Navarrete have a Buy rating on Strive (ASST) with a $26 price target, representing approximately 65.6% upside from current levels. Their case is straightforward: if Bitcoin reaches $140,000 by year-end 2026, the rise in value of Strive's bitcoin holdings would generate an estimated $142 million in gains. Applying a 2x multiple to that figure is how they arrive at the $26 target. They also flag expected yield compression on SATA as a near-term catalyst, and see Strive as a potential consolidator in the bitcoin treasury space as more companies trade at a discount to their bitcoin holdings.
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