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Strive, Inc. ASST

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The bet you're really making is that Vivek Ramaswamy can turn Strive, the money manager now sitting inside this ticker, into a machine that owns more bitcoin for every share you hold. You're betting he keeps selling fresh stock to eager buyers and spends the cash on bitcoin, so each old share quietly ends up with more coin behind it. Right now it looks wild: the company reported about half a billion dollars of losses in six months, almost none of it actual cash leaving the building, while the real business that manages money brings in roughly $3 million a quarter. You pay about $1.50 for every $1.00 of cash and investments the company owns, and the stock costs 76% more than its own five-month average price.

Key data

Price$27.14
52-week range$7.02 – $252
P/E, trailing / FY2027n.m. / 50x
Price / book1.5x

ASST · price with moving averages

Daily · 6MWeekly · 3Y
$-9$50$108$167$225 Sep '23Apr '24Nov '24Jul '25Feb '26Sep '26 BID
EMAs82140

Source: market data.

The business

Asset Entities was a tiny social-media and education outfit. In 2025 it reverse-merged with Strive Enterprises, the asset manager Vivek Ramaswamy co-founded, and Strive is the real company now. Strive sells index funds and separately managed accounts built around an anti-ESG pitch, and that fee business is small: about $2.9 million in the June quarter, up from $1.5 million a year earlier. The larger story, and the reason the stock exists at this price, is the pivot Strive announced in 2025: raise large sums by selling stock, then hold the proceeds in bitcoin, following the path MicroStrategy blazed. A May 2025 PIPE brought in hundreds of millions from accredited investors, and cash jumped from $2.5 million to $145 million inside a year, with a much larger pool now held in investments. So you own two businesses stacked together: a sub-scale fund manager throwing off a few million dollars of fees, and a leveraged position in bitcoin dressed in a public stock. The moat, such as it is, is Ramaswamy's brand and the premium his name commands on new shares.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05Closing thoughts
  6. 06Methodology

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