Strive Surges 110% in 3 Days, Transition to 'Bitcoin Leverage Player' as Catalyst; How to Position Options Strategies?

$Strive (ASST.US)$ On October 27, the stock surged over 49%, with cumulative gains exceeding 110% over the past three trading sessions. Trading volume has significantly increased over the last two sessions, and options trading volume has skyrocketed. The stock once ranked among the most popular.

What caused the sudden surge in Strive’s share price? Has there been a fundamental shift in the company's fundamentals? How can investors leverage options to seize trading opportunities? This article will address these questions one by one.

Drivers Behind the Stock Price Surge: Dual Momentum from M&A and Leadership Changes Accelerates Bitcoin Strategy Implementation

Strive Asset Management was founded in 2022 by former presidential candidate Vivek Ramaswamy, aiming to carve out a path focused purely on shareholder returns amidst the wave of ESG (Environmental, Social, and Governance) investments dominated by giants such as $Blackrock (BLK.US)$ , but this path has not been smooth, with the company consistently struggling under the shadow of losses.

In May 2025, Strive Asset Management announced that it would list on Nasdaq through a reverse acquisition merger with Asset Entities Inc. (NASDAQ: ASST), becoming the world's first publicly traded asset management company with a core strategy focused on Bitcoin.The company plans to raise up to USD 1 billion specifically to expand its Bitcoin reserves. Upon completion of the merger, Strive Asset Management will hold 94.2% of the new company’s shares, and current CEO Matt Cole will assume the roles of chairman and chief executive officer.

On May 27, Strive announced the completion of a $750 million private equity financing, which will focus on deploying an excess bitcoin yield strategy portfolio.The funds will be used to acquire biotech companies, distressed bitcoin debts (75,000 bitcoins from Mt. Gox), and discounted structured bitcoin credit products to build its bitcoin treasury reserves.

CEO Matt Cole is a key proponent and driving force behind the implementation of the bitcoin reserve strategy.Matt Cole has stated that Strive will enhance BTC returns through an excess bitcoin yield strategy. Additionally, at the Bitcoin 2025 conference, Matt Cole called Meta CEO Zuckerberg, urging him to add bitcoin to the company’s balance sheet.

On September 10, ASST was approved to merge with Strive, marking Strive's successful backdoor listing.

– The acquisition of Semler Scientific increased the company's BTC reserves to 10,900 coins, successfully placing it among the top ten publicly listed BTC treasury companies in the United States.

On September 22, according to Bloomberg, Strive agreed to acquire the company at approximately $90.52 per share $Semler Scientific (Delisted) (SMLR.US)$ (a premium of over 200%), merging two publicly listed bitcoin treasury companies.

With the acquisition of Semler Scientific, which holds 5,816 bitcoins, combined with previous accumulations, Strive's total BTC holdings have reached nearly 10,900 BTC.

Matt Cole stated outright: 'This transaction has enabled us to achieve the fastest growth in our Bitcoin holdings and Bitcoin per share, setting a new industry benchmark.'

– In addition to strengthening its BTC reserves, the company has also enhanced its industry influence by acquiring crypto media.

On September 16, 2025, Strive announced a strategic acquisition of MSTR True North Inc.As a crypto media company, Strive has appointed Jeff Walton, the founder of True North, as CEO. This move will further solidify Strive’s leading position in Bitcoin advocacy.

– Major leadership upgrade as Werkman assumes the role of CIO, with Mike Alfred hailing it as the next big Bitcoin breakthrough.

On October 6, 2025, Strive announced the appointment of Ben Werkman as Chief Investment Officer (CIO).Werkman is a Bitcoin veteran who previously held an executive position at Swan Bitcoin and founded NumerisX, a consulting firm specializing in helping companies establish Bitcoin treasuries. In his new role, he will focus on capital management, risk control, and advancing Bitcoin initiatives.

This move was publicly endorsed by crypto investor Mike Alfred, who is regarded as the 'crypto version of Buffett' within the cryptocurrency investment community. He views investing in Bitcoin as a 'long-term store of value.'Mike Alfred disclosed on October 25 that he holds more than one million shares of Strive and recommended the company as the next hot investment target for BTC reserves.

Alfred's disclosure reignited investor interest, social media discussions, and high trading volumes, while a recent easing of Sino-US trade tensions boosted risk assets significantly. $Bitcoin (BTC.CC)$ On October 27, prices rebounded above $116,000 at one point.

Mergers and acquisitions, leadership changes, and the recovery of Bitcoin collectively fueled a surge in ASST's stock price.

Underlying Concerns Amid the Surge: The High-Risk 'Digital Gold' Leverage Game

Through a series of mergers and acquisitions and direct purchases, Strive currently holds approximately 10,900 bitcoins.Based on the current BTC price of approximately $114,000, the total market value of its BTC holdings is estimated at around $1.243 billion—still higher than its current total market capitalization of $1.13 billion (as of the close on October 27).

After completing its transformation, Strive’s fundamentals exhibit distinct characteristics of coexisting opportunities and risks.

– The opportunity lies in Strive's role as a highly concentrated 'leveraged stock' for Bitcoin.，The stock price will benefit from the rebound in BTC prices.More importantly, its total market capitalization is lower than the current value of its BTC holdings, theoretically constituting a value opportunity. The addition of new management and Mike Alfred's strong support have led to unprecedented trading activity in the company.

– The risks lie in: high volatility and the challenge of turning losses into profits.Bitcoin itself is known for its high volatility, and the stock prices of companies holding BTC amplify this volatility even further. Before this recent surge,Strive's share price had skyrocketed to over $10 multiple times but also experienced 'flash crashes' with single-day drops exceeding 30% on several occasions.At the same time, the company is still in a loss-making state, and whether it can achieve sustained profitability through asset management and BTC reserves remains uncertain.

Investing in Strive’s common stock is akin to investing in Bitcoin while adding leverage tied to the company’s operational risks, making it suitable only for investors with an extremely high tolerance for risk.

Options Strategy: How to precisely position amid high volatility?

Although Strive has completed a perilous transformation from "loss-maker" to "Bitcoin leverage player," for most retail investors, directly purchasing Strive's stock is suitable only for those with a high-risk appetite. In this case, options instruments provide an alternative and more strategic approach to trading.

In the case of Strive, a stock driven by a single event (Mike Alfred's call), which is highly prone to sharp rises and falls, the risk of single-leg options remains very high.，A more appropriate strategy is the "Long Strangle."

Investors may attempt a small position in the "Long Strangle" strategy:Simultaneously purchase a call option (Call) with a strike price slightly above the current market price and a put option (Put) with a strike price slightly below the current market price. Both options should have the same expiration date, preferably choosing options expiring in late November to avoid rapid time decay in the short term while capturing volatility after the mid-to-late November earnings report.

This strategy does not bet on a one-sided directional move but instead seeks to capitalize on volatility.As long as Strive's share price experiences a sufficiently large increase or decrease before the options expire—regardless of direction—the profit from one of the options could potentially cover the cost of both options and generate a profit. For a highly volatile stock like Strive, this strategy can both limit downside losses and pursue upside gains.

(The illustration is for demonstration purposes only and does not constitute investment advice.)

*AboveOptions StrategyFor educational purposes only and does not constitute any investment advice.

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Risk Warning

An option is a contract that gives the holder the right, but not the obligation, to buy or sell an asset at a fixed price on or before a specific date. The price of an option is influenced by various factors, including the current price of the underlying asset, the strike price, the time to expiration, andimplied volatility。

implied volatilityIt reflects the market's expectation of volatility over a future period, derived from the Black-Scholes (BS) option pricing model. It is generally considered an indicator of market sentiment. When investors expect higher volatility, they may be willing to pay more for options to help hedge risks, leading to higher implied volatility.implied volatility。

Traders and investors useimplied volatilityto evaluateOption Priceto enhance its attractiveness, identify potential mispricings, and manage risk exposure.

Disclaimer

This content does not constitute any offer, solicitation, recommendation, opinion, or guarantee for any securities, financial products, or instruments. The risk of loss in trading options can be substantial. In some cases, the losses you incur may exceed the initial margin deposited. Even if you set backup instructions, such as 'stop-loss' or 'limit' orders, they may not prevent losses. Market conditions may make it impossible to execute these instructions. You may be required to deposit additional margin within a short period. If you fail to provide the required amount by the specified time, your open positions may be liquidated. However, you will still be responsible for any resulting shortfall in your account. Therefore, before trading, you should research and understand options, and carefully consider whether this type of trading is suitable for you based on your financial situation and investment objectives. If you trade options, you should be familiar with the procedures for exercising options and their expiration, as well as your rights and obligations when exercising options and at expiration.

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