Strive Inc. (ASST), the Bitcoin treasury company backed by former Republican presidential candidate and Ohio gubernatorial hopeful Vivek Ramaswamy, is navigating some serious headwinds. The stock has dropped 26.93% over the past month, and its momentum metrics are telling an even more dramatic story.

The asset management firm turned crypto treasury play currently holds 7,525 Bitcoin (BTC) and has been following the playbook pioneered by Strategy Inc. (MSTR). But while imitation might be the sincerest form of flattery, it doesn't guarantee the same results.

When Momentum Evaporates

Here's where things get interesting. Strive's momentum score, which measures price movements and volatility across multiple timeframes and ranks stocks as percentiles against the broader market, has absolutely cratered. We're talking a drop from 75.16 to 17.2 in just one week. That's not a correction—that's a freefall.

The timing couldn't be worse. Bitcoin itself is facing growing volatility and bearish sentiment, which means companies holding massive amounts of crypto on their balance sheets are feeling the pain amplified. When you're essentially leveraged to Bitcoin's price movements, a downturn in the broader crypto ecosystem hits twice as hard.

Dilution Concerns Add Fuel to the Fire

But it's not just crypto market weakness driving Strive's struggles. The company recently announced plans to raise $500 million through an at-the-market variable preferred stock offering. For existing shareholders, that's raised immediate red flags about dilution. More shares outstanding generally means your piece of the pie gets smaller, and investors aren't thrilled about it.

When you look at Strive's performance across market data rankings, the picture isn't pretty. The stock shows unfavorable price trends across short, medium, and long-term timeframes. For a company trying to replicate Strategy's success with the Bitcoin treasury model, these metrics suggest the market isn't buying the vision—at least not right now.

The broader question hovering over all of this: Is the Bitcoin treasury strategy still viable when crypto markets turn south? Strategy pioneered the approach, but as more companies pile into the same playbook, the risks become more apparent. Leverage works wonderfully on the way up, but it can be brutal on the way down.