Nothing says confidence like putting your own money where your mouth is. That's exactly what Strive Inc. (ASST) CEO Matt Cole did this week, buying half a million shares of his company's stock after it got hammered over the past month. Investors noticed, sending shares up more than 9% on Tuesday.
When the Boss Buys the Dip
Cole announced on X that he'd purchased 500,000 shares on Monday, a move that apparently reminded investors why they liked this Bitcoin treasury play in the first place. According to SEC filings, he paid an average of $0.815 per share, buying through a mix of direct ownership, his company LT&C LLC, and his 401(k) account. That's the kind of diversified conviction you like to see.
The timing makes sense. Strive, the asset management firm founded by former Republican presidential candidate and current Ohio gubernatorial hopeful Vivek Ramaswamy, has had a rough few weeks. Shares are down 36% since early November, caught in the crossfire of declining Bitcoin (BTC) prices and investor jitters over the company's decision to raise $500 million through a variable-rate perpetual preferred stock offering last week.
That fundraising announcement didn't exactly thrill shareholders. Preferred stock offerings can dilute existing investors and signal that management needs cash, which tends to spook markets even when the capital raise makes strategic sense. Add in Bitcoin's recent price weakness, and you have the recipe for a 36% haircut.
The Market Responds
Cole's move earned applause from prominent investors, including Mike Alfred, an independent investor who helped spark Strive's initial rally back in late October. Alfred took to X to praise the CEO, saying "This is exactly what a good leader does in times of turmoil." He called it a "very good sign" and reiterated his bullish long-term view on the company.
That vote of confidence from someone who's been championing the stock since before most people noticed it carries weight. When early believers double down during turbulence, it tends to stabilize sentiment.
Strive closed Tuesday at $0.86 per share, up 9.02%, and tacked on another 0.96% in overnight trading. Despite the bounce, the stock still faces technical headwinds, with unfavorable price trends across short, medium, and long-term timeframes and a low momentum score.
The real question now is whether Cole's insider purchase marks a bottom or just a temporary reprieve. Bitcoin treasury stocks live and die by crypto prices, and with Bitcoin still finding its footing, Strive's path forward depends heavily on whether digital assets can regain momentum. But when a CEO puts hundreds of thousands of dollars of his own cash into the stock, it's worth paying attention.