Strive CEO Matt Cole said the Bitcoin treasury company had not issued common shares in the preceding two weeks because its share price was at a discount. Issuing common shares at that price would be dilutive, he said. Strive had also removed its mNAV calculation from its data dashboard during the preceding week. Cole argued that mNAV captures only a single point in time and treats Strive’s operating business as though it were a passive fund.
Cole said Bitcoin was near its 200-week moving average of approximately $68,000, a level he described as historically one of the better times to increase Bitcoin exposure. That was his assessment, not a valuation conclusion established by the moving average alone.
According to Cole, Strive increases its Bitcoin exposure only through preferred shares, has no debt and has not pledged its Bitcoin. He said that, following the launch of SATS and the recent decline, the nominal value of Strive’s preferred shares exceeded 70% of the value of its Bitcoin holdings. That ratio compares a preferred-share claim with the company’s Bitcoin holdings; it does not, by itself, measure the value of Strive’s operating business or its common shares.
Cole also said ASST was up approximately 51% year to date, while Bitcoin was down approximately 19% over the same period. Those price changes do not establish whether ASST was fairly valued.
Originally reported by Foresight News on November 13, 2026, at 16:37 (UTC+8).