ASST: news & investor views

rosannainvests argues the market prices $ASST at 0.84x the bitcoin it holds, letting buyers get bitcoin exposure at a 16% discount while Strive keeps stacking. He cites the latest week's 124 BTC purchase mostly from cash, Strive's first SATS sale through the ATM, no new SATA sold and the 103rd dividend paid on time. "Weak hands sell the discount. Strive buys it," he writes. Separately he put Strive's treasury at roughly 45k BTC, up 46% in three weeks.

rosannainvests argues Strive's $2.1B perpetual preferred is not debt because it has no maturity, no default and no principal, so net mNAV wrongly subtracts it as if the company owes it back. He says the common's only claim is a coupon of about $260 million a year while keeping 43,124 BTC of upside, against zero debt and roughly $490 million of cash. He cites the CEO's framing of the preferred as financing cost, not principal, and says he is buying the common for bitcoin leverage with permanent capital, no maturity and no margin call.

rosannainvests says the same preferred stack yields 1.52x mNAV when the whole $2.1 billion is subtracted and 0.75x when only one year of coupons, about $287 million, is subtracted. He notes 63% of the bitcoin is levered at a 13.7% coupon, equal to roughly 8.6% paid out a year. What decides the trade, he says, is bitcoin's CAGR against that 13.7% with 22 months of cash to sit through the noise; it cuts both ways, and the cash buys time.

rosannainvests endorses Josh Mandell's argument that assets equal liabilities plus owner's equity, and that the present value of any perpetuity is its payment divided by the discount rate. If the discount rate used is bitcoin's CAGR, he says the market price of the common stock starts to look "extremely UNDERVALUED" relative to the owner's equity you solve for.

rosannainvests includes $ASST among 10 asymmetric names in his November refresh, saying its bitcoin holdings went from 29,462 to roughly 45k in three weeks and calling it "the fastest-growing bitcoin treasury company." He notes the stock is 35% below its high. In replies he says he prefers $ASST as a bitcoin-native treasury company and, stating a long position, that it could go "even higher before EOY."

wliang says a consistent dollar-cost average into $ASST and $MSTR from now until Q1 2027 "should play out quite well," citing a confirmed monthly bitcoin signal. After a second BTC print he argues bitcoin is trading above gold-zone support and forming another launchpad for the next leg up, unlike last time. While bitcoin held a weekly support zone, he said it "wouldn't be wise to sell $ASST / $MSTR."