Strive Shares Slip as $27 Warrant Expiry Deadline Draws Near

what happened

Shares of Strive Inc. (ASST) fell 0.76% in late Monday overnight trading, with the company’s PIPE warrants carrying a $27 exercise price due to expire on Tuesday. CEO Matt Cole wrote on X that Strive announces capital-markets activity through SEC filings on Tuesday morning.

Cole said last month that the company had $718 million of PIPE warrants outstanding on Sept. 11. A regulatory filing showed that 23.25 million shares were still tied to traditional warrants as of Oct. 2, down 2.1 million from the previous week. If all warrants then outstanding were exercised at $27, gross proceeds could have reached about $627.7 million. The deadline, initially set for Monday, was shifted to Oct. 2 because Columbus Day was a federal banking holiday; every other term stayed the same.

In a September X post, Cole urged markets to consider options and short interest as the warrants approached expiration, while also tracking how many had already been sold. He added that the remainder of 2026 would be “a lot of fun.” Maxim lifted its Strive target by more than 76% and kept a Buy rating. The Fly reported that analyst Matthew Galinko raised the target to $37 from $21, implying 33.52% upside from the last close.

Galinko said Strive has a distinctive position as a Bitcoin Digital Asset Treasury, with no debt and liquid common and preferred share offerings that provide several ways to optimize BTC per share. Last week, Strive said it purchased 2,000 Bitcoin for $169 million at an average of $84,422, taking holdings to 29,462 BTC through SATA preferred-stock proceeds and $56.7 million from warrant exercises. The company website values the holdings at $2.42 billion and puts their average cost basis at $89,994. Koyfin data show five analysts have an average 12-month target of $33.20, nearly 20% above the last close; four rate the stock Buy and one Strong Buy, with no Hold or Sell ratings. Stocktwits said retail sentiment was bearish and message volume rose 180% in 24 hours. One user said exercising every warrant above $27 would benefit warrant holders at common shareholders’ expense; another wrote, “$ASST this about to get crazy ugly.” ASST has gained nearly 88% in 2026.

why it matters

The approaching deadline focuses attention on possible warrant-related proceeds and their effect on common shares. Strive’s BTC holdings and analyst views add further market interest around ASST.

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