Why Strive Stock Surged This Week

Shares of Strive (NASDAQ:ASST) soared 20.5% this week, according to data provided by S&P Global Market Intelligence. The stock's jump came as the company completed a $630 million preferred stock offering to fund its Bitcoin acquisition strategy.

Strive stock closed at $29.03 on Thursday, Oct. 22, up 20.5% from Friday, Oct. 16's close. Across those sessions, the S&P 500 was roughly flat at 0%.

Strive closed an initial public offering of 7 million shares of its 15% Series A Perpetual SATS Preferred Stock at $90 per share on Tuesday, generating $630 million in gross proceeds. The proceeds will fund general corporate purposes and additional Bitcoin purchases.

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