Shares of Strive Asset Management (ASST) and Semler Scientific (SMLR) rose sharply in premarket trading on Monday, continuing the momentum around the first merger of two publicly traded bitcoins. treasury companies.
Strive shares rose about 30% to $1.46, while Semler shares gained 18% to $28.40. The rally continued a move that began Friday night following X investor Mike Alfred’s disclosure that he had acquired more than 1 million ASST shares.
“Strive is one of the most promising BTC treasury companies globally trading at an attractive level,” Alfred wrote.
Retail traders have now turned their attention to stocks. The WallStreetBets community listed ASST among its top trends over the past day, with over 100 mentions.
The renewed interest comes a month after Strive announced it would acquire Semler Scientific in an all-stock deal that would value Semler at a 210% premium, or $90.52 per share based on Friday’s close. Each SMLR share will be converted into 21.05 ASST shares once the deal closes.
The news was not well received by Wall Street, which has driven both stocks relentlessly downward since the announcement. At last Wednesday’s lows, ASST was trading below $0.80 per share and almost 50% below the value of bitcoin on its balance sheet.
The combination of a very cheap valuation, a firming of the bitcoin price, and Alfred’s timely tweet has since led to the stock’s explosive move.
