Strive Asset Management (ASST) just wrapped up an all-stock merger with Semler Scientific, adding a major amount of Bitcoin to its treasury. This move is part of a bigger transformation toward digital assets, and it is turning heads across the investing world.

See our latest analysis for Strive Asset Management.

After quietly sliding for most of the year, Strive Asset Management stock suddenly turned heads with a week-long share price return of 73%, driven by its seismic Bitcoin pivot and blockbuster merger deals. While momentum has spiked, the stock is still down 77% year-to-date. Investors will be watching closely to see if this new strategy translates to sustained growth or just short-lived volatility.

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With these bold moves now in the rearview, the key question is whether Strive’s ambitious Bitcoin pivot leaves the stock undervalued or if the market has already priced in all that future growth. This could represent a true buying opportunity, or it could signal a moment of caution.

Strive Asset Management’s price-to-book ratio sits deeply negative at -16.1x, a stark contrast to both its direct peers (1.1x) and the wider US Capital Markets industry (2x). This value is not just below sector norms; it signals a very different fundamental picture for ASST’s balance sheet than most investors expect in this space.

The price-to-book ratio measures a company’s market value relative to its net assets. For most financial firms, this is a key yardstick of underlying strength. However, a negative figure typically reflects negative book value, which is often the result of ongoing losses or write-downs.

The negative price-to-book ratio here suggests that Strive Asset Management’s market capitalization is vastly out of sync with standard industry benchmarks. Unlike its peers, whose price-to-book ratios cluster around positive values, ASST’s deeply negative figure serves as a red flag for traditional value investors. Compared to the industry average of 2x, this signals fundamental issues that the market is pricing into the stock, more so than any typical cyclical discounting.

See what the numbers say about this price — find out in our valuation breakdown.

Result: Price-to-Book of -16.1x (ABOUT RIGHT)

However, the lack of recent revenue growth and ongoing net losses could quickly undermine investor confidence if the turnaround does not take hold soon.

Find out about the key risks to this Strive Asset Management narrative.

If these findings don’t fully match your perspective or if you’re the type who likes to dig deeper, you can easily build your own take on Strive Asset Management in just a few minutes using Do it your way.

A great starting point for your Strive Asset Management research is our analysis highlighting 1 key reward and 4 important warning signs that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include ASST.

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