Been watching this Strive story unfold and there's something worth paying attention to here. After months of getting left behind, the whole Bitcoin treasury company space is starting to get some real momentum again, and ASST is leading the charge.

TD Cowen just slapped a 'buy' rating on Strive with a $26 price target, which is a pretty significant call considering where the stock is trading right now. We're talking about ASST hovering around $10.57, down from those crazy peaks above $260 back in summer 2025 when this sector was the hot narrative. The catalyst for the recent attention? Strive just added 113 BTC to its treasury, which apparently got people interested again in what these companies are actually building.

What's interesting is that Strive isn't flying solo on this recovery. Fidelity just revealed a 13G filing showing they've built up a 12.1% stake in ASST. That's institutional conviction right there. When Fidelity moves like that, it usually means they see real value, not just speculation. The short interest is also relatively low, so this isn't some squeeze situation - it's genuine interest in the company's fundamentals.

As of April 2026, Strive is sitting on 13,741 BTC accumulated through their playbook of public fundraising and OTC deals. That's a meaningful position. The company is also making moves beyond just the common stock. They're trying to expand the role of SATA, their preferred shares, which currently yields around 13% annualized. Not bad if you're looking for some yield in this environment.

Strive also recently wrapped up a merger with Semler Scientific and has cleaned up its balance sheet by retiring most of its debt. That's the kind of operational improvement that can unlock value. We should get more clarity when they drop their Q1 report on May 15.

The broader play here is that if Strive can execute on this recovery, it could reignite interest in the entire BTC treasury company sector. The space had its moment, got crushed in the bear market, but now with Bitcoin showing strength and institutional players like Fidelity stepping in, the narrative might be shifting again. Worth keeping tabs on how this unfolds over the next few quarters.