Strive CEO: Leverage Ratio Has Exceeded 70%, Bitcoin at 200-Week Moving Average

TechFlow reported that on November 13, Strive ($ASST) CEO Matt Cole stated on X that Bitcoin is hovering near its roughly $68,000 200-week moving average, which historically has often been one of the best times to increase Bitcoin exposure, and a critical juncture to test the corporate structure of Bitcoin companies.

He revealed that Strive’s “leverage ratio” has risen from 30% on December 31 of last year (when Bitcoin was approximately $87,500) to 55% on September 30 (when Bitcoin was around $83,600); despite Bitcoin’s 43% rally from its June low, which under the model would have compressed the ratio from 67% down to roughly 47%, the company maintained 55%; after launching SATS preferred shares and navigating this downturn, the ratio has since surpassed 70%. Year-to-date, ASST has gained approximately 51%, while Bitcoin declined roughly 19% over the same period.

Cole attributed this performance to a “debt-free, unstaked Bitcoin” structure—meaning no margin calls and no maturity pressures. He also noted that the company removed the mNAV metric from its dashboard last week, arguing that it only reflects a single point in time and treats an operating business like a passive fund; due to the discount of common stock relative to NAV, the company has not issued additional common shares over the past two weeks, and believes that issuing more at current levels would dilute shareholder value. Strive stated it maintains a constructive outlook on Bitcoin’s risk-return profile through 2027.