Vivek Ramaswamy's crypto stock crashes after billion dollar deal

Strive, Inc. or Strive Asset Management (ASST) is down more than 10% as of the early morning of Sept 24. The stock sold off from its previous close at $3.35 to around $3.01 to $3.02, showing a significant intraday decline. It has traded from $3.03 to $3.20 a share, an ongoing downdraft.

Volume is currently over 2.6 million shares traded, but under its average of 7.5 million, suggesting less momentum than usual. It's also worth mentioning that the shares are under heavy selling pressure today, down by a double-digit percentage point.

Strive, Inc., which went public this month and trades on Nasdaq under the symbol ASST, is establishing itself as a Bitcoin treasury asset manager that merges its investment arm, Strive Asset Management, alongside a strategy of holding Bitcoin directly on its balance sheet. It was co-founded by Vivek Ramaswamy, who imports his "shareholder primacy" and anti-ESG rhetoric into the company's mission and direction.Vivek Ramaswamy attends Charity Day 2025, hosted by Cantor Fitzgerald Relief Fund at BGC Group on September 11, 2025, in New York City.Getty Images

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On the product front, the company offers ETFs and separately managed accounts (SMAs) with customization features and tax-loss harvesting functionality.

Strive's new acquisition deal

On Sept 22, Strive announced that it would acquire Semler Scientific in an all-stock transaction valued at roughly $1.34 billion. Under the agreement, Semler shareholders will receive 21.04 Strive shares for each Semler share, which equates to $90.52 a share.

The deal will augment Strive's bitcoin strategy, as it also intends to acquire an additional 5,816 BTC, valued at $675 million, for a cumulative holding of over 10,900 BTC for the merged company. Semler, which also owns a healthcare business in addition to its Bitcoin investments, will become part of Strive's plan to expand its role as a corporate Bitcoin holder.

As of the time of writing this article, Semler Scientific (SMLR) is experiencing a 2.27% downturn over the last 24 hours. However, ASST's price appears to have fallen primarily due to concerns about dilution, governance issues related to the upcoming Semler Scientific merger.

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This story was originally reported by TheStreet on Sep 24, 2025, where it first appeared in the Investing section. Add TheStreet as a Preferred Source by clicking here.

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