Strive (ASST) stock rocketed higher and Bitmine Immersion Technologies (BMNR) rallied as crypto proxy equities, with Strive holding 13,628 Bitcoin (BTC) while Bitmine holds the world’s largest Ethereum (ETH) treasury at 3.73 million ETH.
• Bitcoin and Ethereum’s price moves are driving gains in crypto proxy equities that provide leveraged exposure to digital asset prices without direct cryptocurrency ownership.
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Strive (NASDAQ:ASST) stock is up 13% in Friday afternoon trading while Bitmine Immersion Technologies (NYSE:BMNR) shares are up 5%, as a broad crypto rally sends both names sharply higher. The catalyst is clear: Bitcoin (CRYPTO:BTC) is up 5% over the past 24 hours, trading near $77,800, while Ethereum (CRYPTO:ETH) has surged 5.5% to $2,444.
Both companies function as crypto proxy equities, meaning their stock prices move in close correlation with the digital assets they hold on their balance sheets. On days when Bitcoin and Ethereum surge, names like ASST and BMNR tend to amplify those moves, giving equity investors leveraged-style exposure without touching a crypto wallet.
The crypto rally itself is a recovery within a broader 2026 pullback. Bitcoin remains down 11% year-to-date, and Ethereum is down 17% year-to-date. Today's move looks more like a tactical bounce than a trend reversal, but it's clearly enough to light up the crypto proxy trade.
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Strive's outsized 12% gain reflects just how directly its fortunes are tied to Bitcoin's price. The company holds 13,628 BTC as of March 17, making its net asset value highly sensitive to any meaningful move in Bitcoin. When BTC jumps 5% in a single session, the equity tends to react with even greater velocity.
The company's recent financial momentum adds to the bullish backdrop. Strive reported a Q4 2025 Bitcoin Yield of 22%, with a Bitcoin Gain of 1,305 BTC worth $114.3 million. Into Q1 2026, it had already posted a quarter-to-date Bitcoin Yield of 14% and a Bitcoin Gain of 1,050 BTC worth $78.2 million.
Wall Street is taking notice. TD Cowen initiated coverage of Strive with a Buy rating and a $26 price target on April 10, citing the company's positioning as the first publicly traded Bitcoin treasury asset management firm. That analyst consensus, with a consensus target price of $20.33, suggests meaningful upside from recent trading levels even before today's move.