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.
Strive’s Bitcoin Treasury Fuels the Bigger Move
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.
Strive is also pursuing a pending acquisition of Semler Scientific, which would add 5,048 BTC to its treasury. CEO Matthew Cole has described a multi-trillion dollar digital credit opportunity, anchored by the company’s SATA perpetual preferred structure. That growth narrative, layered on top of a rising Bitcoin price, is what’s driving ASST stock to its highest levels in recent weeks.
Bitmine Rides the Ethereum Wave
Bitmine Immersion Technologies stock’s 5% gain today is a direct function of Ethereum’s move. The company claims the largest ETH treasury in the world, holding over 3.73 million ETH valued near $10 billion. With Ethereum up sharply on the day, Bitmine’s balance sheet is appreciating in real time.
The company’s long-term ambition is to acquire 5% of all ETH, an audacious target that would make it one of the most concentrated single-asset treasury plays in the public markets. Bitmine’s MAVAN (Made-in-America Validator Network) infrastructure supports ETH staking, giving Bitmine an operational income stream alongside its treasury position.
Retail options traders have been active around BMNR. A post on r/options titled “funding my monthly expenses selling covered calls on BMNR” drew 75 upvotes and 17 comments on April 10, reflecting how traders are positioning around the stock’s volatility. That kind of retail engagement tends to amplify moves on high-volume crypto days like today.
Wall Street analysts carry a consensus Buy rating on BMNR stock, with a price target of $36. The stock’s 52-week low of $3.199 and 52-week high of $160.95 illustrate just how wide the range of outcomes can be for a name this tightly coupled to a single volatile asset.
What to Watch
For ASST stock, watch for whether today’s gains hold above $15.50. Any continuation in Bitcoin above the $78,000 level could sustain the momentum into the close.
For BMNR stock, the key question is whether Ethereum can hold its gains through the afternoon session. If ETH fades, expect BMNR to give back a portion of today’s move quickly. Both stocks remain volatile proxies, and today’s session is a reminder that the crypto proxy trade cuts both ways.
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