GME stock sits out bitcoin rally as Strive nearly doubles in August

While bitcoin climbed from roughly $60,000 to above $80,000 in August, GME stock fell more than 17% as GameStop's pledged bitcoin collateral left it disconnected from the rally. Meanwhile, Strive (ASST)—holding about 21,356 BTC—surged nearly 95%, outpacing Strategy (MSTR) and most crypto-linked equities.

August's bitcoin rebound lifted nearly every corporate treasury play tied to the asset. The exception was GameStop, whose unusual options structure sidelined it from gains that sent smaller rivals soaring. For investors watching the bitcoin-treasury trend, the split between GME stock and ASST defines the month's biggest story in Fintech & Crypto Alerts.

Key Takeaways

• GME stock dropped over 17% in August despite bitcoin's rally above $80,000, while Strive (ASST) gained roughly 95%.
• GameStop pledged nearly all of its 4,710 BTC as collateral for covered-call options, removing coins from its balance sheet.
• Strive holds about 21,356 BTC versus Strategy's 840,000-plus, yet ASST outperformed MSTR's 36% monthly gain.
• Strive may have raised funds via SATA preferred stock to buy an additional 1,192 BTC after shares recovered above $100 par value.
• Analyst Parker Lewis warned ASST trades at a nearly 90% premium to bitcoin NAV, urging investors to "sell the stock, buy bitcoin."

Why did GME stock fall while bitcoin rallied?

GameStop bought 4,710 BTC in May 2025 for roughly $500 million. Soon after, it pledged nearly all of those holdings—about 4,709 BTC—as collateral for covered-call options sold to Coinbase Credit.

The options carry strike prices between $105,000 and $110,000 and expire in late March 2026. Because Coinbase Credit can rehypothecate or sell the pledged bitcoin, accounting rules require GameStop to remove those coins from its balance sheet.

The company instead records a digital assets receivable valued at around $368 million. With bitcoin still trading below the $105,000 to $110,000 strike range, that structure left GME stock largely disconnected from August's crypto rally. Most other crypto-linked equities posted double-digit gains during the same period.

How did Strive outperform Strategy in August?

Strive's roughly 95% August gain versus Strategy's 36% illustrates how smaller bitcoin treasuries can offer higher sensitivity to price moves. Strategy remains the largest corporate holder with over 840,000 BTC, while Strive holds about 21,356 BTC after recent purchases.

Other crypto-linked stocks also posted strong August gains. Bullish (BLSH) rallied over 50%, Twenty One Capital (XXI) and Circle (CRCL) rose around 40% each, and Ethereum treasuries Bitmine (BMNR) and Sharplink Gaming (SBET) gained over 30% each.

Retail sentiment around ASST trended in the "extremely bullish" zone on Stocktwits, with message volumes up more than 156%. Strategy's retail sentiment, meanwhile, dropped from "extremely bullish" to "bullish" over the past day.

What is Strive doing to expand its bitcoin holdings?

Strive continues raising capital through sales of common and preferred shares, including its SATA perpetual preferred stock. According to Yahoo Finance, SATA can issue new shares to fund bitcoin purchases only when trading above its $100 par value.

After falling to $79 in June, SATA regained the $100 threshold on August 21. Bitcoin Treasuries analysis suggests Strive may have raised funds this week to acquire 1,192 BTC via SATA, though the transaction awaits confirmation in official filings.

In a regulatory filing, Strive disclosed purchasing 1,110 BTC at an average price of $73,409 between August 17 and 21, totaling about $81.5 million. CEO Matt Cole noted the company went from zero BTC a year ago to owning more than one of every 1,000 bitcoin that will ever exist.

Should investors buy ASST stock or bitcoin directly?

Not everyone is convinced. Parker Lewis, Head of Business Development at Zaprite, argued ASST trades at a nearly 90% premium to its bitcoin net asset value, adding "lots and lots of incremental risk" beyond holding BTC itself. His advice: sell the stock, buy bitcoin.

CEO Matt Cole pushed back, acknowledging "Bitcoin is our hurdle rate" while noting ASST has outperformed BTC since the strategy announcement in May 2025. Cole argued amplified bitcoin exposure intentionally carries extra risk for the potential of excess return.

ASST stock is up more than 33% year-to-date in 2026, while bitcoin has declined nearly 8% over the same period. August is shaping up as ASST's best month since May 2025, even as debate over treasury-stock premiums intensifies across the sector.