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Luke Kawa

Strive, the Vivek Ramaswamy-backed bitcoin treasury company, is surging again on elevated retail interest

Strive Inc. is building on Friday’s massive gain with a big advance in the premarket on Monday, up roughly 25% as of 5:21 a.m. ET.

As of 5:02 a.m. ET, the bitcoin treasury company’s ticker was among the most referenced on Reddit’s r/WallStreetBets forum over the past 12 hours, per data from SwaggyStocks.

SwaggyStocks
Source: SwaggyStocks

Record demand for bullish options propelled the bitcoin treasury company up 27% on Friday, with call volumes of 582,453. The activity was seemingly spurred by a tweet from Mike Alfred — a former entrepreneur with a popular account on X who was recently appointed to the board of directors at Bakkt Holdings — who announced that he had taken a position in the name:

Strive, which was cofounded by former GOP presidential hopeful Vivek Ramaswamy, positioned itself as a self-proclaimed “leader in the pushback against ESG and DEI mandates” before pivoting to become “the first publicly traded asset management firm to adopt a Bitcoin treasury strategy” in September, via a merger with Asset Entities.

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Luke Kawa

Federal Reserve cuts rates and signals end to quantitative tightening

The Federal Reserve delivered its second rate cut of 2025 as expected, taking its policy rate down 25 basis points to a range of 3.75% to 4%. Officials also said they plan to stop reducing the size of their balance sheet as of December 1.

Stocks were little changed in the wake of this announcement.

It’s the first time since 1995 that the US central bank has held one of its meetings during a government shutdown, which has left monetary policymakers with less data than usual to aid in their decision-making processes.

In their statement, monetary policymakers said that the unemployment rate “remained low through August,” adding that “more recent indicators are consistent with these developments.” All in all, this does not necessarily escalating concern about the state of the labor market, given that officials used the past tense to describe how downside risks to employment “rose in recent months.”

Event contracts traded on Robinhood showed a rate cut of this size was a lock for this meeting. Heading into the decision, a separate contract showed that the odds of 75 basis points in easing for 2025 was roughly 83%, implying a strong expectation that another 25 basis point reduction will be delivered at its December meeting. The prediction market implied odds of no more cuts in 2025 or more than 25 basis points in cuts were little changed in the minutes following the release of today’s statement.

(Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company subject to certain legal and regulatory restrictions. Event contracts trading is offered by Robinhood Derivatives, LLC, a registered futures commission merchant with the CFTC.)

“I do wonder if officials will be comfortable cutting rates again on December 10 if they go into that meeting with no official data reflecting activity in October and November,” writes Omair Sharif, president of Inflation Insights. “It may be hard to reach a consensus on another cut, especially given the split in the FOMC indicated in the September dot plot.”

There were two dissents at this meeting, as Kansas City Fed President Jeff Schmid preferred no change, while Fed Governor Stephen Miran wanted a 50 basis point cut.

Luke Kawa
1h
CoreWeave’s attempt to buy Core Scientific is going down in flames

The last time CoreWeave tried to buy Core Scientific, management didn’t approve. This time, it looks like shareholders don’t.

Demonstration Against President Daniel Noboa
Jon Keegan
2h
What to watch for in Microsoft’s earnings report today

Investors will be watching to see if Microsoft’s Azure cloud business can keep up its brisk growth, and an updated deal with OpenAI presents some new opportunities.

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Bloom Energy soars amid parade of price target hikes

Bloom Energy soars amid parade of post-earnings target hikes

Bloom’s share price is booming on Wednesday.

Matt Phillips3h
markets
Max Knoblauch

Fubo climbs as Disney merges the platform with Hulu Live TV

Shares of streamer FuboTV are surging on Wednesday, after Disney announced it completed its majority stake acquisition of the company.

Fubo will be merged with Hulu Live TV, creating a juggernaut virtual pay-TV company rivaling YouTube. With about 6 million subscribers, the program will also become the sixth-largest pay-TV operator in the US. According to the companies, Fubo and Hulu Live will also continue to be available as separate services, “each offering consumers multiple plan options from skinny to robust at compelling price points.”

Disney now owns 70% of the joint venture. As part of the deal, which was first announced in January, Fubo dropped its lawsuit against Disney, which sought to block its planned joint sports streaming venture, Venu Sports. Venu was dissolved within a week after the deal. Fubo shares closed up more than 250% on the day the deal was first announced.

As part of the transaction, Fubo will have access to a $145 million term loan from Disney next year.

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