MSTR, BMNR Stocks Lag Crypto Equities While M&A News Takes Centre-Stage

Instead, Strive’s stock outperformed in after-hours trade ahead of Semler Scientific’s shareholder vote to decide whether the merger between the two companies will go through.

• Market watchers were also focused on crypto custody firm BitGo announcing plans for an initial public offering.
• Retail sentiment on Stocktwits around Bakkt Holdings’ stock also improved after the company announced plans to acquire stablecoin infrastructure firm Distributed Technologies Research.
• The overall cryptocurrency market and the broader equities market were in the red on Monday night.

Shares of Strategy (MSTR) and Bitmine Immersion Technologies (BMNR) lagged behind other crypto-linked equities in overnight trading, even after both companies disclosed fresh digital asset acquisitions, as investors focused on merger and acquisition news.

Strive Outperforms Crypto Peers

Shares of Strive (ASST) jumped in overnight trade on Monday and outperformed other crypto equities ahead of a shareholder vote that will determine whether the company completes its proposed merger with Semler Scientific (SMLR), scheduled for Tuesday.

ASST’s stock gained as much as 3.64% after-hours following a gain of more than 16% in regular trading. Meanwhile, SMLR’s stock edged 0.8% lower after-hours after seeing a similar jump of over 16% during the day. Both stocks saw retail sentiment trending in ‘extremely bullish’ territory amid ‘high’ levels of chatter on Stocktwits.

Market watchers were also focused on crypto custody firm BitGo announcing plans for an initial public offering (IPO) on the New York Stock Exchange (NYSE). The company said it plans to raise as much as $201 million by offering 11.8 million shares at $15 to $17 apiece.

BKKT Stock Gains On Acquisition Plans

Bakkt Holding (BKKT) edged 0.8% higher in overnight trade after clocking a gain of over 18% in regular trading after the company announced its plan to acquire Distributed Technologies Research (DTR), a stablecoin payments infrastructure firm, in an all-stock deal. 

Retail sentiment around BKKT’s stock jumped to ‘extremely bullish’ from ‘bullish’ and chatter stayed at ‘extremely high’ levels over the past day on Stocktwits. Bakkt is majority owned by Intercontinental Exchange (ICE), which also owns the New York Stock Exchange (NYSE).

MSTR Stock Lags Despite Biggest Bitcoin Buy Since July

Meanwhile, Strategy (MSTR) and Bitmine Immersion Technologies (BMNR) – two of the biggest digital asset treasuries in the U.S. market for Bitcoin (BTC) and Ethereum (ETH), respectively – lagged behind their peers. MSTR’s stock moved 0.32% lower in after-hours trading after a gain of over 3% in the regular session after the company announced its biggest Bitcoin acquisition since July last year.

The firm acquired 13,627 Bitcoin for $1.2 billion over the past week, bringing its overall treasury to 687,410 BTC –  the biggest purchase the Michael Saylor-backed company has made since the 21,021 BTC acquired for $2.4 billion on July 29, 2025. On Stocktwits, retail sentiment around MSTR trended in ‘extremely bullish’ territory amid ‘extremely high’ levels of chatter over the past day.

Meanwhile, BMNR’s stock dipped 0.28% in overnight trade after a gain of 3.56% in regular trading. The price movement follows the company buying 24,266 Ethereum over the past week and adding to its cash position by $73 million. However, unlike MSTR, retail sentiment around BMNR on Stocktwits trended in ‘bearish’ territory and chatter fell to ‘low’ from ‘normal’ levels over the past day.

The overall cryptocurrency market edged 0.8% lower on Monday night, but held at around $3.2 trillion. U.S. equities were also in the red in after-hours trade. The SPDR S&P 500 ETF (SPY) dipped 0.19%, the SPDR Dow Jones Industrial Average ETF (DIA) fell 0.14%, and the Nasdaq-100 tracking Invesco QQQ Trust (QQQ) moved 0.28% lower. Retail sentiment around QQQ on Stocktwits fell to ‘bullish’ from ‘extremely bullish’ territory over the past day amid ‘high’ levels of chatter.

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