Stocks of Strive Asset Management (ASST) and Semler Scientific ( SMLR ) rose sharply in premarket trading Monday, continuing the momentum around the first merger of two publicly traded bitcoin (BTC) treasury companies.

Strive’s shares climbed about 30% to $1.46, while Semler’s stock gained 18% to $28.40. The rally continued a move started late Friday following investor Mike Alfred's disclosure on X that he had acquired more than 1 million shares of ASST.

“Strive is one of the most promising BTC Treasury companies globally trading at an attractive level,” Alfred wrote.

Retail traders have now turned their attention to the stock. The WallStreetBets community listed ASST among its top-trending tickers over the past day, with more than 100 mentions.

The renewed interest comes a month after Strive announced it would acquire Semler Scientific ( SMLR ) in an all-stock deal valuing Semler at a 210% premium, or $90.52 per share based on Friday’s close. Each share of SMLR will convert into 21.05 shares of ASST once the deal closes.

The news was not taken well by Wall Street, which has sent both stocks relentlessly lower since the announcement. At the lows last Wednesday, ASST was trading below $0.80 per share and nearly 50% below the value of the bitcoin on its balance sheet.

The combination the dirt-cheap valuation, a firming in the price of bitcoin, and the well-timed tweet from Alfred has since led to the explosive move in the stock.