Third Quarter 2025 Highlights:
Consummated the reverse acquisition of Asset Entities Inc. and concurrently raised $762.6 million through PIPE financing transaction and warrant exercises through September 30, 2025, with the opportunity to raise an additional $736.6 million through exercise of remaining warrants.
Announced the entry into an agreement and plan of merger for the acquisition of Semler Scientific, Inc. ("Semler") in an all-stock transaction that would result in Semler being a wholly owned subsidiary of Strive, subject to the satisfaction of customary closing conditions and approval by the stockholders of Semler.
Strive has identified potential new executive leadership for Semler Scientific's operating business to oversee a broader mandate centered on preventative healthcare. The target for the buildout is to mirror the organizational model that Strive co-founder Vivek Ramaswamy pioneered with Roivant Sciences in the biotech sector. Strive believes the refreshed Semler business, with the proper execution, will enhance shareholder value for the combined company and could potentially enable Strive to monetize the business as it remains focused on its Bitcoin strategy.
Accumulated an aggregate holding of 5,886 Bitcoin, with a total cost of $683.0 million and fair value of $672.9 million as of September 30, 2025. As of November 7, 2025, the Company held reported holdings of 7,525 Bitcoin following the closing of its perpetual preferred equity.
GAAP net loss of $192.3 million, or $0.22 per diluted common share, for the period from September 12, 2025 to September 30, 2025, with expected non-recurring ($7.5 million) and/or non-cash items ($179.3 million), accounting for 93.2% of the net loss.
Non-GAAP adjusted net loss1 of $13.0 million, or $0.01 per diluted common share1, for the period from September 12, 2025 to September 30, 2025. Non-GAAP adjusted net loss subtracts non-recurring and non-cash items from GAAP net loss.
Management forecasts its asset management operating business to have a single digit million-dollar loss to a single digit million-dollar income, or $0.01 net loss to $0.01 net income per diluted common share, respectively, in 2026.
On November 10, 2025, the Company completed a registered public offering of 2,000,000 shares of its Variable Rate Series A Perpetual Preferred Stock ("SATA Stock"), at a price to the public of $80.00 per share, for net proceeds of approximately $149.3 million, after deducting the underwriting discounts and commissions and the Company's estimated offering expenses. The SATA Stock is listed for trading on The Nasdaq Global Market under the symbol "SATA."
In November 2025, the Company made available a dashboard on our website to provide ongoing information, including market prices of outstanding securities, Bitcoin purchases and holdings, amplification ratios, credit data, and other supplemental information. The Bitcoin treasury dashboard can be viewed at https://treasury.strive.com/.
The Company released an investor update for both ASST common stock and the SATA Stock with management commentary on the update given during the Hurdle Rate on November 10, 2025. The ASST and SATA Investor Update can be viewed at https://strive.com/documents/FG/strive_bitcoin/news/650391_2025.11_ASST__SATA_Update-vF.pdf. The Hurdle Rate presentation of the ASST and SATA investor update can be viewed at https://x.com/HurdleRatePod/status/1987898366496293088.
"In the third quarter, Strive achieved significant milestones in its Bitcoin accumulation journey, including the close of our reverse acquisition of Asset Entities Inc., which resulted in Strive becoming the first publicly traded Bitcoin treasury asset management firm. Strive concurrently closed on a PIPE financing transaction, and deployed the majority of the net proceeds into Bitcoin investments. We also entered into an agreement and plan of merger to acquire Semler Scientific, Inc., which we expect will be accretive to the Bitcoin exposure to our shareholders and provide significant potential future value based on the synergy of Semler's medical device business and the expertise of Strive management and board members. Strive continued this positive momentum into the fourth quarter, closing the successful IPO of its first issuance of variable rate perpetual preferred stock, making Strive the first Bitcoin treasury company to finance its Bitcoin amplification exclusively through perpetual preferred equity, and the second overall, after Strategy, to issue a publicly traded perpetual preferred equity security," said Matthew Cole, Chairman & Chief Executive Officer of Strive, Inc.
(1) Non-GAAP adjusted net loss and non-GAAP adjusted net loss per diluted share are non-GAAP measures. See below for reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measures.
STRIVE, INC.CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION(in thousands, except share and per share data)
September 30,2025
December 31,2024
(Successor)
(Predecessor)
(unaudited)
(audited)
Assets:
Current assets:
Cash and cash equivalents
$
109,069
$
6,155
Short-term investments
—
16,755
Prepaid expenses
3,533
351
Other current assets
1,601
500
Total current assets
114,203
23,761
Digital assets, at fair value
672,913
—
Property and equipment, net
816
951
Intangible assets, net
361
187
Right-of-use lease assets
4,141
1,786
Other non-current assets
142
1,512
Total assets
$
792,576
$
28,197
Liabilities:
Current liabilities:
Compensation and benefits payable
$
357
$
1,112
Accounts payable and other liabilities
9,186
2,227
Total current liabilities
9,543
3,339
Operating lease liabilities
3,604
1,516
Total liabilities
13,147
4,855
Stockholders' equity:
Predecessor preferred stock, $0.00001 par value; 0 and 1,161,650 shares authorized, 0 and 1,158,802 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively
—
72,488
Predecessor Class A common stock, $0.00001 par value; 0 and 2,000,000 shares authorized, 0 and 2,000,000 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively
—
—
Predecessor Class B common stock, $0.00001 par value; 0 and 2,339,765 shares authorized, 0 and 400,970 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively
—
—
Successor Class A common stock, $0.001 par value; 444,000,000,000 and 0 shares authorized, 448,817,597 and 0 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively
449
—
Successor Class B common stock, $0.001 par value; 21,000,000,000 and 0 shares authorized, 218,035,473 and 0 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively
218
—
Additional paid-in capital
1,047,185
—
Accumulated deficit
(268,423
)
(49,146
)
Total stockholders' equity
779,429
23,342
Total liabilities and stockholders' equity
$
792,576
$
28,197
STRIVE, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except share and per share data)(unaudited)
Successor
Predecessor
Period from September 12, 2025 to September 30, 2025
Period from July 1, 2025 to September 11, 2025
Three Months Ended September 30, 2024
Revenues:
Investment advisory fees
$
246
$
1,283
$
950
Other revenue
9
5
34
Total revenues
255
1,288
984
Operating expenses:
Fund management and administration
282
1,251
1,272
Employee compensation and benefits
18,720
3,151
2,182
General and administrative expense
445
871
4,404
Marketing and advertising
18
68
89
Depreciation and amortization
