Key Highlights Since Strive's Public Listing in September 2025:
Accumulated a total of 13,628 bitcoin as of March 17, 2026.
5,886 bitcoin from initial PIPE proceeds and 351 exchange.
5,048 bitcoin from acquisition of Semler Scientific, Inc.
2,694 bitcoin from other capital markets activity, including SATA IPO and follow-on, ASST ATM, and SATA ATM.
Achieved a Bitcoin Yield of 22.2% in Q4 2025 and 13.8% QTD (as of March 17, 2026) in Q1 2026.
Generated a Bitcoin Gain of ₿1,305 BTC in Q4 2025 and ₿1,050 QTD (as of March 17, 2026) in Q1 2026.
Generated a Bitcoin $ Gain of $114.3 million in Q4 2025 and $78.2 million QTD (as of March 17, 2026) in Q1 2026.
As of March 17, 2026, Strive's cash and cash equivalents totaled $83.7 million, and our position in the STRC Stock (as defined below) had a fair value of $50.4 million. Strive had 59,286,628 and 9,872,157 shares of Class A common stock and Class B common stock, respectively, and 4,275,118 shares of SATA Stock outstanding.
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, resulting in net proceeds of approximately $148.4 million, after deducting the underwriting discounts and commissions and the Company's offering expenses. The SATA Stock is listed for trading on The Nasdaq Global Market under the symbol "SATA."
Consummated the acquisition of Semler Scientific, Inc. ("Semler Scientific") in an all-stock transaction, resulting in Strive acquiring the approximately 5,048 bitcoin held by Semler Scientific. Strive is executing on its vision for Semler Scientific's operating business, now held under a wholly-owned subsidiary of Strive called Clinivanta, pursuing a broader mandate centered on preventative healthcare. In February 2026, we appointed Michelle Fox, the former Chief Medical Officer of Teleflex, as CEO of Clinivanta. Strive intends to monetize the business as it remains focused on its Bitcoin accumulation strategy.
On January 27, 2026, the Company completed a follow-on registered public offering of 1,320,000 shares of its SATA Stock at a price to the public of $90.00 per share, resulting in net proceeds of approximately $109.2 million, after deducting the underwriting discounts and commissions and the Company's offering expenses. Strive utilized these proceeds, along with cash on hand, to retire the $20 million loan with Coinbase Credit Inc., which Strive assumed as part of the acquisition of Semler Scientific. Concurrent with the above public offering, Strive exchanged approximately 929,999 shares of SATA Stock, with a $93.0 million notional balance, for $90.0 million of the principal balance of the convertible notes assumed as part of the acquisition of Semler Scientific, representing 90.0% of the principal balance of the convertible debt principal balance assumed from Semler Scientific.
Made an initial investment of $50 million (500,000 shares) of Variable Rate Series A Perpetual Stretch Preferred Stock (the "STRC Stock") of Strategy Inc. in March 2026.
GAAP net loss of $393.6 million, for the period from September 12, 2025 to December 31, 2025, with expected non-recurring expenses and/or non-cash items of $12.4 million and $177.3 million, respectively, accounting for 48.2% of the net loss. Of the remaining $203.9 million GAAP net loss, $194.5 million (95.4%) was attributable to the fair market value decrease in bitcoin holdings.
Non-GAAP adjusted net loss attributable to common stockholders1 of $208.2 million, or $4.73 per diluted common share1, which is adjusted for the 1-20 reverse stock split that became effective February 6, 2026, for the period from September 12, 2025 to December 31, 2025. $194.5 million (93.4%) of the $208.2 million non-GAAP adjusted net loss attributable to common stockholders was attributable to the fair market value decrease in bitcoin holdings and $13.7 million (6.6%) was attributable to other business operations. Non-GAAP adjusted net loss attributable to common stockholders subtracts non-recurring and non-cash items from GAAP net loss attributable to common stockholders.
"Out of the numerous successes Strive had in our first six months as a public company, the most important was cementing our foundation as a structured finance company laser focused on digital credit. We see a multi-trillion dollar opportunity for digital credit to scale in the years to come. We believe our digital credit product, SATA, provides a liquid and scalable solution for investors targeting double-digit yield with minimal volatility," said Matthew Cole, Chairman & Chief Executive Officer of Strive, Inc. "We're focused on building a track record of success for SATA by maintaining a stable trading range and keeping a strong balance sheet, which we believe will generate attractive long-term returns to our common equity stockholders vs our Bitcoin hurdle rate."
______________________(1) Non-GAAP adjusted net loss, non-GAAP adjusted net loss attributable to common stockholders, and non-GAAP adjusted net loss per diluted common share are non-GAAP measures. See page 4 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)
December 31,2025
December 31,2024
(Successor)
(Predecessor)
(unaudited)
Assets:
Current assets:
Cash and cash equivalents
$
67,499
$
6,155
Short-term investments
—
16,755
Prepaid expenses
2,708
351
Other current assets
1,569
500
Total current assets
71,776
23,761
Digital assets, at fair value
668,486
—
Property and equipment, net
778
951
Intangible assets, net
355
187
Right-of-use lease assets
4,037
1,786
Other non-current assets
95
1,512
Total assets
$
745,527
$
28,197
Liabilities:
Current liabilities:
Compensation and benefits payable
$
164
$
1,112
Accounts payable and other liabilities
8,560
2,227
Dividends payable
2,053
—
Total current liabilities
10,777
3,339
Operating lease liabilities
3,512
1,516
Total liabilities
14,289
4,855
Mezzanine equity:
Variable Rate Series A Preferred Stock, $0.001 par value; 20,000,000 and 0 shares authorized, 2,012,729 and 0 shares issued and outstanding, $201.3 million and $0 redemption value and liquidation preference at December 31, 2025 and December 31, 2024, respectively
148,802
—
Total mezzanine equity
148,802
—
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 December 31, 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 December 31, 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 December 31, 2025 and December 31, 2024, respectively
—
—
Successor Class A common stock, $0.001 par value; 22,200,000,000 and 0 shares authorized, 34,936,745 and 0 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively1
699
—
Successor Class B common stock, $0.001 par value; 1,050,000,000 and 0 shares authorized, 9,776,540 and 0 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively1
196
—
Additional paid-in capital
1,055,595
—
Accumulated deficit
(474,054
)
(49,146
)
Total stockholders' equity
582,436
23,342
Total liabilities, mezzanine equity, and stockholders' equity
$
745,527
