Strive, Inc. Announces Third Quarter 2026 Financial Results

Nine-month results remained a loss for common stockholders despite the third-quarter profit.

Rhea-AI Summary

Strive (Nasdaq: ASST) reported third-quarter 2026 GAAP net income of $509.0 million, supported by unrealized gains on digital assets. Diluted earnings were $5.24 per common share. Revenue totaled $2.696 million, while unrealized digital-asset gains reached $533.697 million. A medical-device research asset impairment cost $14.650 million. For the first nine months, the net loss attributable to common stockholders was $88.371 million, or $1.17 per share.

Strive acquired 8,136 bitcoin in the quarter and another 15,124 from October 1 through October 30. Reported BTC Yield was 18.5% for the quarter and 63.2% year to date. On October 20, it completed an offering of 7,000,000 shares of 15.00% SATS perpetual preferred stock, raising approximately $609.0 million net after underwriting discounts and commissions. Cash and cash equivalents totaled $490.4 million on October 30.

18 points · 3 major

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3 major · 14 points

How the balance works

Positive

• Major pointThird-quarter GAAP net income reached $509.0 million, with diluted earnings of $5.24 per common share.
• Major pointOctober 20 SATS offering raised approximately $609.0 million net after underwriting discounts and commissions. 23% of market cap
• Major pointDigital assets increased to $2,340.192 million at September 30 from $668.486 million at December 31, 2025.
• Moderate pointBitcoin purchases totaled 8,136 in the third quarter and 20,373 in the first nine months.
• Moderate pointAdditional bitcoin purchases totaled 15,124 from October 1 through October 30, 2026.
• Moderate pointReported BTC Yield was 18.5% for the quarter and 63.2% for the first nine months.
• Moderate pointCash increased to $285.405 million at September 30 from $67.499 million at December 31, 2025.
• Moderate pointNine-month bargain purchase gain totaled $66.704 million.

10 minor points

• Minor pointThird-quarter revenue totaled $2.696 million.
• Minor pointThird-quarter unrealized digital-asset gains totaled $533.697 million.
• Minor pointThird-quarter unrealized preferred-equity gains totaled $8.833 million.
• Minor pointThird-quarter other investment gains totaled $1.497 million.
• Minor pointThird-quarter adjusted income attributable to common stockholders was $494.6 million, or $5.46 per diluted share.
• Minor pointReported BTC Yield was 19.3% from October 1 through October 30, 2026.
• Minor pointOctober 30 cash and cash equivalents totaled $490.4 million.
• Minor pointNine-month revenue totaled $8.397 million.
• Minor pointNine-month unrealized digital-asset gains totaled $9.888 million.
• Minor pointNine-month unrealized preferred-equity gains totaled $3.361 million.

Negative

• Major pointSATS offering issued 7,000,000 shares of 15.00% perpetual preferred stock, adding preferred dividend obligations.
• Major pointClass A shares outstanding rose to 88,814,706 at September 30 from 34,936,745 at December 31, 2025.
• Major pointSATA liquidation preference rose to $1.3 billion at September 30 from $201.3 million at December 31, 2025.
• Moderate pointNine-month loss attributable to common stockholders totaled $88.371 million, or $1.17 per diluted share.
• Moderate pointPreferred-stock dividends totaled $34.231 million in the quarter and $73.894 million over nine months.

9 minor points

• Minor pointMedical-device research and development intangible asset impairment totaled $14.650 million in the third quarter.
• Minor pointThird-quarter employee compensation and benefits totaled $15.633 million.
• Minor pointThird-quarter general and administrative expense totaled $6.669 million.
• Minor pointNine-month debt extinguishment loss totaled $8.431 million.
• Minor pointNine-month transaction costs totaled $6.525 million.
• Minor pointNine-month loss on bitcoin held as Coinbase Loan collateral totaled $2.594 million.
• Minor pointNine-month fair-value loss on long-term notes payable totaled $2.464 million.
• Minor pointNine-month other investment loss totaled $1.304 million.
• Minor pointNine-month interest expense on long-term notes payable totaled $282,000.

Key Figures

GAAP net income: $509.0 million Net income per diluted common share: $5.24 Adjusted net income attributable to common stockholders: $494.6 million +5 more

GAAP net income

$509.0 million

Third quarter 2026

Net income per diluted common share

$5.24

Third quarter 2026; GAAP

Adjusted net income attributable to common stockholders

$494.6 million

Third quarter 2026; non-GAAP

Adjusted net income per diluted common share

$5.46

Third quarter 2026; non-GAAP

Bitcoin acquired

8,136 bitcoin

Third quarter 2026

BTC Yield

18.5%

QTD Q3 2026

SATS Stock issued

7,000,000 shares

Registered public offering completed October 20, 2026

Net offering proceeds

Approximately $609.0 million

SATS Stock offering; after underwriting discounts and commissions

Previous Earnings Reports

1 past event · Latest: Aug 10

Same Type 1 event

1. Aug 10

   Q2 earnings

   24h Move

   -0.3%

   Reported Q2 Bitcoin Yield of 23.9%, acquired 6,236 bitcoin, and recorded a GAAP net loss.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

non-gaap, fully diluted basis, registered public offering, liquidation preference

4 terms

non-gaap financial

"Non-GAAP adjusted net income attributable to common stockholders"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

fully diluted basis financial

"Net income per common share for the same period was $5.24 on a fully diluted basis."

A fully diluted basis counts every share that could exist if all outstanding options, warrants, convertible securities and other rights were exercised or converted into common stock, showing the maximum number of shares outstanding. For investors this matters because it spreads ownership and earnings across that larger share count, like slicing a pie into every possible piece before deciding how big each investor’s slice will be, which affects per-share value and ownership percentage.

registered public offering financial

"completed a registered public offering of 7,000,000 shares of its SATS Stock"

A registered public offering is when a company files required documents with regulators to sell new shares or bonds to the general public, providing standardized financial and business information for transparency. For investors, it matters because it creates an opportunity to buy newly issued securities while often increasing market liquidity, but it can also dilute existing ownership and affect share price as supply and company funding needs change—think of a bakery baking extra loaves that can satisfy more customers but slightly reduces each owner's slice of the original batch.

liquidation preference financial

"shares issued and outstanding, $1.3 billion and $201.3 million liquidation preference"

A liquidation preference is a rule that determines who gets paid first and how much they receive when a company is sold, goes bankrupt, or distributes its assets. It gives certain investors a priority claim—often returning their original investment plus any agreed multiple—before other owners receive money, which shapes how much common shareholders and founders ultimately get; think of it as a front-of-the-line pass that affects payout order and investor returns.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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DALLAS, Nov. 06, 2026 (GLOBE NEWSWIRE) -- Strive, Inc. (Nasdaq: ASST; SATA; SATS) (“Strive” or the “Company”) today announced its financial results for the third quarter ended September 30, 2026.

Key Highlights:

• Acquired a total of 8,136 bitcoin during the third quarter ended September 30, 2026 and 20,373 bitcoin during the nine months ended September 30, 2026.
• Acquired an additional 15,124 bitcoin during the period from October 1, 2026 through October 30, 2026.
• Achieved the following Bitcoin accumulation results:
  

	QTD Q3 2026:
	BTC Yield %		18.5%
	BTC Gain per ADSO		4,336.11
	BTC $ Gain per ADSO	$	3.62
	YTD Q3 2026:
	BTC Yield %		63.2%
	BTC Gain per ADSO		10,764.11
	BTC $ Gain per ADSO	$	9.00
	October 1, 2026 through October 30, 2026:
	BTC Yield %		19.3%
	BTC Gain per ADSO		5,359.93
	BTC $ Gain per ADSO	$	4.11

• As of October 30, 2026, Strive's cash and cash equivalents totaled $490.4 million and our position in Variable Rate Series A Perpetual Preferred Stock of Strategy Inc. ("STRC Stock") had a fair value of $50.1 million. Strive had 118,117,620 and 9,213,489 shares of Class A common stock and Class B common stock, respectively, and 14,030,176 and 7,003,418 shares of Variable Rate Series A Perpetual Preferred Stock ("SATA Stock") and 15.00% Series A Perpetual SATS Preferred Stock ("SATS Stock"), respectively, outstanding as of October 30, 2026.
• On October 20, 2026, completed a registered public offering of 7,000,000 shares of its SATS Stock, for net proceeds of approximately $609.0 million, after deducting the underwriting discounts and commissions. The SATS Stock is listed for trading on the Nasdaq Global Market under the symbol “SATS.”
• GAAP net income of $509.0 million for the three months ended September 30, 2026. Net income per common share for the same period was $5.24 on a fully diluted basis.
• Non-GAAP adjusted net income attributable to common stockholders¹ of $494.6 million, or $5.46 per diluted common share¹, for the three months ended September 30, 2026. Non-GAAP adjusted net income attributable to common stockholders subtracts non-recurring and non-cash items from GAAP net loss attributable to common stockholders.
• As part of its overall investment strategy, the Company is evaluating various opportunities to leverage its balance sheet, including banking, brokerage, decentralized finance, reinsurance, structured ABS, and tokenization, among other opportunities, taking into account underwriting conditions, tax implications, regulatory considerations, alignment with its broader investment objectives, and other relevant factors.
  
  

"Strive has continued to successfully execute on its treasury management strategy, delivering a strong bitcoin yield year to date in 2026, which I believe is the primary driver of our common equity's outperformance relative to Bitcoin so far this year," said Matthew Cole, Chairman & Chief Executive Officer of Strive, Inc. "With the recent issuance of SATS, we believe Strive has never been in a better position to generate long-term returns in excess of Bitcoin for our common equity shareholders."

(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 5 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, 2026				December 31, 2025
	(unaudited)				(audited)
Assets:
Current assets:
Cash and cash equivalents	$	285,405			$	67,499
Investments in preferred equity, at fair value		50,172				—
Prepaid expenses		1,034				2,708
Other current assets		2,072				1,569
Total current assets		338,683				71,776
Digital assets, at fair value		2,340,192				668,486
Property and equipment, net		731				778
Intangible assets, net		321				355
Right-of-use lease assets		3,717				4,037
Other non-current assets		526				95
Total assets	$	2,684,170			$	745,527
Liabilities:
Current liabilities:
Compensation and benefits payable	$	12,924			$	164
Accounts payable and other liabilities		7,356				8,560
Dividends payable		14,022				2,053
Total current liabilities		34,302				10,777
Operating lease liabilities		3,218				3,512
Total liabilities		37,520				14,289
Mezzanine equity:
Variable Rate Series A Preferred Stock, $0.001 par value; 40,000,000 and 20,000,000 shares authorized, 12,940,621 and 2,012,729 shares issued and outstanding, $1.3 billion and $201.3 million liquidation preference as of September 30, 2026 and December 31, 2025, respectively		1,210,820				148,802
Total mezzanine equity		1,210,820				148,802
Stockholders’ equity:
Class A common stock, $0.001 par value; 22,200,000,000 shares authorized, 88,814,706 and 34,936,745 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively		89				699
Class B common stock, $0.001 par value; 1,050,000,000 shares authorized, 9,198,036 and 9,776,540 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively		9				196
Additional paid-in capital		1,998,157				1,055,595
Accumulated deficit		(562,425	)			(474,054	)
Total stockholders’ equity		1,435,830				582,436
Total liabilities, mezzanine equity, and stockholders' equity	$	2,684,170			$	745,527

STRIVE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share data) (unaudited)
	Successor									Predecessor
	Three Months Ended September 30, 2026				Period From September 12, 2025 to September 30, 2025					Period From July 1, 2025 to September 11, 2025
Revenues:
Investment advisory fees	$	1,559			$	246				$	1,283
Medical device revenues		1,133				—					—
Other revenue		4				9					5
Total revenues		2,696				255					1,288
Operating expenses:
Fund management and administration		1,583				282					1,251
Employee compensation and benefits		15,633				18,720					3,151
General and administrative expense		6,669				445					871
Impairment of medical device research and development intangible asset		14,650				—					—
Marketing and advertising		86				18					68
Depreciation and amortization		78				12					43
Total operating expenses		38,699				19,477					5,384
Investment gains (losses):
Net unrealized gain (loss) on digital assets, at fair value		533,697				(10,133	)				—
Net unrealized gain on investments in preferred equity, at fair value		8,833				—					—
Other investment gain		1,497				—					—
Other derivative loss		—				(14,731	)				—
Total investment gains (losses)		544,027				(24,864	)				—
Net operating income (loss)		508,024				(44,086	)				(4,096	)
Other income (expense):
Other income		1,008				68					10
Goodwill and intangible asset impairment		—				(140,785	)				—
Transaction costs		—				(7,484	)				(10,280	)
Total other income (expense)		1,008				(148,201	)				(10,270	)
Net income (loss) before income taxes		509,032				(192,287	)				(14,366	)
Income tax benefit (expense)		—				—					—
Net income (loss)	$	509,032			$	(192,287	)			$	(14,366	)
Dividends on preferred stock		(34,231	)			—					—
Net income (loss) attributable to common stockholders	$	474,801			$	(192,287	)			$	(14,366	)
Weighted average number of common shares outstanding:
Basic (1)		89,080,303				43,617,459					2,325,783
Diluted (1)		90,534,798				43,617,459					2,325,783
Net income (loss) per common share:
Basic (1)	$	5.33			$	(4.41	)			$	(6.18	)
Diluted (1)	$	5.24			$	(4.41	)			$	(6.18	)

⁽¹⁾ Basic and diluted earnings per common share for Class A and Class B common stock are the same.

STRIVE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share data)
	Successor									Predecessor
	Nine Months Ended September 30, 2026				Period From September 12, 2025 to September 30, 2025					Period From January 1, 2025 to September 11, 2025
	(unaudited)				(unaudited)					(audited)
Revenues:
Investment advisory fees	$	4,418			$	246				$	4,187
Medical device revenues		3,891				—					—
Other revenue		88				9					35
Total revenues		8,397				255					4,222
Operating expenses:
Fund management and administration		4,496				282					4,250
Employee compensation and benefits		45,000				18,720					7,222
General and administrative expense		19,035				445					4,229
Impairment of medical device research and development intangible asset		14,650				—					—
Marketing and advertising		281				18					231
Depreciation and amortization		254				12					149
Total operating expenses		83,716				19,477					16,081
Investment gains (losses):
Net unrealized gain (loss) on digital assets, at fair value		9,888				(10,133	)				—
Net unrealized gain on investments in preferred equity, at fair value		3,361				—					—
Other investment loss		(1,304	)			—					—
Other derivative loss		—				(14,731	)				—
Total investment gains (losses)		11,945				(24,864	)				—
Net operating loss		(63,374	)			(44,086	)				(11,859	)
Other income (expense):
Other income		2,489				68					586
Interest expense on long-term notes payable, at fair value		(282	)			—					—
Change in fair value on long-term notes payable, at fair value		(2,464	)			—					—
Loss on extinguishment of debt		(8,431	)			—					—
Loss on change in fair value of bitcoin held as collateral under Coinbase Loan		(2,594	)			—					—
Goodwill and intangible asset impairment		—				(140,785	)				—
Transaction costs		(6,525	)			(7,484	)				(15,717	)
Bargain purchase gain		66,704				—					—
Total other income (expense)		48,897				(148,201	)				(15,131	)
Net loss before income taxes		(14,477	)			(192,287	)				(26,990	)
Income tax benefit (expense)		—				—					—
Net loss	$	(14,477	)		$	(192,287	)			$	(26,990	)
Dividends on preferred stock		(73,894	)			—					—
Net loss attributable to common stockholders	$	(88,371	)		$	(192,287	)			$	(26,990	)
Weighted average number of common shares outstanding:
Basic (1)		75,429,254				43,617,459					2,299,243
Diluted (1)		75,429,254				43,617,459					2,299,243
Net loss per common share:
Basic (1)	$	(1.17	)		$	(4.41	)			$	(11.74	)
Diluted (1)	$	(1.17	)		$	(4.41	)			$	(11.74	)

⁽¹⁾ Basic and diluted earnings per common share for Class A and Class B common stock are the same.

Non-GAAP Financial Measures

This press release contains certain non-GAAP financial measures, consisting of non-GAAP adjusted net income (loss), non-GAAP adjusted net income (loss) attributable to common stockholders and non-GAAP adjusted net income (loss) attributable to common stockholders per diluted common share. Non-GAAP financial measures are subject to material limitations as they are not measurements prepared in accordance with GAAP and are not a substitute for such measurements. Our non-GAAP financial measures are not meant to be considered in isolation and should be read only in conjunction with our consolidated financial statements, which have been prepared in accordance with GAAP. We rely primarily on such consolidated financial statements to understand, manage, and evaluate our business performance and use the non-GAAP financial measures as supplemental information. Reconciliations of reported GAAP historic measures to adjusted non-GAAP measures are included in the financial schedules contained in this press release.

Non-GAAP adjusted net income (loss)

Non-GAAP adjusted net income (loss), non-GAAP adjusted net income (loss) attributable to common stockholders, and the related non-GAAP adjusted net income (loss) per diluted common share excludes the impact of (i) share-based compensation expense, (ii) depreciation and amortization, (iii) change in fair value on long-term notes payable, at fair value, (iv) loss on extinguishment of debt, (v) loss on change in fair value of bitcoin held as collateral under Coinbase Loan, (vi) transaction costs, (vii) bargain purchase gain, (viii) other investment gain (loss), (ix) other derivative loss, (x) impairment of medical device research and development intangible asset, and (xi) goodwill and intangible asset impairment. We believe these measures offer management and investors insight as they exclude significant non-cash and/or non-recurring items. The following provides GAAP measures of net loss, net loss attributable to common stockholders, and net loss per diluted common share and the details with respect to reconciling the line items to non-GAAP adjusted net income (loss), non-GAAP adjusted net income (loss) attributable to common stockholders, and non-GAAP adjusted net income (loss) per diluted common share (all amounts in thousands, other than share and per share information):

	Successor									Predecessor
	Three Months Ended September 30, 2026				Period From September 12, 2025 to September 30, 2025					Period From July 1, 2025 to September 11, 2025
Net income (loss)	$	509,032			$	(192,287	)			$	(14,366	)
Share-based compensation expense		6,523				16,294					—
Depreciation and amortization		78				12					43
Other investment gain		(1,497	)			—					—
Other derivative loss		—				14,731					—
Impairment of medical device research and development intangible asset		14,650				—					—
Goodwill and intangible asset impairment		—				140,785					—
Transaction costs		—				7,484					10,280
Non-GAAP adjusted net income (loss)	$	528,786			$	(12,981	)			$	(4,043	)
Dividends on preferred stock		(34,231	)			—					—
Non-GAAP adjusted net income (loss) attributable to common stockholders	$	494,555			$	(12,981	)			$	(4,043	)
Weighted average number of diluted common shares outstanding		90,534,798				43,617,459					2,325,783
Net income (loss) per diluted common share	$	5.24			$	(4.41	)			$	(6.18	)
Non-GAAP adjusted net income (loss) per diluted common share	$	5.46			$	(0.30	)			$	(1.74	)
	Successor									Predecessor
	Nine Months Ended September 30, 2026				Period From September 12, 2025 to September 30, 2025					Period From January 1, 2025 to September 11, 2025
Net loss	$	(14,477	)		$	(192,287	)			$	(26,990	)
Share-based compensation expense		18,736				16,294					—
Depreciation and amortization		254				12					149
Other investment loss		1,304				—					—
Other derivative loss		—				14,731					—
Change in fair value on long-term notes payable, at fair value		2,464				—					—
Loss on extinguishment of debt		8,431				—					—
Loss on change in fair value of bitcoin held as collateral under Coinbase Loan		2,594				—					—
Impairment of medical device research and development intangible asset		14,650				—					—
Goodwill and intangible asset impairment		—				140,785					—
Transaction costs		6,525				7,484					15,717
Bargain purchase gain		(66,704	)			—					—
Non-GAAP adjusted net loss	$	(26,223	)		$	(12,981	)			$	(11,124	)
Dividends on preferred stock		(73,894	)			—					—
Non-GAAP adjusted net loss attributable to common stockholders	$	(100,117	)		$	(12,981	)			$	(11,124	)
Weighted average number of diluted common shares outstanding		75,429,254				43,617,459					2,299,243
Net loss per diluted common share	$	(1.17	)		$	(4.41	)			$	(11.74	)
Non-GAAP adjusted net loss per diluted common share	$	(1.33	)		$	(0.30	)			$	(4.84	)

Important Information About Other Metrics

Bitcoin Yield is a metric that represents the percentage change in bitcoin per share from the beginning of a period to the end of a period.

Bitcoin Gain per ADSO is a metric that represents, in SATs, the increase in the number of bitcoin held per assumed fully diluted share outstanding over the representative period. The metric is calculated multiplying the number of SATs at the beginning of the period by the Bitcoin Yield for such period, which is then divided by the number of assumed fully diluted shares outstanding at the beginning of such period.

Bitcoin $ Gain per ADSO is a metric that represents the dollar value of the Bitcoin Gain per ADSO calculated by multiplying the Bitcoin Gain per ADSO by the market price of bitcoin at the end of the period. For determining Bitcoin $ Gain per ADSO, unless otherwise specified, the Company uses the current market price of bitcoin. For determining Bitcoin $ Gain for a past fiscal year or other past period, the Company uses the market price of bitcoin as of 4:00pm ET as reported on the Coinbase exchange on the last day of the applicable period. The Company uses these market prices of bitcoin for this calculation solely for the purpose of facilitating this illustrative calculation.

The Company uses Bitcoin Yield, Bitcoin Gain per ADSO and Bitcoin $ Gain per ADSO as metrics to help assess the performance of its strategy of acquiring bitcoin in a manner the Company believes is accretive to stockholders. The Company believes these metrics can supplement investors’ understanding of how the Company chooses to fund bitcoin purchases and the value created in a period by:

• in the case of Bitcoin Yield, measuring the percentage change in bitcoin per share from the beginning of a period to the end of a period, which helps investors assess how the Company’s achievement of its strategy of acquiring bitcoin in an accretive manner varies across periods;
• in the case of Bitcoin Gain per ADSO, hypothetically expressing the percentage change reflected in the Bitcoin Yield metric as if it reflected an increase in the amount of bitcoin held for each assumed diluted common share at the end of the applicable period as compared to the beginning of such period, which provides investors with visibility into the absolute change in the Company’s bitcoin holdings per common shareholder resulting from its Bitcoin Yield; and
• in the case of Bitcoin $ Gain, further expressing that change as an illustrative dollar value by multiplying that bitcoin-denominated change by the market price of bitcoin at the end of the applicable period as described above.
  
  

When the Company uses these metrics, management takes into account the various limitations of these metrics, including that they do not take into account that our assets, including our bitcoin, are subject to (i) all of our existing and future liabilities, including our debt, and (ii) the preferential rights of our preferred stockholders to dividends and our assets in a liquidation, and that all such claims rank senior to those of our common equity; and

Bitcoin Yield, Bitcoin Gain per ADSO and Bitcoin $ Gain per ADSO are not, and should not be understood as, financial performance, valuation or liquidity measures. Specifically:

• Bitcoin Yield is not equivalent to “yield” in the traditional financial context. It is not a measure of the return on investment the Company’s stockholders may have achieved historically or can achieve in the future by purchasing stock of the Company, or a measure of income generated by the Company’s operations or its bitcoin holdings, return on investment on its bitcoin holdings, or any other similar financial measure of the performance of its business or assets.
• Bitcoin Gain per ADSO and Bitcoin $ Gain per ADSO are not equivalent to “gain” in the traditional financial context. They also are not measures of the return on investment the Company’s stockholders may have achieved historically or can achieve in the future by purchasing stock of the Company, or measures of income generated by the Company’s operations or its bitcoin holdings, return on investment on its bitcoin holdings, or any other similar financial measure of the performance of its business or assets. It should also be understood that Bitcoin $ Gain does not represent a fair value gain of the Company’s bitcoin holdings, and Bitcoin $ Gain may be positive during periods when the Company has incurred fair value losses on its bitcoin holdings.
  
  

The trading price of the Company’s Class A common stock is informed by numerous factors in addition to Company’s bitcoin holdings and its actual or potential shares of Class A common stock outstanding, and as a result, the trading price of the Company’s securities can deviate significantly from the market value of the Company’s bitcoin, and none of Bitcoin Yield, Bitcoin Gain per ADSO or Bitcoin $ Gain per ADSO are indicative or predictive of the trading price of the Company’s securities.

Investors should rely on the financial statements and other disclosures contained in the Company’s SEC filings. In particular, the Company has adopted Accounting Standards Update No. 2023-08, Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”), which requires that the Company measure its bitcoin at fair value in its statement of financial position as of the end of a reported period, and recognize gains losses from changes in the fair value in net income (loss) for the reported period. As a result, we may incur unrealized gain or loss on digital assets based on changes in the market price of bitcoin during a period, which would not be reflected in Bitcoin Yield, Bitcoin Gain per ADSO or Bitcoin $ Gain per ADSO.

As noted above, these metrics are narrow in their purpose and are used by management to assist it in assessing whether the Company is raising and deploying capital in a manner accretive to stockholders solely as it pertains to its bitcoin holdings.

In calculating these metrics, the Company does not consider the source of capital used for the acquisition of its bitcoin. When the Company purchases bitcoin using proceeds from offerings of redeemable preferred stock, such transactions have the effect of increasing the Bitcoin Yield, Bitcoin Gain per ADSO and Bitcoin $ Gain per ADSO, while also increasing the Company’s senior claims of holders of instruments other than Class A common stock with respect to dividends and to the Company’s assets, including its bitcoin, in a manner that is not reflected in these metrics.

In addition, we are required to pay dividends with respect to our perpetual preferred stock in perpetuity. The Company has historically not paid any dividends on its shares of Class A common stock, and by presenting these metrics the Company makes no suggestion that it intends to do so in the future. Ownership of the Company’s securities, including its Class A common stock and preferred stock, does not represent an ownership interest in, or a redemption right with respect to, the bitcoin the Company holds.  

The Company’s ability to achieve positive Bitcoin Yield, Bitcoin Gain per ADSO, or Bitcoin $ Gain per ADSO may depend on a variety of factors, including factors outside of its control, such as the price of bitcoin, and the availability of debt and equity financing on favorable terms. Past performance is not indicative of future results.   

These metrics are merely supplements, not substitutes to the financial statements and other disclosures contained in the Company’s SEC filings. They should be used only by sophisticated investors who understand their limited purpose and many limitations.

About Strive

Strive is a structured finance company and institutional asset manager focused on disciplined capital allocation and long-term value creation. We have strategically adopted bitcoin as our hurdle rate for capital deployment because of our fiduciary duty to maximize long-term value for stockholders and compound purchasing power over time.

Strive Asset Management, LLC, a direct, wholly owned subsidiary of Strive and an SEC-registered investment adviser, manages over $2.9 billion in assets. Learn more at strive.com.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 3b-6 promulgated thereunder, which statements involve inherent risks and uncertainties. Examples of forward-looking statements include, but are not limited to, express or implied statements regarding the outlook and expectations of Strive and its subsidiaries, the strategic benefits and financial benefits of the merger transaction with Semler Scientific, Inc. (the "merger transaction"), including the expected impact of the merger transaction on Strive’s future financial performance and the ability to successfully integrate the combined businesses, and Strive’s intentions with respect to adjusting the SATA Stock monthly regular dividend rate per annum. Such statements are often characterized by the use of qualified words (and their derivatives) such as “may,” “will,” “anticipate,” “could,” “should,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “project,” “predict,” “potential,” “assume,” “forecast,” “target,” “budget,” “outlook,” “trend,” “guidance,” “objective,” “goal,” “strategy,” “opportunity,” and “intend,” as well as words of similar meaning or other statements concerning opinions or judgments of Strive and its respective management team about future events. Forward-looking statements are based on assumptions as of the time they are made and are subject to risks, uncertainties and other factors that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results expressed or implied by such forward-looking statements as a result of various important factors. Other risks, uncertainties and assumptions, including, among others, the following:

• the outcome of any legal proceedings that may be instituted against Strive or its subsidiaries;
• the possibility that the anticipated benefits of the merger transaction are not realized when expected or at all, including as a result of changes in, or problems arising from, implementation of Bitcoin treasury strategies and risks associated with Bitcoin and other digital assets, general economic and market conditions, interest and exchange rates, monetary policy, and laws and regulations and their enforcement;
• the diversion of management’s attention from ongoing business operations and opportunities;
• dilution caused by Strive’s issuance of additional shares of its Class A common stock, SATA Stock, or SATS Stock;
• potential adverse reactions of Strive’s clients and customers or changes to business or employee relationships, including those resulting from the completion of the merger transaction;
• other factors that may affect future results of Strive or the future trading performance of its Class A common stock, SATA Stock, or SATS Stock.
  
  

These factors are not necessarily all of the factors that could cause Strive’s actual results, performance or achievements to differ materially from those expressed in or implied by any of the forward-looking statements. Other factors, including unknown or unpredictable factors, also could harm Strive’s results.

Although Strive believes that its expectations with respect to forward-looking statements are based upon reasonable assumptions within the bounds of its existing knowledge of its business and operations, there can be no assurance that the actual results of Strive will not differ materially from any projected future results expressed or implied by such forward-looking statements. Additional factors that could cause results to differ materially from those described above can be found in Strive’s Annual Report on Form 10-K, for the fiscal year ended December 31, 2025 and other documents subsequently filed by Strive with the SEC.

The actual results anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on Strive or its businesses or operations. Investors are cautioned not to rely too heavily on any such forward-looking statements. Forward-looking statements contained herein speak only as of the date hereof, and Strive undertakes no obligation to update or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.

Strive Media Contact:
media@strive.com

Investor Contact:
ir@strive.com

Source: Strive, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Strive's third-quarter 2026 earnings?

Strive reported $509.0 million in GAAP net income and $5.24 in diluted earnings per common share. Net income attributable to common stockholders was $474.801 million after preferred-stock dividends. Revenue totaled $2.696 million, and unrealized digital-asset gains totaled $533.697 million.

How much did Strive raise in its October 2026 SATS offering?

Strive raised approximately $609.0 million net, after underwriting discounts and commissions, through an offering completed October 20, 2026. It issued 7,000,000 shares of 15.00% Series A Perpetual SATS Preferred Stock, which trades on the Nasdaq Global Market under SATS.

What additional balance-sheet opportunities is Strive evaluating?

Strive is evaluating opportunities including banking, brokerage, decentralized finance, reinsurance, structured ABS and tokenization. Its evaluation considers underwriting conditions, tax implications, regulatory considerations and alignment with its investment objectives. These opportunities are under evaluation, rather than announced completed transactions.