STOCK TITAN

Strive (NASDAQ: ASST) expands bitcoin balance sheet and preferred stock load

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Strive, Inc. reported additional bitcoin purchases and updated balance sheet metrics tied to its bitcoin-focused strategy. Between June 29 and July 2, 2026, the company purchased 17.76 bitcoin at an average price of about $59,850 per bitcoin, inclusive of fees.

As of June 26 to July 2, 2026, cash and cash equivalents increased from $141,700 thousand to $153,400 thousand, while bitcoin held rose from 19,864 to 19,882. The fair value of Strategy Inc. STRC stock increased from $37,658 thousand to $44,379 thousand over the same window. As of June 30, 2026, Strive held 19,864 bitcoin with a value of $1,164,639 thousand, cash of $144,500 thousand, STRC stock valued at $42,854 thousand, and total balance sheet assets of $1,351,993 thousand.

Select metrics show assumed diluted shares outstanding rising to 84,653,128 at June 30, 2026, with bitcoin per assumed diluted share of 23,465 SATs, a quarterly BTC Yield of 24.0%, and a Bitcoin $ Gain of $191,347 thousand. Management stresses these bitcoin-specific metrics are illustrative, not traditional performance or valuation measures, and the financial data for the quarter ended June 30, 2026 remain preliminary and unaudited.

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Insights

Strive is deepening its bitcoin balance-sheet strategy while leverage from preferred stock remains high.

Strive continues to position itself as a leveraged bitcoin treasury vehicle. By June 30, 2026 it held 19,864 bitcoin worth $1,164,639 thousand, alongside cash of $144,500 thousand and STRC equity of $42,854 thousand. Total balance sheet assets reached $1,351,993 thousand, showing rapid expansion versus prior quarters.

The structure relies heavily on preferred equity. SATA perpetual preferred stood at a stated amount of $782,950 thousand at June 30, 2026, driving an annualized interest/dividend obligation of $101,784 thousand. Assumed diluted shares climbed to 84,653,128, while bitcoin per assumed diluted share improved to 23,465 SATs, reflecting both higher BTC holdings and more financing.

Management highlights non-GAAP-style metrics such as Bitcoin Yield, Bitcoin Gain and Bitcoin $ Gain, with Q2 BTC Yield at 24.0% and Bitcoin $ Gain at $191,347 thousand. They emphasize these metrics ignore debt, preferred claims and GAAP fair-value volatility under ASU 2023-08. The filing frames them as supplemental tools for sophisticated investors, not substitutes for full financial statements, which are still preliminary for the quarter ended June 30, 2026.

Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Recent bitcoin purchase 17.76 bitcoin at ~$59,850 per BTC Acquired between June 29 and July 2, 2026
Cash and cash equivalents $141,700 thousand to $153,400 thousand Increase from June 26 to July 2, 2026
Bitcoin holdings 19,864 bitcoin Balance sheet amount as of June 30, 2026
Bitcoin value $1,164,639 thousand Fair value of bitcoin as of June 30, 2026
SATA preferred stated amount $782,950 thousand Variable Rate Series A Perpetual Preferred at June 30, 2026
Annualized interest obligation $101,784 thousand Debt and preferred annualized obligation at June 30, 2026
Assumed diluted shares 84,653,128 shares Assumed diluted shares outstanding as of June 30, 2026
BTC Yield (Q2 2026) 24.0% Quarter-to-date Bitcoin Yield for period ended June 30, 2026
Bitcoin Yield financial
"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 yield is the income or return an investor earns from holding or using bitcoin, typically generated by lending it out, depositing it in interest-bearing accounts, or participating in decentralized finance activities that pay rewards. Think of it like renting out a house: you still own the asset, but you receive extra cash in exchange for allowing others to use it, and that extra cash matters to investors because it can boost overall returns, offset price swings, and change the risk profile of owning bitcoin.
Bitcoin Gain financial
"Bitcoin Gain is a metric that represents the number of bitcoin held by the Company at the beginning of a period multiplied by the Bitcoin Yield for such period."
A bitcoin gain is the increase in value an investor realizes when the price of bitcoin rises above the price they paid, either on paper (unrealized) or when they sell (realized). It matters because gains change the worth of a portfolio, affect performance comparisons, and can create tax obligations—similar to making a profit on a house or stock sale—so investors monitor gains to make decisions about selling, holding, or reporting taxes.
Bitcoin $ Gain financial
"Bitcoin $ Gain is a metric that represents the dollar value of the Bitcoin Gain calculated by multiplying the Bitcoin Gain by the market price of bitcoin."
A bitcoin $ gain is the change in an investor’s dollar value from owning Bitcoin, calculated as the difference between the price paid (or earlier value) and the current or sale price in U.S. dollars. It matters to investors because it shows realized or unrealized profit or loss from Bitcoin holdings—like the cash difference when you buy fruit at one price and sell it later—informing decisions on buying, selling, taxes and portfolio risk.
ASU 2023-08 financial
"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"
An ASU (Accounting Standards Update) is a numbered change issued by the Financial Accounting Standards Board that updates U.S. GAAP rulebooks; “ASU 2023-08” refers to the specific update published in 2023. Investors care because these updates change how companies record or present financial transactions—like a sports rule change that alters how scores are kept—so they can affect reported profits, balance sheet items and ratios used to value and compare companies.
Variable Rate Series A Perpetual Preferred Stock financial
"Variable Rate Series A Perpetual Preferred Stock, $0.001 par value per share"
A variable rate series A perpetual preferred stock is a type of share that pays a priority cash distribution whose amount resets periodically based on a reference interest rate, carries a specific series label (Series A), and has no fixed maturity date so it can remain outstanding indefinitely. Investors care because it offers higher priority income than common stock and a yield that moves with market rates—providing potential protection when rates rise but more income uncertainty than a fixed coupon.
amplification ratio financial
"Amplification ratio | — | % | 30.1 | % | 47.1 | % | 67.2 | %"
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FAQ

How much bitcoin did Strive (ASST) recently purchase and at what price?

Strive acquired 17.76 bitcoin between June 29 and July 2, 2026 at an average price of about $59,850 per bitcoin, including fees. This increased its holdings slightly and reflects ongoing execution of its bitcoin-focused treasury strategy.

What are Strive (ASST)’s bitcoin and cash holdings as of June 30, 2026?

As of June 30, 2026, Strive held 19,864 bitcoin valued at $1,164,639 thousand and cash and cash equivalents of $144,500 thousand. These figures show a balance sheet heavily exposed to bitcoin alongside a sizable cash buffer.

How large is Strive (ASST)’s preferred stock and debt obligation?

At June 30, 2026, Strive’s SATA perpetual preferred stock stood at a stated amount of $782,950 thousand, with total debt and preferred of the same amount and an annualized interest obligation of $101,784 thousand, highlighting substantial senior capital claims ahead of common equity.

What does Strive (ASST) report for assumed diluted shares and bitcoin per share?

Strive reports 84,653,128 assumed diluted shares outstanding at June 30, 2026 and 23,465 SATs of bitcoin per assumed diluted share. This metric reflects total potential equity exposure against bitcoin holdings, after factoring warrants, convertibles and incentive grants.

What are Bitcoin Yield, Bitcoin Gain, and Bitcoin $ Gain for Strive (ASST)?

For Q2 2026, Strive reports a BTC Yield of 24.0%, Bitcoin Gain of 3,264 BTC, and Bitcoin $ Gain of $191,347 thousand. Management describes these as illustrative, non-traditional metrics focused on bitcoin strategy, not standard performance or valuation measures.

Are Strive (ASST)’s June 30, 2026 financial figures final and audited?

No. Strive states the June 30, 2026 figures are preliminary and unaudited, based on information available to management. They are subject to change upon completion of quarter-end closing procedures and review under U.S. GAAP, including crypto fair-value accounting rules.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________________________________________
FORM 8-K
_________________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 6, 2026
_________________________________________________________
strive_logo.jpg
STRIVE, INC.
(Exact name of Registrant as Specified in Its Charter)
_________________________________________________________
Nevada001-41612
88-1293236
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)(IRS Employer
Identification No.)
200 Crescent Ct., Suite 1400, Dallas, Texas 75201
(Address of principal executive offices and zip code)
Registrant’s Telephone Number, Including Area Code: (855) 427-7360
(Former Name or Former Address, if Changed Since Last Report)
_________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)
Name of each exchange on which registered
Class A common stock, $0.001 par value per shareASSTThe Nasdaq Stock Market LLC
Variable Rate Series A Perpetual Preferred Stock, $0.001 par value per shareSATAThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o



Item 8.01. Other Events.
On July 6, 2026, Strive, Inc. ("Strive" or the "Company") announced that during the period from June 29, 2026 through July 2, 2026, Strive purchased 17.76 bitcoin at an average price of approximately $59,850 per bitcoin, inclusive of fees and expenses. The Company also announced the following updates to its holdings of cash and cash equivalents, bitcoin, and Variable Rate Series A Perpetual Stretch Preferred Stock of Strategy Inc. (the "STRC Stock") and shares outstanding of Class A common stock, Class B common stock, and Variable Rate Series A Perpetual Preferred Stock (the "SATA Stock"):
    
As of June 26, 2026As of July 2, 2026Change
Cash and cash equivalents (in thousands)$141,700 $153,400 $11,700 
Fair value of STRC Stock (in thousands)$37,658 $44,379 $6,721 
Shares of STRC held505,000 505,000 — 
Bitcoin held19,864 19,882 17.76
Shares outstanding: (1)
Class A common stock71,864,80972,945,8131,081,004
Class B common stock9,780,0189,780,018
SATA Stock7,829,5027,829,502
(1) Includes shares outstanding and shares sold through 4:00pm EST, which will be issued on the following business day.
As of June 30, 2026, Strive held $144.5 million of cash and cash equivalents, STRC Stock with a fair value of $42.9 million, and 19,864 bitcoin, which were acquired at an average cost of $94,761 per bitcoin. During the three-months ended June 30, 2026, the Company acquired 6,236 bitcoin at an average cost of $74,290 per bitcoin.
As of June 30, 2026, the Company had 72,164,809 shares of Class A common stock, 9,780,018 shares of Class B common stock, and 7,829,502 shares of SATA Stock outstanding.
    
9/30/202512/31/20253/31/20266/30/2026
Balance Sheet
     Bitcoin (BTC)5,8867,62713,62819,864
     Bitcoin value ($) (in thousands)$672,913 $668,486 $929,396 $1,164,639 
     Cash (in thousands)$109,069 $67,499 $95,092 $144,500 
     Shares of STRC held— — 505,000505,000
     STRC $ Value (in thousands)$— $— $50,510 $42,854 
     Total Balance Sheet (in thousands)$781,982 $735,985 $1,074,998 $1,351,993 
Debt & Preferred
     Debt principal balance (in thousands)$— $— $10,000 $— 
     SATA at stated amount (in thousands)$— $201,273 $437,319 $782,950 
     Total Debt & Preferred (in thousands)$— $201,273 $447,319 $782,950 
     Annualized interest obligation (in thousands)$— $24,656 $56,183 $101,784 
Select Metrics
     Assumed diluted shares outstanding1
42,204,97744,766,89971,985,60984,653,128
     Bitcoin per assumed diluted share (SATs)13,94617,03718,93123,465
     BTC Yield % (QTD)N/A22.2 %11.1 %24.0 %
     BTC Gain (QTD)N/A1,305 848 3,264 
     BTC $ Gain (QTD in thousands)N/A$114,341 $57,834 $191,347 
     Amplification ratio— %30.1 %47.1 %67.2 %
     Market Price of BTC$114,332 $87,650 $68,198 $58,631 
1 Assumed diluted share outstanding comprises (i) the total number of Class A and Class B common stock outstanding, (ii) potential shares from assumed conversion of outstanding pre-funded warrants and shares convertible from outstanding convertible debt instruments, and (iii) potential shares from exercise of outstanding incentive stock grants, in each case as of the indicated date. All historical share amounts have been retroactively adjusted to reflect the 1-for-20 reverse stock split effected on February 6, 2026.
The Company’s financial closing procedures for the quarter ended June 30, 2026, are not yet complete. The preliminary unaudited financial information presented herein are estimates based on information available to management as of the date of this Current Report on Form 8-K,



have not been reviewed or audited by the Company’s independent registered accounting firm, and are subject to change. It is possible that the final results may differ from the preliminary unaudited information provided, including differences due to the completion of the financial closing procedures and/or the annual audit process; changes in facts, circumstances and/or assumptions and/or developments in the interim. The preliminary unaudited financial information does not present all information necessary for a complete understanding of the Company’s results for the quarter ended June 30, 2026 and should not be viewed as a substitute for full financial statements prepared in accordance with U.S. generally accepted accounting principles, or GAAP.
Important Information About Select 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 is a metric that represents the number of bitcoin held by the Company at the beginning of a period multiplied by the Bitcoin Yield for such period.
Bitcoin $ Gain is a metric that represents the dollar value of the Bitcoin Gain calculated by multiplying the Bitcoin Gain by the market price of bitcoin. For determining Bitcoin $ Gain, 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 and Bitcoin $ Gain 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, hypothetically expressing the percentage change reflected in the Bitcoin Yield metric as if it reflected an increase in the amount of bitcoin held 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 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 and Bitcoin $ Gain 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 and Bitcoin $ Gain 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 or Bitcoin $ Gain 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 or Bitcoin $ Gain.
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 and Bitcoin $ Gain, 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, or Bitcoin $ Gain 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.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements herein and in the press release attached hereto 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 dividend rate. 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 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 or SATA 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 or SATA 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 and in the press release attached hereto 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.



SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Strive, Inc.
Date:July 6, 2026By:/s/ Matthew Cole
Matthew Cole
Chief Executive Officer

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