Schedule 13G: Graham Entities Report Nearly 10% Position in Strive (ASST)

Rhea-AI Filing Summary

Strive, Inc. received a joint Schedule 13G disclosing that Graham-related reporting persons and Kenneth Tropin beneficially own a combined 37,037,038 shares of Class A common stock, representing 9.66% of the outstanding class on a basis that assumes exercise of warrants for 18,518,519 shares. The filing breaks ownership across entities: Graham Macro Strategic Ltd. holds 15,740,741 shares (plus warrants for the same amount), Graham Credit Opportunities Ltd. holds 2,777,778 shares (plus identical warrants), and the aggregate positions are reported as shared voting and dispositive power. The filers certify the holdings were not acquired to influence control. The statement lists issuer headquarters in Dallas and is signed on September 22, 2025 by authorized parties.

Positive

• Material disclosure of a 9.66% beneficial ownership position provides transparency to investors
• Warrants disclosed (18,518,519) clarify potential future share issuance and voting impact
• Filers certify holdings were not acquired to change or influence control, reducing immediate governance concern

Negative

• Ownership is reported as shared voting and dispositive power rather than sole control, indicating coordinated influence that may be less transparent to some investors
• Significant potential dilution exists because reported percentages give effect to warrant exercise, which could alter future ownership dynamics

Insights

Financial Analyst

TL;DR A coordinated group reports a near-10% stake in Strive, including exercisable warrants, signaling a meaningful minority position without claimed intent to seek control.

The filing shows an aggregate beneficial ownership of 37,037,038 shares, equal to 9.66% of the reported 364,825,582 shares outstanding after giving effect to warrant exercise. For investors, the inclusion of 18,518,519 exercisable warrants is key because it increases potential share count and voting capacity if exercised. Ownership is reported as shared voting and dispositive power, which implies centralized decision-making among the reporting entities rather than isolated, sole control. The certification explicitly states the holdings were not acquired to change control, which may reduce immediate governance-event risk, though the position size remains material.

Corporate Governance Expert

TL;DR A group filing discloses material shared control over nearly 10% of Strive, with governance implications from shared voting power and exercisable warrants.

The report attributes shared voting power for 37,037,038 shares across Graham entities and Kenneth Tropin, indicating coordinated voting arrangements. The filing also details the structure linking entities (KGT as manager, GCM as adviser, Mr. Tropin as sole shareholder of KGT), clarifying how influence is exercised within the group. Signatures and a joint filing agreement are attached, satisfying procedural governance disclosure. The filers' certification that the stake is not held to influence control is notable but is a declarative statement rather than a contractual restriction.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Strive, Inc.

(Name of Issuer)

Class A Common Stock, $0.001 par value per share

(Title of Class of Securities)

862945102

(CUSIP Number)

09/12/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 862945102

1

Names of Reporting Persons

Graham Capital Management, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 37,037,038.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 37,037,038.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

37,037,038.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.66 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 862945102

1

Names of Reporting Persons

KGT, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 37,037,038.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 37,037,038.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

37,037,038.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.66 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 862945102

1

Names of Reporting Persons

Kenneth Tropin

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 37,037,038.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 37,037,038.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

37,037,038.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.66 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 862945102

1

Names of Reporting Persons

Graham Macro Strategic Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

VIRGIN ISLANDS, BRITISH

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 31,481,482.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 31,481,482.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

31,481,482.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.27 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 862945102

1

Names of Reporting Persons

Graham Credit Opportunities Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

VIRGIN ISLANDS, BRITISH

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,555,556.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,555,556.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,555,556.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.51 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Strive, Inc.
(b)	Address of issuer's principal executive offices: 200 Crescent Ct, Suite 1400, Dallas, TX 75201
Item 2.
(a)	Name of person filing: The names of the persons filing this report ("Reporting Persons") with respect to shares of Class A Common Stock, $0.001 par value per share (the "Common Stock") of Strive, Inc. (the "Issuer") are: Kenneth Tropin KGT, Inc. ("KGT") Graham Capital Management, L.P. ("GCM") Graham Macro Strategic Ltd. ("GMS") Graham Credit Opportunities Ltd. ("GCO")
(b)	Address or principal business office or, if none, residence: The address of the principal business office of each of GCM, GMS, and GCO is 40 Highland Avenue, Rowayton, CT 06853. The address of the principal business office of each of KGT and Mr. Tropin is 505 South Flagler Drive, Suite 1550, West Palm Beach, FL 33401.
(c)	Citizenship: GCM and KGT are organized under the laws of the State of Delaware. GMS and GCO are corporations organized in the British Virgin Islands. Mr. Tropin is a United States citizen.
(d)	Title of class of securities: Class A Common Stock, $0.001 par value per share
(e)	CUSIP No.: 862945102
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by this item with respect to each Reporting Person is set forth in Rows 5 through 9 of the cover pages to this Schedule 13G, and assumes the exercise of warrants held by the Reporting Persons to purchase an aggregate of 18,518,519 shares of Common Stock (the "Warrant Exercise"). The ownership percentages reported are based on 364,825,582 shares of Common Stock outstanding as reported by the Issuer in its registration statement filed with the Securities and Exchange Commission on that September 12, 2025 and give effect to the Warrant Exercise. GMS holds 15,740,741 shares of Common Stock and warrants immediately exercisable for 15,740,741 shares of Common Stock. GCO holds 2,777,778 shares of Common Stock and warrants immediately exercisable for 2,777,778 shares of Common Stock. KGT is the sole manager of KGT GP LLC, which is the general partner of GCM. GCM is the investment advisor to GMS and GCO. Mr. Tropin is the sole shareholder and sole director of KGT.
(b)	Percent of class: The information required by this item with respect to each Reporting Person is set forth in Row 11 of the cover pages to this Schedule 13G.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by this item with respect to each Reporting Person is set forth in Row 5 of the cover pages to this Schedule 13G.
	(ii) Shared power to vote or to direct the vote: The information required by this item with respect to each Reporting Person is set forth in Row 6 of the cover pages to this Schedule 13G.
	(iii) Sole power to dispose or to direct the disposition of: The information required by this item with respect to each Reporting Person is set forth in Row 7 of the cover pages to this Schedule 13G.
	(iv) Shared power to dispose or to direct the disposition of: The information required by this item with respect to each Reporting Person is set forth in Row 8 of the cover pages to this Schedule 13G.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Graham Capital Management, L.P.

Signature:	/s/ *
Name/Title:	Brian Douglas, Chief Executive Officer
Date:	09/22/2025

KGT, Inc.

Signature:	/s/ *
Name/Title:	Brian Douglas, Chief Executive Officer
Date:	09/22/2025

Kenneth Tropin

Signature:	/s/ *
Name/Title:	Kenneth Tropin
Date:	09/22/2025

Graham Macro Strategic Ltd.

Signature:	/s/ *
Name/Title:	Brian Douglas, Chief Executive Officer, Graham Capital Management, L.P., as investment adviser
Date:	09/22/2025

Graham Credit Opportunities Ltd.

Signature:	/s/ *
Name/Title:	Brian Douglas, Chief Executive Officer, Graham Capital Management, L.P., as investment adviser
Date:	09/22/2025

Comments accompanying signature: * By Timothy Sperry, Executive Director and Chief Compliance Officer, by Power of Attorney, filed as Exhibit 99.2 to the Schedule 13G.

Exhibit Information

Exhibit 99.1 Joint Filing Agreement Exhibit 99.2 Powers of Attorney

FAQ

How many shares of Strive, Inc. (ASST) are reported as beneficially owned by the filing group?

The filing reports an aggregate beneficial ownership of 37,037,038 shares, representing 9.66% of the Class A common stock on the stated basis.

Does the Schedule 13G include warrants and how many?

Yes. The filing assumes exercise of warrants totaling 18,518,519 shares when calculating ownership percentages.

Which reporting persons filed this Schedule 13G for ASST?

The reporting persons are Kenneth Tropin, KGT, Inc., Graham Capital Management, L.P., Graham Macro Strategic Ltd., and Graham Credit Opportunities Ltd.

What type of voting power do the filers report over the shares?

The filers report 0 shares with sole voting power and 37,037,038 shares with shared voting power; dispositive power is reported similarly.

Did the filers state any intent to influence control of Strive, Inc.?

Yes. The certification states the securities were not acquired and are not held to change or influence control of the issuer.