Strive, Inc.

What they do

Strive operates a bitcoin treasury strategy, acquiring bitcoin through open-market purchases and strategic M&A, and funds these acquisitions by issuing equity and preferred securities, including the SATA Stock. The company also runs an asset-management business that generates fee-based revenue from assets under management (AUM), and it owns Semler Scientific's chronic-disease technology business following the January 2026 merger. As of June 30, 2026, Strive managed over $2.8 billion in AUM.

Revenue drivers

• Asset management fees — Recurring, fee-based revenue that scales with AUM, which reached over $2.8 billion as of June 30, 2026.
• Semler Scientific operating business — Develops and markets technology products for evaluating and treating chronic diseases; acquired in January 2026 and contributes product revenue.
• Bitcoin treasury spread — Captures the spread between the financing cost of SATA Stock and the long-term return of bitcoin, though not a direct revenue line.

Recent performance

In Q2 2026, Strive reported revenue of $2.9 million, up from $1.5 million in Q1 2026. GAAP net loss was $257.6 million for Q2 2026, with $234.0 million (94.1%) attributable to the fair value decrease of bitcoin and STRC holdings. Adjusted net loss attributable to common stockholders was $275.0 million, or $3.65 per diluted share. As of June 30, 2026, total assets were $1.38 billion, including $1.16 billion in digital assets at fair value, and cash and equivalents were $145.5 million. The company retired all outstanding debt as of August 7, 2026.

Strategy

Strive's strategy is to accumulate bitcoin as its primary treasury asset, using both beta initiatives (equity and debt offerings) and alpha strategies (M&A, discounted purchases). The company has adopted a bitcoin hurdle rate for capital deployment to maximize long-term stockholder value. Management emphasizes a debt-free, zero-encumbrance balance sheet to withstand bitcoin volatility. The SATA Stock, with daily business-day dividends, is designed to provide cash flows while enabling Strive to capture the spread between its financing cost and bitcoin returns.

Risks

• Bitcoin price volatility — A significant decline in bitcoin's fair value would directly impact earnings and shareholder equity, as seen in Q2 2026 losses.
• Limited operating history — Strive was formed in 2022 and only began its bitcoin treasury strategy in 2025, with a management team that has limited bitcoin-investing experience.
• Dilution from capital raises — Continuous issuance of Class A common stock and SATA Stock to fund bitcoin purchases may dilute existing common shareholders.
• Regulatory and market risk — Changes in laws, monetary policy, or digital asset regulations could adversely affect bitcoin adoption and the company's strategy.

Outlook

Management plans to operate the asset-management segment within a single-digit-million dollar operating loss to single-digit-million dollar operating profit range beginning in fiscal year 2026. The company continues to acquire bitcoin, having added 303 bitcoin from July 1 to August 7, 2026, and pays daily dividends on SATA Stock. Strive has not sold any bitcoin to date, indicating a long-term holding intent.