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olivLaw · US equity research

Strive, Inc. ASST

Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)

20.59USD−10.17% · 1 dayClose 05 Nov 2026

Strive is a structured finance company and institutional asset manager that uses bitcoin as its hurdle rate for allocating capital. As of August 7, 2026, its bitcoin treasury had reached 20,167 bitcoin, and the daily dividend on its SATA stock has become central to its funding model.

At the close of 05 Nov 2026, Strive, Inc. (ASST) stock was 20.59 USD (−10.17% on the day), with market capitalisation 34.5 m USD, beta 2.29, 52-week range 7.17–30.75 USD. Latest reported quarter (Q2 2026): revenue of 2.9 m USD (+1,597.5% YoY), net income of -257.6 m USD, diluted EPS -3.77 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
34.5 m USD
shares as of 31 Dec 2023
P/E (TTM)
unavailable
Diluted EPS TTM -9.75 · TTM to 31 Dec 2024
E/P (TTM)
-47.35%
TTM to 31 Dec 2024
Dividend yield
unavailable
Beta (2y)
2.29
Volatility (1y) 105%
52-week range
7.1730.75

Price history

Loading chart…

Technical reading

RSI (14)
36.8
weak (30–45)
Bollinger (20, 2)
19.82 – 31.37
in the lower half of the band · %B 0.07 · band width 45.1%
SMA 50 / 200
26.93 / 16.50
mixed trend
MACD (12, 26, 9)
-1.41 / -0.61
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−30.8%−1.1%−29.7 pp—
3 months+67.3%−0.5%+67.7 pp—
6 months+33.2%+4.4%+28.8 pp—
Year to date+39.5%+12.3%+27.2 pp—
1 year−29.5%+13.5%−43.0 pp−58.7%
3 years−41.0%+76.4%−117.4 pp−57.5%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−76.3%
07 Nov 2025 → 24 Feb 2026
Max drawdown (5y)
−98.0%
03 Feb 2023 → 24 Feb 2026
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
2.9 m USD
+1,597.5% YoY
Net income
-257.6 m USD
unavailable YoY
Diluted EPS
-3.77
unavailable YoY
net / operating
-8,759.0% / -8,781.0%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ1 '24Q2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q1 '26Q2 '26
Revenue124.8 k93.0 k202.9 k212.8 k170.7 k173.3 k2.8 m2.9 m
Research & development119.0 k119.7 k ≈98.0 k ≈86.6 k99.4 k83.1 k ≈——
Operating income-1.4 m-1.7 m-7.0 m-4.7 m-4.1 m-3.7 m-313.1 m-258.2 m
Depreciation & amortisation1.1 k1.3 k ≈47.0 k51.0 k52.0 k54.0 k90.0 k86.0 k
Interest expense————1.2 k1.1 k——
Pre-tax income-1.4 m-1.7 m-6.8 m-4.1 m-3.7 m-8.9 m-265.9 m-257.6 m
Income tax——000000
Net income-4.8 m-5.9 m-6.8 m-4.1 m-3.7 m-8.9 m-265.9 m-257.6 m
Diluted EPS-0.49-0.58-3.06-1.83 ≈-1.65-3.86-4.53-3.77
Operating cash flow-1.0 m-1.3 m ≈-13.2 m ≈-6.1 m-5.6 m-4.4 m ≈-31.0 m-8.4 m ≈
Capex11.9 k2.9 k ≈185.2 k ≈-176.0 k50.0 k—0—

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year2021202220232024
Revenue829.6 k343.1 k277.0 k633.5 k
Revenue YoYunavailable−58.6%−19.3%+128.7%
Net income14.9 k-645.3 k-4.9 m-21.6 m
Net income YoYunavailable−4,439.0%unavailableunavailable
Diluted EPS0.00-0.06-1.85-9.75
Diluted EPS YoYunavailableunavailableunavailableunavailable
net %1.8%-188.1%-1,780.0%-3,406.5%
Free cash flowunavailableunavailable-3.8 m-21.6 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2024 · 31 Dec 2024

Cash
6.2 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
23.3 m USD
Total assets
28.2 m USD
Debt / equity
unavailable
Current ratio
7.12x
ROE
-109.5%
ROA
-138.0%
FCF margin
-3,412.7%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2022
343.1 k
2023
277.0 k
2024
633.5 k

SEC (XBRL)· 31 Mar 2025verified

Research & development
2022
—
2023
18.9 k
2024
423.3 k

SEC (XBRL)· 31 Mar 2025verified

Operating income
2022
-645.3 k
2023
-4.9 m
2024
-22.7 m

SEC (XBRL)· 19 Mar 2026verified

Depreciation & amortisation
2022
—
2023
734
2024
192.0 k

SEC (XBRL)· 19 Mar 2026verified

EBITDA
2022
—
2023
-4.9 m ≈
2024
-22.5 m ≈

SEC (XBRL)· 19 Mar 2026derived

Pre-tax income
2022
—
2023
-4.9 m
2024
-21.6 m

SEC (XBRL)· 19 Mar 2026verified

Income tax
2022
—
2023
—
2024
0

SEC (XBRL)· 19 Mar 2026verified

Net income
2022
-645.3 k
2023
-4.9 m
2024
-21.6 m

SEC (XBRL)· 19 Mar 2026verified

Diluted EPS
2022
-0.06
2023
-1.85
2024
-9.75

SEC (XBRL)· 19 Mar 2026verified

Weighted average diluted shares
2022
10.2 m
2023
2.7 m
2024
2.2 m

SEC (XBRL)· 19 Mar 2026verified

Balance sheet · USD

Cash
2022
137.2 k
2023
2.9 m
2024
6.2 m

SEC (XBRL)· 14 Nov 2025verified

Current assets
2022
373.0 k
2023
3.0 m
2024
23.8 m

SEC (XBRL)· 14 Nov 2025verified

Property, plant & equipment, net
2022
12.8 k
2023
12.8 k
2024
951.0 k

SEC (XBRL)· 14 Nov 2025verified

Goodwill
2022
—
2023
—
2024
0

SEC (XBRL)· 14 Nov 2025verified

Intangibles (excl. goodwill)
2022
—
2023
100.0 k
2024
187.0 k

SEC (XBRL)· 14 Nov 2025verified

Total assets
2022
373.0 k
2023
3.1 m
2024
28.2 m

SEC (XBRL)· 14 Nov 2025verified

Accounts payable
2022
214.6 k
2023
150.1 k
2024
430.5 k

SEC (XBRL)· 31 Mar 2025verified

Current liabilities
2022
219.2 k
2023
153.5 k
2024
3.3 m

SEC (XBRL)· 14 Nov 2025verified

Total liabilities
2022
219.2 k
2023
153.5 k
2024
4.9 m

SEC (XBRL)· 14 Nov 2025verified

Equity
2022
153.8 k †
2023
16.1 m †
2024
23.3 m †

SEC (XBRL)· 14 Nov 2025verified

Cash flow · USD

Operating cash flow
2022
-602.8 k
2023
-3.8 m
2024
-21.6 m

SEC (XBRL)· 19 Mar 2026verified

Capex
2022
—
2023
13.6 k
2024
24.0 k

SEC (XBRL)· 19 Mar 2026verified

Free cash flow
2022
—
2023
-3.8 m ≈
2024
-21.6 m ≈

SEC (XBRL)· 19 Mar 2026derived

Investing cash flow
2022
—
2023
-113.6 k
2024
-3.2 m

SEC (XBRL)· 19 Mar 2026verified

Financing cash flow
2022
706.3 k
2023
6.7 m
2024
28.9 m

SEC (XBRL)· 19 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
128.7%
computed by olivLawFY 2024
Revenue CAGR 3Y
-8.6%
computed by olivLawFY 2021 → FY 2024
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
-3,555.1%
computed by olivLawTTM to 30 Jun 2025
EBIT margin
-3,594.0%
computed by olivLawTTM to 30 Jun 2025
Net margin
-4,092.5%
computed by olivLawTTM to 30 Jun 2025
FCF margin
unavailable
input data missing

Returns

ROE
-9.5%
computed by olivLawTTM to 30 Jun 2025 · balance sheet at 30 Jun 2026
ROA
-4.5%
computed by olivLawTTM to 30 Jun 2025 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
-2.0%
computed by olivLawTTM to 30 Jun 2025 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
7.6x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
unavailable
input data missing
Cash ratio
5.8x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-29.3 m USD
computed by olivLawTTM to 30 Jun 2025
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
34.5 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-90.0%
computed by olivLawTTM to 30 Jun 2025
P/B
0.1x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
45.5x
computed by olivLawTTM to 30 Jun 2025 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 3 of at least 6
  • score weight coverage: 18.8% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

20.59 USD

05 Nov 2026Source: olivLaw, closing series

Market cap: 34.5 m USD

Key indicators

Market capitalisation
34.5 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
0.1x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-9.5%
computed by olivLawTTM to 30 Jun 2025 · balance sheet at 30 Jun 2026
Net margin
-4,092.5%
computed by olivLawTTM to 30 Jun 2025
Revenue growth (YoY)
128.7%
computed by olivLawFY 2024
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

25/37 reporting lines present
Latest full fiscal year: 2024
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Source: SEC (XBRL)published 10 Aug 2026
verified 414derived 24

Score by group

19% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Finance Services (SIC 6199)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-4,092.5%5 (vs peers)33%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-8.6%0 (on a fixed band)44%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet7.6x100 (on a fixed band)22%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality· partial5/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partialunavailable · 0/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Strive, Inc. (ASST). Latest full fiscal year: 2024; data up to 2026-06-30.

Figures computed from the financial statements: revenue 633.5 k USD in 2024; YoY growth 128.7%; net margin -4,092.5%; ROE -9.5%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 7.6x

What contradicts it

  • Net margin: -4,092.5%
  • Revenue CAGR 3Y: -8.6%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
—
vertical median 12.7x
EV/EBITDA
—
vertical median —
P/S
45.5x
vertical median 3.5x
above median (+1,214.7%)
P/B
0.1x
vertical median 1.0x
below median (−94.6%)
ROE
-9.5%
vertical median -20.7%
above median
Net margin
-4,092.5%
vertical median -46.9%
below median
EBIT margin
-3,594.0%
vertical median -63.5%
below median
Revenue YoY
128.7%
vertical median 24.0%
above median (+436.9%)
Net debt/EBITDA
—
vertical median 0.3x
Dividend yield
—
vertical median 0.6%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
AXPAmerican Express Co223.0 bn18.735.9%27.9%+6.4%−9% / +95%
COINCoinbase Global, Inc.40.1 bn—-4.7%-12.5%+9.4%−44% / +21%
SOFISoFi Technologies, Inc.22.4 bn36.37.1%104.3%+23.1%−42% / +138%
IRENIREN Limited6.4 bn—-23.4%-99.4%+41.1%−62% / +265%
KLARKlarna Group plc5.1 bn—-11.9%-7.8%+24.8%−57% / unavailable
GPGIGPGI, Inc.3.9 bn—-20.6%—−85.8%−31% / +229%
UPSTUpstart Holdings, Inc.2.2 bn37.88.0%4.9%+64.0%−51% / −17%
CLSKCleanSpark, Inc.1.5 bn—-68.6%-130.2%+102.2%−62% / −9%
SBETSharplink, Inc.1.4 bn—-183.6%-3,406.3%+666.1%−40% / −61%
WDWalker & Dunlop, Inc.1.4 bn35.82.2%3.0%+9.0%−38% / −53%
QFINQfin Holdings, Inc.1.3 bn1.725.3%31.1%+16.8%−72% / −65%
BTDRBitdeer Technologies Group1.3 bn—-196.7%-171.3%−5.1%−60% / +18%
KEELKeel Infrastructure Corp.1.0 bn—-87.6%-230.6%+72.0%−53% / +15%
HTTHigh Templar Tech Ltd563.7 m5.66.3%1,729.9%−80.2%−64% / +9%
JFINJiayin Group Inc.324.2 m1.441.3%24.7%+12.0%−79% / −71%
CHADDefi Development Corp.308.4 m—-589.3%-1,319.5%+442.3%unavailable / unavailable
WYFIWhitefiber, Inc.303.0 m—-13.7%-46.9%+66.2%−64% / unavailable
CANGCango Inc.204.3 m—-130.8%-90.4%+524.3%−94% / −82%
ZSQRZ Squared Inc.177.6 m—-25.9%-642.0%unavailable−82% / −86%
HSDTSolana Company116.7 m—-183.2%-1,302.8%+1,057.1%−53% / −100%
NAKANakamoto Inc.99.7 m—-342.8%-1,507.8%−33.0%−72% / unavailable
MGLDThe Marygold Companies, Inc.84.6 m—-20.7%-17.3%+8.0%+94% / +92%
AGPUAxe Compute Inc70.1 m—-1,565.2%-7,769.8%+47.7%+1% / −88%
MATHMetalpha Technology Holding Limited49.2 m2.559.1%35.4%+165.9%−62% / −30%
BENFBeneficient46.8 m———unavailable−85% / −100%

1- and 3-year price returns: for ASST from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Strive is a structured finance company and institutional asset manager that uses bitcoin as its hurdle rate for allocating capital. As of August 7, 2026, its bitcoin treasury had reached 20,167 bitcoin 2, and the daily dividend on its SATA stock has become central to its funding model 3.

    SWOT

    Strengths

    • Strive has a simple financing structure after repaying its debt and a steady flow of capital through SATA 23.
    • The company holds a large bitcoin treasury kept with institutional custodians 1.
    • Asset management brings recurring fees that grow with assets under management 1.

    Weaknesses

    • Reported results depend heavily on the bitcoin price, which makes losses very volatile 3.
    • Operating revenues are small relative to personnel and administrative costs 3.
    • The operating history is short, and management has limited experience holding bitcoin 1.

    Opportunities

    • If investors keep buying SATA, the company could grow its treasury without taking on debt 23.
    • The medical unit could grow if approvals for additional indications are obtained 1.
    • Acquisitions below market value could deliver returns above those from buying bitcoin alone 1.

    Threats

    • A fall in the bitcoin price could quickly reduce asset values and funding capacity 3.
    • New regulation or supervisory action could limit holding and trading of bitcoin 1.
    • Competition for capital could raise the cost of financing bitcoin purchases 1.

    Risks

    • Bitcoin volatilityhigh

      The treasury value and accounting result depend directly on the bitcoin price, which can fall quickly 3.

    • Reliance on equity fundinghigh

      Bitcoin purchases depend on ATM issuance, and if demand for SATA weakens, funding could slow 2.

    • Cost of SATA dividendsmedium

      Daily dividends at an annualized 13.00% accumulate and reduce income attributable to common shareholders 3.

    • Regulatory riskmedium

      Legislative changes on digital assets could affect the company's right to hold or transfer bitcoin 1.

    • Custody and security risklow

      Loss of private keys or cyberattacks could lead to loss of access to bitcoin 1.

    Investment thesis

    What would need to be true (bull case)

    • If bitcoin keeps its appreciation trend, the large treasury and continued accumulation could produce substantial gains for shareholders 1.
    • The daily SATA dividend could attract investors seeking steady cash flow, supporting long-term funding 3.
    • Clearing all debt and having no bitcoin pledged as collateral could reduce liquidation risk in volatile periods 3.

    What would break the thesis

    • If the bitcoin price falls, accounting losses could be large and repeated, as seen in the second quarter of 2026 3.
    • Funding depends on continuous issuance, and if demand for SATA contracts, bitcoin purchases could stop 2.
    • Operating revenues remain small, and personnel and administrative costs could grow faster than fees 3.

    What to watch

    • Evolution of the bitcoin treasury and pace of purchasesQ3 2026
    • Demand for SATA and volume of ATM issuanceQ3 2026
    • GAAP result and the share of losses from bitcoinQ3 2026
    • Development of assets under management and fee incomenext 10-Q

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    Strive is a structured finance company and institutional asset manager focused on disciplined capital allocation and long term value creation 1. It has adopted bitcoin as its hurdle rate, meaning its decisions are measured against an asset it believes will appreciate over time 1. Recurring fee revenue from asset management grows with assets under management, which exceeded 2.8 billion dollars at June 30, 2026 2.

    Its main funding instrument is SATA Stock, a perpetual preferred equity security with an at-the-market program that has paid dividends each business day since June 16, 2026 23. Strive aims to capture the spread between SATA's financing cost and the potential long term return of bitcoin 1. Through the Semler Scientific acquisition, completed January 16, 2026, it also acquired that company's bitcoin reserve and a medical device business 1.

    In the second quarter of 2026, the GAAP net loss was 257.6 million dollars, of which 94.1 percent came from the fair market value decrease of bitcoin and STRC Stock holdings 3. The company states it had no debt as of August 7, 2026, and no bitcoin encumbered as collateral 3. Total revenues were only 2.9 million dollars in the quarter, so the model depends far more on asset values than on operating sales 3.

    Segments

    Asset management and bitcoin treasury

    This segment earns advisory fees tied to assets under management, which rose above 2.8 billion dollars by June 30, 2026 2. Investment advisory fees were 1.5 million dollars in the second quarter of 2026 3. The bitcoin treasury, at 20,167 bitcoin on August 7, 2026 2, is the main driver of value and volatility in results.

    Medical devices through Semler Scientific

    The medical unit, acquired through Semler Scientific, markets the QuantaFlo device for testing blood flow 1. Medical device revenues were 1.4 million dollars in the second quarter of 2026 3. The company has noted decreased usage of the device linked to Medicare Advantage rate rules 1.

    Market context

    Strive describes bitcoin as an asset with a limited supply of 21 million units, and in 2025 it bought about 7,627 bitcoin for 863.0 million dollars 1. Bitcoin purchases rely on capital raised through share issuance and preferred instruments rather than operating income 2. If the bitcoin price falls, the treasury value and reported results could deteriorate quickly, as seen in the second quarter of 2026 3.

    The regulatory market remains uncertain, and the company acknowledges that new rules or supervisory actions could affect the bitcoin price and its ability to hold the asset 1. If banks limit services to companies holding bitcoin, liquidity in the asset could decline 1.

    Trends

    • Bitcoin accumulation funded by new capitalmixed

      Strive bought 6,236 bitcoin in the second quarter of 2026 3, funding purchases through at-the-market issuance of common and SATA stock 2. The model could support treasury growth as long as investors keep absorbing these instruments.

    • Daily dividend on SATAmixed

      Since June 16, 2026, SATA dividends are paid each business day at an annualized rate of 13.00% 3. The structure attracts investors seeking steady cash flow, but the dividend cost accumulates and weighs on results.

    • Balance sheet clean-uptailwind

      The company repaid all short and long-term debt and states it had none as of August 7, 2026 3. This lowers refinancing risk, though large accounting losses tied to bitcoin remain 3.

    • Regulatory and banking pressureheadwind

      Authorities and banks in several countries have in the past restricted access to services for digital assets, and new rules could reduce demand or liquidity for bitcoin 1. If this pressure grows, the treasury model could become more costly.

    Competitive position

    Strive competes for capital with exchange-traded products linked to bitcoin, bitcoin miners, digital asset exchanges and other companies holding bitcoin as a treasury reserve 1. A rise in competition for capital could increase the cost of financing bitcoin purchases 1.

    Among corporate bitcoin treasuries, the company presents itself as the first such asset management firm publicly traded in the United States 1. Its differentiation depends on the SATA instrument and its ability to attract long-term capital 2.

    • Bitcoin-linked exchange-traded products

      Compete for the same investors and for capital seeking bitcoin exposure 1.

    • Bitcoin miners

      Compete for investor capital seeking bitcoin exposure through equity 1.

    • Digital asset exchanges

      Compete for capital markets attention and investor access to bitcoin 1.

    • Other companies holding bitcoin as treasury reserve

      Compete directly for capital, particularly through share issuance and preferred instruments 1.

    News & filings

    In the press

    The latest news item in our archive is from 21 Oct 2026; the newest SEC filing is from 02 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Strive, Inc. · 19 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Strive, Inc. · 10 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Strive, Inc. · 10 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.