Strive, Inc. reported its third‑quarter 2025 financial results on November 14, 2025, posting a GAAP net loss of $192.3 million, or $0.22 per diluted common share, for the period ending September 30. The company’s non‑GAAP adjusted net loss was $13.0 million, or $0.01 per diluted share, indicating that the bulk of the GAAP loss stemmed from non‑recurring and non‑cash items. Bitcoin holdings increased to 7,525 coins by November 7, up from 5,886 at September 30, with a cost basis of $683.0 million and a fair value of $672.9 million.
The reverse acquisition of Asset Entities Inc. was completed in the same quarter, and Strive raised $762.6 million through a PIPE financing and warrant exercises, with an additional $736.6 million available through further warrants. On November 10, the company completed a registered public offering of 2,000,000 shares of Variable Rate Series A Perpetual Preferred Stock (SATA Stock), raising approximately $149.3 million in net proceeds. SATA trades under the ticker “SATA” on the Nasdaq Global Market. These financing moves, coupled with the deployment of PIPE proceeds, enabled the company to grow its Bitcoin portfolio to 7,525 coins, making Strive the first publicly traded Bitcoin treasury asset‑management firm to finance its Bitcoin amplification exclusively through perpetual preferred equity.
Matthew Cole, Chairman and CEO, highlighted the quarter’s milestones, noting that the reverse acquisition and the SATA offering positioned Strive as a pioneer in the Bitcoin treasury space. He emphasized that Bitcoin is the company’s hurdle rate and that the company’s strategy is to “drive long‑term value to shareholders” through rapid, precise execution. Cole also referenced the all‑stock merger agreement with Semler Scientific, Inc., and the company’s launch of a Bitcoin treasury dashboard and ownership of the True North media platform, underscoring its broader ecosystem approach.
For 2026, Strive’s asset‑management segment guidance remains a single‑digit million‑dollar loss to income, or $0.01 per diluted share, reflecting cautious optimism as the company scales its Bitcoin holdings while managing operating costs. No other guidance metrics were revised, indicating that management expects the current trajectory to continue.
The all‑stock merger with Semler Scientific is expected to broaden Strive’s product portfolio and enhance operational synergies, aligning with the company’s goal of expanding beyond Bitcoin treasury into related services. The transaction is part of Strive’s strategy to leverage its Bitcoin‑centric platform to support complementary businesses.
The GAAP loss is largely attributable to non‑recurring and non‑cash charges, while the non‑GAAP loss demonstrates the underlying operational performance. The growth in Bitcoin holdings is driven by the proceeds from the SATA offering and the PIPE financing, illustrating Strive’s use of perpetual preferred equity to secure non‑dilutive capital. Together, these moves position Strive to capture Bitcoin upside while maintaining a unique financing structure that differentiates it from peers such as MicroStrategy.
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