Key Highlights:
Acquired a total of 6,001 bitcoin during the first quarter ended March 31, 2026, including 5,048 bitcoin from the acquisition of Semler Scientific, Inc. and 953 bitcoin from open market purchases.
Acquired an additional 1,381 bitcoin during the period from April 1, 2026 through May 12, 2026.
Since Strive's announcement on May 4, 2026, Strive has acquired an additional 9 bitcoin, bringing our total bitcoin treasury to 15,009 bitcoin.
Achieved a Bitcoin Yield of 11.1% in Q1 2026 and 4.6% QTD (as of May 12, 2026) in Q2 2026.
Generated a Bitcoin Gain of ₿848 BTC in Q1 2026 and ₿621 QTD (as of May 12, 2026) in Q2 2026.
Generated a Bitcoin $ Gain of $57.8 million in Q1 2026 and $50.1 million QTD (as of May 12, 2026) in Q2 2026.
As of May 12, 2026, Strive's cash and cash equivalents totaled $87.6 million and our position in Variable Rate Series A Perpetual Preferred Stock of Strategy Inc. ("STRC Stock") had a fair value of $50.5 million. Strive had 63,211,995 and 9,870,636 shares of Class A common stock and Class B common stock, respectively, and 4,959,536 shares of SATA Stock outstanding as of May 12, 2026.
During the period from April 1, 2026 to May 12, 2026, the Company repurchased the remaining balance of long-term notes payable, at fair value. As of May 12, 2026, the Company has no short or long-term debt outstanding.
Consummated the acquisition of Semler Scientific, Inc. ("Semler Scientific") in an all-stock transaction, resulting in Strive acquiring the approximately 5,048 bitcoin held by Semler Scientific. Strive intends to monetize the business as it remains focused on its bitcoin accumulation strategy.
On January 27, 2026, the Company completed a follow-on registered public offering of 1,320,000 shares of its SATA Stock at a price to the public of $90.00 per share, resulting in net proceeds of approximately $109.3 million, after deducting the underwriting discounts and commissions and the Company's offering expenses. Strive utilized these proceeds, along with cash on hand, to retire the $20 million loan with Coinbase Credit Inc., which Strive assumed as part of the acquisition of Semler Scientific. Concurrent with the above public offering, Strive exchanged approximately 929,999 shares of SATA Stock, with a $93.0 million notional balance, for $90.0 million of the principal balance of the convertible notes assumed as part of the acquisition of Semler Scientific, representing 90.0% of the principal balance of the convertible debt principal balance assumed from Semler Scientific.
GAAP net loss of $265.9 million, for the three months ended March 31, 2026. $295.8 million (96.6%) of the GAAP net loss was attributable to the fair market value decrease in bitcoin holdings.
Non-GAAP adjusted net loss attributable to common stockholders1 of $319.7 million, or $5.19 per diluted common share1, for the three months ended March 31, 2026. $295.8 million (92.5%) of the $319.7 million non-GAAP adjusted net loss attributable to common stockholders was attributable to the fair market value decrease in bitcoin holdings and $13.7 million (7.5%) was attributable to other business operations. Non-GAAP adjusted net loss attributable to common stockholders subtracts non-recurring and non-cash items from GAAP net loss attributable to common stockholders.
"SATA will be the first listed security in the history of U.S. capital markets to pay cash dividends every single Business Day, beginning June 16, 2026, at a current annualized rate of 13.00%. This is a true zero-to-one innovation," said Matthew Cole, Chairman & Chief Executive Officer of Strive, Inc. "Today, Strive stands debt-free, with zero margin requirements, and zero encumbered Bitcoin; a balance sheet purpose-built to thrive through Bitcoin volatility. We're thrilled to unveil the next chapter for Strive: The Daily Dividend Company."
(1) Non-GAAP adjusted net loss, non-GAAP adjusted net loss attributable to common stockholders, and non-GAAP adjusted net loss per diluted common share are non-GAAP measures. See page 4 for reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measures.
STRIVE, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands, except share and per share data)
March 31,2026
December 31,2025
(unaudited)
(audited)
Assets:
Current assets:
Cash and cash equivalents
$
95,092
$
67,499
Investments in preferred equity, at fair value
50,510
—
Prepaid expenses
2,590
2,708
Other current assets
2,787
1,569
Total current assets
150,979
71,776
Digital assets, at fair value
929,396
668,486
Property and equipment, net
872
778
Intangible assets, net
14,994
355
Right-of-use lease assets
3,932
4,037
Other non-current assets
96
95
Total assets
$
1,100,269
$
745,527
Liabilities:
Current liabilities:
Compensation and benefits payable
$
3,667
$
164
Accounts payable and other liabilities
4,881
8,560
Dividends payable
4,647
2,053
Total current liabilities
13,195
10,777
Long-term notes payable, at fair value
9,701
—
Operating lease liabilities
3,416
3,512
Total liabilities
26,312
14,289
Mezzanine equity:
Variable Rate Series A Preferred Stock, $0.001 par value; 20,000,000 shares authorized, 4,373,194 and 2,012,729 shares issued and outstanding, $437.3 million and $201.3 million redemption value and liquidation preference as of March 31, 2026 and December 31, 2025, respectively
359,174
148,802
Total mezzanine equity
359,174
148,802
Stockholders' equity:
Class A common stock, $0.001 par value; 22,200,000,000 shares authorized, 59,286,628 and 34,936,745 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively
59
699
Class B common stock, $0.001 par value; 1,050,000,000 shares authorized, 9,872,157 and 9,776,540 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively
10
196
Additional paid-in capital
1,468,128
1,055,595
Accumulated deficit
(753,414
)
(474,054
)
Total stockholders' equity
714,783
