Strive, Inc. (ASST)

Price$29.35Cached quoteAs of 2026-09-23 08:57 UTC

AI: Overvalued

Price checkThe stock looks expensive against its assets and has no reliable earnings base to support the premium.

At the observed market price, 93.3 million basic common shares imply approximately $2.5 billion of common equity value. Recent disclosures show 24,531 bitcoin; using a contemporaneous bitcoin reference near $74,300 gives about $1.82 billion, plus $202.6 million cash and $49.2 million of other preferred investments. After nearly $1.0 billion of SATA preferred claims and other liabilities, estimated common net asset value is near $1.1 billion. The stock therefore trades at roughly 2.4 times adjusted asset value, supporting an Overvalued verdict.

Big pictureThe balance sheet is large, but owners still depend heavily on Bitcoin rising and new funding staying worthwhile.

The June 30 filing reported 19,864 bitcoin at $1.165 billion fair value, $145.5 million cash, and $42.9 million in Strategy preferred stock. By September 4, holdings had reached 24,531 bitcoin and cash had risen to $202.6 million; the Strategy preferred position was about $49.2 million at August 28. Using a contemporaneous bitcoin reference near $74,300, gross assets were roughly $2.1 billion. Against nearly $1.0 billion of SATA preferred claims and other liabilities, the common cushion is much smaller than the headline asset total.

Business strengthIts underlying businesses are small and loss-making, so Bitcoin price changes currently drive most of the company’s value.

The supplied history shows FY2024 revenue of $3.65 million, a $21.6 million net loss, and negative $21.6 million operating cash flow, compared with FY2023 revenue of only $0.3 million. Free cash flow, meaning cash left after running and investing in the business, was also roughly negative $21.6 million. In the first half of 2026, investment advisory fees were $2.9 million, while second-quarter revenue was $2.9 million against $24.4 million of operating expenses. The $257.6 million quarterly loss was dominated by changing asset values, not durable operating profits.

What could change the storyBitcoin growth per common share could help, but dilution, dividends, and a Bitcoin drop could quickly reverse the thesis.

The bull case is continued Bitcoin appreciation plus financing that increases Bitcoin per common share. Strive reported a 37.7% first-half Bitcoin Yield, meaning holdings grew faster than the relevant share count, but this is not a cash return. The August 28 disclosure showed 1,800 Bitcoin added alongside 3.58 million new Class A shares, a favorable short-term per-share signal. However, SATA carried a 13% annualized dividend rate, nearly $999 million of claims, and 26.6 million warrants near their exercise price. More share issuance, costly preferred funding, or a Bitcoin decline could compress the premium quickly.

AI: News

Bitcoin AccumulationStrive added 3,175 Bitcoin in two weeks, strengthening its growth story while increasing dependence on new financing.

On August 31, Strive disclosed the purchase of 1,800 bitcoin at an average cost of about $79,431, raising holdings to 23,156 bitcoin. A further 1,375 bitcoin bought between August 31 and September 4 for about $109 million lifted the total to 24,531. The purchases materially increase exposure to Bitcoin and support the company’s ranking among public holders. They also rely on preferred and common financing, so the benefit to common owners depends on asset growth exceeding the cost and dilution of that funding.

Second Quarter ResultsSecond-quarter results showed asset growth, but operating losses and preferred dividends remained far larger than recurring revenue.

On August 10, Strive reported second-quarter revenue of $2.9 million, including $1.5 million from investment advisory fees and $1.4 million from medical devices. The company recorded a $257.6 million net loss, with $234.0 million caused by fair-value declines in Bitcoin and related preferred investments; another $26.2 million reflected dividends on SATA preferred shares. Cash was $145.5 million at June 30, and the company said it had eliminated debt by August 7. The release supports balance-sheet expansion, but not yet a profitable operating model.

Loading local price history

Revenue

2021

2022

2023

2024

Net income

2021

2022

2023

2024

Free cash flow

2023

2024

Total cash / debt

CashTotal debt

2021

2022

2023

2024

2025

Financial statements

	2024	2023	2022	2021
Revenue	$3.6M	$277,038	$343,106	$829,618
Research & development	$423,299	$18,935	—	—
Operating expenses	$26.3M	$5.2M	$988,361	$814,747
Operating income	−$22.7M	−$4.9M	−$645,255	$14,871
Operating margin	−620.66%	−1,779.97%	−188.06%	1.79%
EBITDA	−$22.5M	−$4.9M	—	—
EBITDA margin	−615.40%	−1,779.71%	—	—
Net income	−$21.6M	−$4.9M	−$645,255	$14,871
Net profit margin	−591.23%	−1,779.97%	−188.06%	1.79%
Basic EPSper basic share	-$9.75	-$37.00	-$1.20	$0.00
Diluted EPSper diluted share	-$9.75	-$37.00	-$1.20	$0.00

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈20.83%of listed shares

SEMLER ERIC15.03M shares · Jan 16, 2026

View holders

Top 20 reported holders of ASST
Holder	% owned
SEMLER ERIC	≈20.83%15.03M shares
FMR LLC	13.70%9.89M shares
BlackRock, Inc.	7.30%5.27M shares
Capital International Investors	4.18%3.02M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.81%2.75M shares
GOLDMAN SACHS GROUP INC	2.90%2.09M shares
GEODE CAPITAL MANAGEMENT, LLC	2.55%1.84M shares
STATE STREET CORP	2.08%1.5M shares
MORGAN STANLEY	1.97%1.42M shares
Sarkhani Arshia	≈1.79%1.29M shares
Fairbanks Kyle	≈1.78%1.29M shares
Fairbanks Jackson	≈1.78%1.28M shares
Sarkhani Arman	≈1.78%1.28M shares
Gaubert Michael	≈1.76%1.27M shares
Krueger Matthew	≈1.74%1.26M shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	1.70%1.23M shares
Cole Matthew Ryan	≈1.66%1.2M shares
Lavish James	≈1.54%1.11M shares
UBS Group AG	1.45%1.05M shares
Interchange Capital Partners, LLC	1.22%882.09K shares

Percentages use 72.16M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys9$2.34M disclosed value

Sells (SEC code S)24$3.94M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Feb 18, 2026Form 4	Pham BenjaminChief Financial Officer	BuyClass A Common Stock · indirect	6.2K	$8.06	$50.1K	6.2K
Feb 17, 2026Form 4	Pham BenjaminChief Financial Officer	BuyClass A Common Stock · indirect	7.9K	$8.23	$65.0K	7.9K
Feb 13, 2026Form 4	Beirne Brian LoganChief Legal Officer	BuyClass A Common Stock	11.5K	$8.73	$100.4K	15.2K
Jan 13, 2026Form 4	Cole Matthew RyanChief Executive Officer	BuyClass A Common Stock	500.0K	$0.92	$460.0K	763.0K
Dec 15, 2025Form 4	Cole Matthew RyanChief Executive Officer	BuyClass A Common Stock · indirect	58.7K	$0.81	$47.6K	58.7K

Review ownership filings at SEC.gov ↗

Community posts

View community

@tickerstat26 days ago
Strive reaches 25,000 bitcoin after a $36.6 million purchase
Strive ($ASST) purchased 469 bitcoin for approximately $36.6 million, taking its reported treasury to 25,000 BTC. The acquisition price averaged just under $78,000 per coin. Management said the capital raised during the reporting week came ...
0
0

Strive, Inc. (ASST)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

Strive reaches 25,000 bitcoin after a $36.6 million purchase