TL;DR:
- Strive added 317 BTC in the last week, raising its total treasury to 13,627.9 BTC and placing it among the ten largest public bitcoin holders.
- The company reported a net loss of $393.6 million in the fourth quarter of 2025, driven 93% by declines in the fair value of its bitcoin holdings.
- Strive built its position through three channels: the initial PIPE, the acquisition of Semler Scientific, and capital markets activity from its IPO and ATM programs.
Strive, the firm founded by Vivek Ramaswamy and listed on Nasdaq under the symbol ASST, purchased 317 BTC in the last week and raised its total position to 13,627.9 BTC. Following that transaction, the company surpassed CleanSpark and secured tenth place among the largest public bitcoin treasuries globally, according to data from Bitcoin Treasuries.
Its holdings stem from three distinct sources: 5,886 BTC from the initial PIPE following its stock market debut in September 2025, 5,048 BTC incorporated through the acquisition of Semler Scientific, and 2,694 BTC obtained via its IPO, at-the-market programs, and secondary offerings.
The Debt That Finances the Satoshis
Strive’s strategy relies on structured finance instruments, particularly its Series A Variable Rate Perpetual Preferred Stock, known as SATA. The company raised approximately $148.4 million in a public offering of SATA in November 2025 and an additional $109.2 million in a follow-on offering in January 2026.
Part of those funds were used to repay a $20 million loan tied to the acquisition of Semler Scientific and to restructure convertible debt. In early March, Strive also acquired $50 million in STRC preferred shares from Strategy, deepening its exposure to BTC-linked yield products.
The fourth quarter of 2025 produced a “Bitcoin Yield” of 22.2% and a “Bitcoin Gain” of 1,305 BTC, internal metrics designed to measure changes in holdings per share, though the company clarified that they are not equivalent to traditional financial indicators.
Strive: Numbers in the Red, Conviction on the Rise
Despite the growth of its holdings, Strive recorded a GAAP net loss of $393.6 million for the period spanning September 12 through December 31, 2025. On an adjusted basis, the net loss attributable to common shareholders reached $208.2 million, of which $194.5 million — nearly 93% — was driven by declines in the fair value of its bitcoin holdings.
As of March 17, the company held $83.7 million in cash and equivalents, and the market value of its bitcoin holdings stood at approximately $944.3 million. Its CEO, Matthew Cole, noted that the company is focused on building a solid track record for SATA, maintaining a stable balance sheet, and generating attractive returns for shareholders relative to Bitcoin’s benchmark rate.
