
| Nevada | 001-41612 | 88-1293236 | ||||||
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
200 Crescent Ct., Suite 1400, Dallas, Texas 75201 | ||||||||
| (Address of principal executive offices and zip code) | ||||||||
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| Class A common stock, $0.001 par value per share | ASST | The Nasdaq Stock Market LLC | ||||||||||||
| Variable Rate Series A Perpetual Preferred Stock, $0.001 par value per share | SATA | The Nasdaq Stock Market LLC | ||||||||||||
| Exhibit No. | Description | |||||||
| 99.1 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
| Strive, Inc. | |||||||||||
| Date: | March 19, 2026 | By: | /s/ Matthew Cole | ||||||||
| Matthew Cole | |||||||||||
| Chief Executive Officer | |||||||||||

(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. | ||
December 31, 2025 | December 31, 2024 | |||
(Successor) | (Predecessor) | |||
(unaudited) | ||||
Assets: | ||||
Current assets: | ||||
Cash and cash equivalents | $67,499 | $6,155 | ||
Short-term investments | — | 16,755 | ||
Prepaid expenses | 2,708 | 351 | ||
Other current assets | 1,569 | 500 | ||
Total current assets | 71,776 | 23,761 | ||
Digital assets, at fair value | 668,486 | — | ||
Property and equipment, net | 778 | 951 | ||
Intangible assets, net | 355 | 187 | ||
Right-of-use lease assets | 4,037 | 1,786 | ||
Other non-current assets | 95 | 1,512 | ||
Total assets | $745,527 | $28,197 | ||
Liabilities: | ||||
Current liabilities: | ||||
Compensation and benefits payable | $164 | $1,112 | ||
Accounts payable and other liabilities | 8,560 | 2,227 | ||
Dividends payable | 2,053 | — | ||
Total current liabilities | 10,777 | 3,339 | ||
Operating lease liabilities | 3,512 | 1,516 | ||
Total liabilities | 14,289 | 4,855 | ||
Mezzanine equity: | ||||
Variable Rate Series A Preferred Stock, $0.001 par value; 20,000,000 and 0 shares authorized, 2,012,729 and 0 shares issued and outstanding, $201.3 million and $0 redemption value and liquidation preference at December 31, 2025 and December 31, 2024, respectively | 148,802 | — | ||
Total mezzanine equity | 148,802 | — | ||
Stockholders’ equity: | ||||
Predecessor preferred stock, $0.00001 par value; 0 and 1,161,650 shares authorized, 0 and 1,158,802 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | — | 72,488 | ||
Predecessor Class A common stock, $0.00001 par value; 0 and 2,000,000 shares authorized, 0 and 2,000,000 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | — | — | ||
Predecessor Class B common stock, $0.00001 par value; 0 and 2,339,765 shares authorized, 0 and 400,970 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | — | — | ||
Successor Class A common stock, $0.001 par value; 22,200,000,000 and 0 shares authorized, 34,936,745 and 0 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively1 | 699 | — | ||
Successor Class B common stock, $0.001 par value; 1,050,000,000 and 0 shares authorized, 9,776,540 and 0 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively1 | 196 | — | ||
Additional paid-in capital | 1,055,595 | — | ||
Accumulated deficit | (474,054) | (49,146) | ||
Total stockholders’ equity | 582,436 | 23,342 | ||
Total liabilities, mezzanine equity, and stockholders' equity | $745,527 | $28,197 |
(1) All shares authorized and outstanding amounts for all periods presented reflect the Company's 1-for-20 reverse stock split on Class A and Class B common stock, which was effective after the close of trading on February 6, 2026. |
Successor | Predecessor | |||||
Period from September 12, 2025 to December 31, 2025 | Period from January 1, 2025 to September 11, 2025 | Year Ended December 31, 2024 | ||||
Revenues: | ||||||
Investment advisory fees | $1,495 | $4,187 | $3,592 | |||
Other revenue | 17 | 35 | 58 | |||
Total revenues | 1,512 | 4,222 | 3,650 | |||
Operating expenses: | ||||||
Fund management and administration | 1,867 | 4,250 | 4,867 | |||
Employee compensation and benefits | 27,639 | 7,222 | 9,135 | |||
General and administrative expense | 3,681 | 4,229 | 11,248 | |||
Marketing and advertising | 151 | 231 | 862 | |||
Depreciation and amortization | 71 | 149 | 192 | |||
Total operating expenses | 33,409 | 16,081 | 26,304 | |||
Investment gains/(losses): | ||||||
Net unrealized loss on digital assets, at fair value | (194,508) | — | — | |||
Other derivative loss | (14,731) | — | — | |||
Net investment gains/(losses) | (209,239) | — | — | |||
Net operating loss | (241,136) | (11,859) | (22,654) | |||
Other income/(expense): | ||||||
Other income | 723 | 586 | 795 | |||
Transaction costs | (12,400) | (15,717) | — | |||
Gain on lease remeasurement | — | — | 279 | |||
Goodwill and intangible asset impairment | (140,785) | — | — | |||
Total other income/(expense) | (152,462) | (15,131) | 1,074 | |||
Net loss before income taxes | (393,598) | (26,990) | (21,580) | |||
Income tax benefit/(expense) | — | — | — | |||
Net loss | $(393,598) | $(26,990) | $(21,580) | |||
Dividends on preferred stock | (4,320) | — | — | |||
Net loss attributable to common stockholders | $(397,918) | $(26,990) | $(21,580) | |||
Weighted average number of common shares outstanding: | ||||||
Basic (1) | 43,997,862 | 2,299,243 | 2,213,424 | |||
Diluted (1) | 43,997,862 | 2,299,243 | 2,213,424 | |||
Net loss per common share: | ||||||
Basic (1) | $(9.04) | $(11.74) | $(9.75) | |||
Diluted (1) | $(9.04) | $(11.74) | $(9.75) | |||
(2) All share and per-share amounts for all periods presented reflect the Company's 1-for-20 reverse stock split on Class A and Class B common stock, which was effective after the close of trading on February 6, 2026. |
Successor | Predecessor | |||||
Period from September 12, 2025 to December 31, 2025 | Period from January 1, 2025 to September 11, 2025 | Year Ended December 31, 2024 | ||||
Net loss | $(393,598) | $(26,990) | $(21,580) | |||
Share-based compensation expense | 21,710 | — | — | |||
Depreciation and amortization | 71 | 149 | 192 | |||
Other derivative loss | 14,731 | — | — | |||
Transaction costs | 12,400 | 15,717 | — | |||
Gain on lease remeasurement | — | — | (279) | |||
Goodwill and intangible asset impairment | 140,785 | — | — | |||
Non-GAAP adjusted net income (loss) | $(203,901) | $(11,124) | $(21,667) | |||
Dividends on preferred stock | (4,320) | — | — | |||
Non-GAAP adjusted net loss attributable to common stockholders | $(208,221) | $(11,124) | $(21,667) | |||
Weighted average number of diluted common shares outstanding | 43,997,862 | 2,299,243 | 2,213,424 | |||
Net loss per diluted common share | $(9.04) | $(11.74) | $(9.75) | |||
Non-GAAP adjusted net loss per diluted common share | $(4.73) | $(4.84) | $(9.79) | |||