Strive, Inc. (NASDAQ: ASST) previously known as Asset Entities Inc., operates as a Bitcoin treasury–focused asset management company with a strategic objective of increasing Bitcoin per share to achieve long-term outperformance relative to Bitcoin. Its wholly owned subsidiary, Strive Asset Management, LLC, is an SEC-registered investment adviser that manages assets across approximately 13 exchange-traded funds, collective investment trusts, and a direct indexing platform.

Recent Developments:

• Dividend Rate Enhancement on SATA Preferred Stock: Strive, Inc. announced an increase in the annual dividend rate on its Variable Rate Series A Perpetual Preferred Stock (SATA) to 12.25% from 12.00%, reinforcing its commitment to shareholder value while preserving capital discipline. The dividend, calculated on the USD 100 stated value per share and payable monthly subject to board approval, equates to approximately USD 12.25 annually per share. In line with this revision, the Board declared a monthly dividend of USD 1.0208 per share, payable on January 15, 2026, to shareholders of record as of January 1, 2026, with the Company expecting the distribution to be treated as a Return of Capital.

Key Financial Updates:

• Strategic Transformation into a Bitcoin Treasury Platform: During the third quarter of 2025, Strive, Inc. underwent a fundamental strategic transformation, emerging as a publicly listed Bitcoin treasury company following the reverse acquisition of Asset Entities Inc. This transaction marked Strive’s transition from a conventional asset management structure to a platform centered on Bitcoin accumulation and amplification. The Company concurrently repositioned its operating model to prioritize long-duration digital assets while maintaining flexibility through an equity-only capital framework. This strategic realignment places Bitcoin as the Company’s primary hurdle rate, with performance measured by long-term outperformance relative to Bitcoin itself.
• Capital Formation and Balance Sheet Expansion: Strive significantly strengthened its balance sheet during the period through large-scale capital formation initiatives. The Company raised approximately USD 762.6 million via PIPE financing and warrant exercises through September 30, 2025, with an additional USD 736.6 million potentially available from outstanding warrants. Subsequent to quarter-end, Strive completed a registered public offering of its Variable Rate Series A Perpetual Preferred Stock (SATA), generating net proceeds of approximately USD 149.3 million. As a result, total assets expanded sharply to USD 792.6 million as of September 30, 2025, compared with USD 28.2 million at the end of 2024, reflecting the rapid scale-up of operations and treasury holdings.
• Bitcoin Accumulation and Treasury Scale-Up: Operational execution during the quarter was primarily reflected in accelerated Bitcoin accumulation. As of September 30, 2025, Strive held 5,886 Bitcoin acquired at an aggregate cost of USD 683.0 million, with a fair value of USD 672.9 million. Following the closing of the SATA offering in November 2025, reported Bitcoin holdings increased further to 7,525 BTC. On a pro forma basis, assuming completion of the Semler Scientific acquisition and continued preferred equity issuance, Bitcoin holdings could exceed 22,000 BTC, positioning Strive among the largest corporate Bitcoin holders globally.
• Distinctive Capital Structure and Risk Profile: Strive has maintained an intentionally simple and conservative capital structure, characterized by the absence of debt, margin requirements, or encumbered Bitcoin. The Company relies exclusively on perpetual preferred equity for balance sheet amplification, aligning the perpetual nature of its liabilities with the long-duration characteristics of Bitcoin. As of early November 2025, the Company reported a Bitcoin coverage ratio of approximately 3.8x and dividend coverage exceeding 30x, underscoring a differentiated credit profile relative to leveraged Bitcoin treasury peers.
• SATA Preferred Equity Performance and Investor Reception: The introduction of SATA represented a key operational milestone during the quarter. The offering was upsized from USD 125 million to USD 200 million and was more than two times oversubscribed, indicating strong investor demand. SATA launched with an expected annual cash dividend of 12.0% at stated value and an effective yield of approximately 15.0% at issuance, with dividends expected to be treated as return of capital. Management has articulated a framework designed to maintain SATA trading within a narrow price band through dividend rate adjustments and issuance controls, reinforcing price stability objectives.
• Earnings Profile and Reported Losses: From a financial performance perspective, Strive reported a GAAP net loss of USD 192.3 million for the period from September 12 to September 30, 2025, primarily driven by non-cash and non-recurring items. These included USD 140.8 million in goodwill and intangible asset impairments, USD 16.3 million in share-based compensation, and USD 14.7 million in derivative-related losses. Excluding these items, non-GAAP adjusted net loss was limited to USD 13.0 million, or USD 0.01 per diluted share, highlighting a substantially narrower underlying operating loss profile.
• Forward-Looking Operating Outlook and Integration Strategy: Looking ahead, management expects the asset management operating business to approach breakeven in 2026, with projected results ranging from a single-digit million-dollar loss to a single-digit million-dollar profit. Strategically, the proposed all-stock acquisition of Semler Scientific is expected to enhance Bitcoin exposure while providing optionality to unlock additional shareholder value through operational restructuring of Semler’s healthcare business. With continued Bitcoin accumulation, disciplined capital issuance, and a debt-free balance sheet, Strive enters the next phase of execution with a reinforced operational and financial foundation.

Key Risks:

• Bitcoin Price Volatility: The Company’s performance and balance sheet value are highly sensitive to fluctuations in Bitcoin prices, which could materially impact earnings, net asset value, and investor sentiment.
• Dividend Sustainability Risk: SATA dividends are variable and subject to board discretion; adverse market conditions or changes in capital strategy could lead to dividend adjustments, affecting income-focused investors.
• Regulatory and Policy Uncertainty: Evolving regulations around digital assets, investment advisory activities, and securities could impose additional compliance costs or restrict aspects of the Company’s business model.
• Execution and Integration Risk: The Company’s strategy relies on effective capital deployment, treasury management, and successful execution of acquisitions or structural changes, any of which could underperform expectations.

Technical Observation (on the daily chart):

Strive Inc.’s stock closed at USD 1.10, following a strong upside move that lifted it above the 20-day moving average and near the 50-day moving average. Momentum indicators have improved materially, with the RSI near 68, suggesting strong—but not yet overextended—buying interest.

Elevated volumes support the view that the move reflects genuine accumulation rather than a short-term spike. Sustained strength above the USD 1.00–1.05 zone could enable further upside, while failure to hold this range may result in renewed consolidation.

Investment View and Conclusion

Strive, Inc. represents a high-risk, high-volatility equity positioned at the intersection of Bitcoin treasury strategy and financial services. Its transition to an equity-funded, debt-free Bitcoin accumulation model differentiates it from more leveraged peers and provides structural resilience during periods of market stress.

The Company’s rapid balance sheet expansion, disciplined capital structure, and growing Bitcoin holdings provide meaningful upside optionality in a constructive Bitcoin environment. However, near-term performance will remain closely tied to Bitcoin price movements, capital market access, and execution discipline.

As per the above-mentioned price action, recent key business and financial updates, momentum in the stock over the last month, and technical indicators analysis, a ‘Speculative Buy’ rating has been given to Strive, Inc. (NASDAQ: ASST) at the closing market price of USD 1.10, as of Jan 12, 2026.

Individuals can evaluate the stock based on the support and resistance levels provided in the report in case of keen interest taking into consideration the risk-reward scenario. 

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

Related Risk: This report may be looked at from a high-risk perspective and a recommendation is provided for a short duration. This report is solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc. 

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is January 12,2026. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.