
| Nevada | 001-41612 | 88-1293236 |
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| (State or Other Jurisdiction of Incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
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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) |
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| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| ☐ | 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 |
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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 |
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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) |
|||