Strive (Nasdaq: ASST), the corporate treasury firm founded by Vivek Ramaswamy, increased its bitcoin holdings by 317 BTC over the past week, bringing total reserves to 13,627.9 BTC as of March 17, 2026, and securing the 10th position among public bitcoin treasury companies.
The accumulation occurred alongside the release of fourth-quarter 2025 financial results showing a GAAP net loss of $393.6 million, with approximately $194.5 million—nearly 50% of the total deficit—attributable to declines in the fair value of its bitcoin holdings. Strive’s stock declined 4.6% in early trading following the announcement.
Since its public listing in September 2025, Strive has built its bitcoin treasury through multiple channels, including PIPE proceeds, the acquisition of Semler Scientific, and capital markets activities such as preferred stock offerings and at-the-market programs.
Bitcoin Treasury Expansion and Rankings
Current Holdings
Strive’s latest acquisition of 317 BTC builds on its previously disclosed position of 13,310.9 BTC on March 11, lifting the company above CleanSpark to claim the 10th spot among public corporate bitcoin holders, according to Bitcoin Treasuries data. The current market value of Strive’s bitcoin holdings stands at approximately $944.3 million based on prevailing prices.
Sources of Accumulation
Since going public in September 2025, Strive has accumulated bitcoin through multiple channels:
PIPE proceeds: 5,886 BTC from initial private investment proceeds and stock exchange activity
Semler Scientific acquisition: Approximately 5,048 BTC from the acquisition of Semler Scientific, which had built its own digital asset reserve prior to the transaction
Capital markets activity: 2,694 BTC from public offerings of Strive’s Variable Rate Series A Perpetual Preferred Stock (SATA), follow-on offerings, and at-the-market issuances
Bitcoin Yield Metrics
Strive reported internally defined performance metrics tracking its bitcoin strategy:
Bitcoin Yield: 22.2% in Q4 2025 and 13.8% quarter-to-date through mid-March 2026
Bitcoin Gain: 1,305 BTC in Q4 2025 and 1,050 BTC in 2026 through March 17
Dollar equivalent: Gains translated to $114.3 million and $78.2 million over the same periods
The company noted that these metrics are designed to track changes in bitcoin per share and the impact of capital deployment on holdings, but are not equivalent to traditional financial performance measures.
Fourth Quarter Financial Results
Net Loss Breakdown
For the period from September 12 to December 31, 2025, Strive reported:
GAAP net loss: $393.6 million
Non-GAAP adjusted net loss: $208.2 million attributable to common stockholders
Bitcoin-related losses: $194.5 million of the adjusted loss (approximately 93%) attributable to declines in the fair value of bitcoin holdings
Other significant items: Impairment of goodwill and intangible assets tied to the Semler acquisition ($140.8 million) and transaction-related expenses ($12.4 million)
Balance Sheet Position
As of March 17, 2026, Strive reported:
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Cash and cash equivalents: $83.7 million
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Fair value of STRC preferred stock position: $50.4 million
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Current market value of bitcoin holdings: Approximately $944.3 million
Capital Markets Strategy
SATA Preferred Stock Program
Strive has relied heavily on structured finance instruments to fund its bitcoin strategy, particularly its Variable Rate Series A Perpetual Preferred Stock (SATA):
November 2025 initial offering: Raised approximately $148.4 million in net proceeds at $80 per share
January 2026 follow-on offering: Generated $109.2 million at $90 per share
The company recently increased SATA’s dividend to 12.75% and narrowed its targeted trading range, positioning it as a high-yield, bitcoin-backed instrument modeled on Strategy’s STRC preferred stock.
Debt Restructuring
Proceeds from the SATA offerings were used to retire a $20 million loan from Coinbase Credit Inc. assumed as part of the Semler acquisition and to exchange preferred shares for $90 million of Semler’s convertible debt.
STRC Investment
Earlier in March 2026, Strive purchased $50 million of Strategy’s STRC preferred stock, extending its exposure to bitcoin-linked yield products and diversifying its digital asset strategy.
Operating Business: Clinivanta
Strive’s acquisition of Semler Scientific included an operating business now held under wholly-owned subsidiary Clinivanta, focused on preventative healthcare. The company appointed Michelle Fox, formerly Chief Medical Officer of Teleflex, as CEO of Clinivanta in February 2026, signaling intent to develop the business alongside its primary focus on bitcoin accumulation.
Management Commentary
CEO Matthew Cole framed the results within Strive’s broader strategic context: “The most important success in our first six months as a public company was cementing our foundation as a structured finance company laser-focused on digital credit.” He emphasized that the SATA instrument provides a liquid, scalable solution for investors seeking double-digit yield with minimal volatility.
“We’re focused on building a track record of success for SATA by maintaining a stable trading range and keeping a strong balance sheet, which we believe will generate attractive long-term returns to our common equity stockholders vs our bitcoin hurdle rate,” Cole added.
Frequently Asked Questions
How much bitcoin does Strive hold and how does it rank among public companies?
As of March 17, 2026, Strive holds 13,627.9 BTC, valued at approximately $944.3 million. This positions the company as the 10th largest public corporate bitcoin holder, having recently surpassed CleanSpark in the rankings.
Why did Strive report a $393.6 million net loss despite increasing bitcoin holdings?
The loss was largely driven by non-cash items, including approximately $194.5 million in unrealized losses from declines in the fair value of bitcoin holdings during the period, plus $140.8 million in goodwill and intangible asset impairment related to the Semler Scientific acquisition. The company’s bitcoin accumulation strategy continued despite short-term price volatility.
How is Strive financing its bitcoin purchases?
Strive relies primarily on structured finance instruments, particularly its Variable Rate Series A Perpetual Preferred Stock (SATA). The company raised approximately $257.6 million through SATA offerings in November 2025 and January 2026, using proceeds to retire acquisition-related debt and fund continued bitcoin accumulation.
