Strive (NASDAQ:ASST) today announced its financial results for the fourth quarter and the successor period ended December 31, 2025, marking its transition into the world’s first publicly traded asset management "Bitcoin Treasury Corporation."
Since its public listing in September 2025, the company has executed an aggressive accumulation strategy, reaching a total holding of 13,628 bitcoin as of March 17, 2026.
This portfolio was built through a combination of capital markets activity, including the acquisition of Semler Scientific, and the issuance of its Variable Rate Series A Perpetual Preferred Stock (SATA).
A key metric introduced by the company, "Bitcoin Yield," reached 22.2% for the fourth quarter of 2025.
This non-GAAP performance indicator measures the percentage change in the ratio between the company’s total bitcoin holdings and its fully diluted share count, aiming to demonstrate the accretive nature of its capital raises.
During the quarter, Strive generated a "Bitcoin $ Gain" of $114.3 million, reflecting the appreciation of its digital asset holdings.
As of year-end, the company’s digital assets were valued at $668.5 million, dominating a balance sheet that now carries $83.7 million in cash and a $50.4 million strategic stake in Strategy Inc. (Nasdaq: STRC) preferred stock.
To fund this rapid expansion, Strive successfully utilized the preferred equity markets, raising approximately $148.4 million in its November SATA IPO and another $109.2 million in a January 2026 follow-on offering.
These funds were used to retire high-interest debt, including a $20 million Coinbase Credit loan, and to exchange outstanding convertible notes.
While the company reported a GAAP net loss of $393.6 million for the period—largely driven by a $194.5 million unrealized loss on digital asset revaluation and $140.8 million in goodwill impairment—management pointed to its non-GAAP adjusted net loss of $208.2 million as a more accurate reflection of its core operating performance.
Looking ahead to 2026, Strive is focused on scaling its "dual-engine" model, which pairs its substantial Bitcoin treasury with an asset management business overseeing approximately $2.5 billion.