Strive, Inc. Form 8-K Summary
Business Context and Reporting Period
Strive, Inc. (Nasdaq: ASST, SATA) filed a Current Report on Form 8-K dated July 6, 2026. The filing discloses recent bitcoin acquisitions and provides preliminary, unaudited financial updates as of June 30, 2026, and July 2, 2026. The company operates a strategy focused on acquiring and holding bitcoin, utilizing proceeds from preferred stock offerings and other capital sources.
Key Financial Metrics and Holdings
Bitcoin Holdings: As of June 30, 2026, Strive held 19,864 bitcoin with a fair value of approximately $1.165 billion. Between June 29 and July 2, 2026, the company purchased an additional 17.76 bitcoin at an average price of $59,850, bringing total holdings to 19,882 bitcoin as of July 2, 2026. The average cost basis for the entire bitcoin portfolio as of June 30 was $94,761 per coin.
Liquidity and Assets: Cash and cash equivalents totaled $144.5 million as of June 30, 2026, increasing to $153.4 million by July 2, 2026. The company also holds 505,000 shares of Strategy Inc. (STRC) preferred stock, valued at $42.9 million as of June 30 and $44.4 million as of July 2.
Capital Structure: As of June 30, 2026, the company had no outstanding debt principal. However, it held $782.95 million in Variable Rate Series A Perpetual Preferred Stock (SATA Stock) at stated amount, with an annualized interest obligation of approximately $101.8 million. Class A common shares outstanding were 72.16 million as of June 30, rising to 72.95 million by July 2.
Material Changes and Trends
- Bitcoin Accumulation: During the three months ended June 30, 2026, Strive acquired 6,236 bitcoin at an average cost of $74,290. Total bitcoin holdings grew from 5,886 in September 2025 to 19,864 by June 2026.
- Balance Sheet Growth: Total balance sheet value increased from $782 million in September 2025 to $1.352 billion as of June 30, 2026, driven primarily by bitcoin appreciation and accumulation.
- Preferred Stock Issuance: The stated amount of SATA Stock increased significantly from $201.3 million in December 2025 to $782.95 million in June 2026, reflecting capital raised to fund bitcoin purchases.
- Share Count: Assumed diluted shares outstanding increased from 42.2 million in September 2025 to 84.7 million in June 2026, reflecting equity issuances and a 1-for-20 reverse stock split in February 2026.
Guidance, Risks, and Management Commentary
Management Commentary: Management utilizes non-GAAP metrics such as "Bitcoin Yield," "Bitcoin Gain," and "Bitcoin $ Gain" to assess the accretive nature of their capital deployment. For the quarter ended June 30, 2026, the Bitcoin Yield was 24.0%, with a Bitcoin $ Gain of $191.3 million. Management emphasizes that these metrics do not represent traditional financial performance or return on investment and do not account for liabilities or preferred stock claims.
Risks and Contingencies: The filing includes extensive forward-looking statements regarding a merger transaction with Semler Scientific, Inc., noting risks related to integration, regulatory changes, and market conditions. The company warns that bitcoin holdings are subject to market volatility and that the trading price of its securities may deviate significantly from the value of its bitcoin holdings. Additionally, the company must pay perpetual dividends on its SATA Stock, which ranks senior to common equity.
Unusual Items: The financial data presented is preliminary and unaudited. The company notes that final results may differ upon completion of financial closing procedures and the annual audit. The company has adopted ASU 2023-08, requiring bitcoin to be measured at fair value with changes recognized in net income.
Investor Verification Checklist
- Verify the final audited financial statements for the quarter ended June 30, 2026, as current figures are preliminary estimates.
- Confirm the status and expected closing date of the merger transaction with Semler Scientific, Inc.
- Review the terms of the Variable Rate Series A Perpetual Preferred Stock (SATA) to understand dividend obligations and liquidation preferences.
- Monitor the company's cash burn rate relative to its $101.8 million annualized interest obligation on preferred stock.
- Assess the impact of the 1-for-20 reverse stock split on historical share counts and per-share metrics.