The daily dividend innovation on SATA preferred is a structural positive for the preferred ticker, but the common stock (ASST) remains a leveraged play on bitcoin price with no operating earnings. The debt-free status and continued bitcoin accumulation are bullish for the bitcoin-per-share thesis, but the GAAP losses and dilution from preferred issuance are headwinds. Monitor bitcoin price action and any further preferred offerings.
Price Chart
Executive Summary
Strive reported Q1 2026 results with total revenue of $2.76M (up 94% YoY from $1.42M, largely due to the Semler acquisition adding medical device revenue), but GAAP net loss widened to $265.9M from $3.7M a year ago, driven by a $295.8M unrealized loss on bitcoin holdings. The company also announced it will begin paying daily dividends on its SATA preferred stock at a maintained 13.00% annual rate starting June 16, 2026, and disclosed it has fully repaid all debt, leaving it debt-free with 15,009 bitcoin on the balance sheet.
Key Financial Metrics
Key Facts
- Q1 2026 total revenue $2.76M vs $1.42M YoY (94% growth), driven by $1.37M in medical device revenue from Semler acquisition
- GAAP net loss of $265.9M, of which $295.8M (96.6%) was attributable to fair value decrease in bitcoin holdings
- Non-GAAP adjusted net loss attributable to common stockholders of $319.7M, or $5.19 per diluted share
- Bitcoin treasury grew to 15,009 BTC as of May 12, 2026, after acquiring 6,001 BTC in Q1 and 1,381 BTC post-quarter
- Company fully debt-free as of May 12, 2026, having repurchased remaining long-term notes payable
- SATA preferred stock dividend rate maintained at 13.00% per annum; dividends will be paid daily starting June 16, 2026
- Cash and cash equivalents of $87.6M as of May 12, 2026; STRC Stock position valued at $50.5M
- SATA preferred shares outstanding increased to 4,959,536 from 2,012,729 at year-end 2025, reflecting continued capital raises
Financial Impact
Revenue grew ~94% YoY to $2.76M, but GAAP net loss ballooned to $265.9M from $3.7M, almost entirely from bitcoin mark-to-market. The core operating loss (excluding bitcoin and non-recurring items) was approximately $13.7M.
Risk Factors
- Bitcoin price decline directly impacts GAAP earnings and balance sheet, as $295.8M of Q1 loss was from bitcoin fair value changes
- Continued dilution from SATA preferred stock offerings (shares outstanding more than doubled to 4.96M from 2.01M since year-end)
- Core operating business (investment advisory, medical devices) remains small and unprofitable on a GAAP basis
- Daily dividend requirement on SATA preferred creates ongoing cash obligation; company stated it does not expect to generate current earnings and profits
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-034804 |
| Document: asst-20260514.htm | 0001628280-26-034804 |
| Document: 0001628280-26-034804-index-headers.html | 0001628280-26-034804 |
| Document: 0001628280-26-034804-index.html | 0001628280-26-034804 |
| Document: 0001628280-26-034804.txt | 0001628280-26-034804 |
| 8-K Data (Synthetic) | 0001628280-26-034804 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 8, 2026 20w ago | 8-K | $97.79 $97.60 | ▼ −0.19% | ▼ −1.83% | $98.36 (+0.58%) |
Jun 5, 2026 20w ago | 424B5 | $97.79 $97.60 | ▲ +0.19% | ▲ +1.83% | $98.36 (−0.58%) |
Jun 2, 2026 21w ago | 8-K | $97.32 $96.86 | ▼ −0.47% | ▲ +1.09% | $98.36 (+1.07%) |
Jun 1, 2026 21w ago | 8-K | $99.56 $91.05 | ▲ +8.55% | ▲ +7.25% | $98.36 (+1.21%) |
May 26, 2026 22w ago | 8-K | $100.01 $90.55 | ▼ −9.46% | ▼ −7.51% | $98.36 (−1.65%) |
May 19, 2026 23w ago | 8-K | $100.01 $100.01 | · 0.00% | ▼ −0.99% | $98.36 (−1.65%) |
May 14, 2026 23w ago | 8-K | $98.84 $98.89 | ▲ +0.05% | ▲ +0.91% | $98.36 (−0.48%) |
May 14, 2026 23w ago | 8-K | $98.84 $98.89 | ▲ +0.05% | ▲ +0.91% | $98.36 (−0.48%) |
May 4, 2026 25w ago | 8-K | $99.29 $99.56 | ▲ +0.28% | ▼ −5.37% | $98.36 (−0.93%) |
Apr 27, 2026 26w ago | 8-K | $98.91 $100.01 | ▲ +1.12% | ▼ −3.84% | $98.36 (−0.55%) |
US Market Status
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