Strive SATA

Strive, Inc. is a structured finance company and institutional asset manager that focuses on disciplined capital allocation and long term value creation. The firm adopted bitcoin as its hurdle rate for capital deployment to fulfill its fiduciary duty to maximize long term stockholder value and to compound purchasing power over time. Strive’s operating business generates stockholder value through disciplined balance sheet management and the growth of its bitcoin holdings. Following the completion of Strive Enterprises Inc.’s reverse acquisition of Asset Entities Inc. on September 12 2025 Strive began operating as a publicly traded company and commenced deploying capital to execute its bitcoin treasury strategy. As of December 31 2025 the company managed over two point four billion dollars in assets under management. The company has created the SATA Stock a publicly traded security that aims to deliver consistent cash flows with minimal volatility while enabling Strive to capture the spread between the SATA Stock’s financing cost and the potential long term return of bitcoin. Beyond balance sheet strategy Strive is focused on advancing innovation within the capital markets by modernizing established financing structures through an at the market capital formation mechanism that transforms a historically static capital structure into a dynamic funding platform. Through these initiatives Strive positions itself at the intersection of institutional finance and a bitcoin based reserve strategy. The firm describes itself as the first U. S. publicly traded bitcoin treasury asset management firm highlighting its novel approach to integrating bitcoin into a traditional finance framework.

Strive generates revenue mainly from fee based income that is directly tied to its assets under management which increase as the firm acquires and holds additional bitcoin. The SATA Stock contributes revenue through the financing spread between its cost of capital and the returns generated by the underlying bitcoin treasury. The firm also earns recurring licensing revenue from its healthcare technology subsidiary Semler Scientific which markets the QuantaFlo FDA cleared vascular testing device under a license model to hospitals integrated delivery networks independent physician groups and other healthcare customers. Additionally Strive may benefit from the appreciation of its bitcoin holdings although it follows a long term holding policy and has not sold any bitcoin to date. Cash generated from operating activities and capital raising initiatives such as equity and fixed income offerings are used to purchase bitcoin through beta initiatives while alpha strategies such as strategic M&A activity aim to acquire bitcoin at a discount to market value. The company also holds cash and cash equivalents which provide liquidity for short term working capital needs and for strategic investments such as the STRC Stock purchase. These combined revenue streams provide a mix of steady fee income and potential upside from bitcoin price appreciation.

The company operates through the following segments.

• The Asset Management segment comprises Strive’s bitcoin treasury strategy the SATA Stock and related capital raising activities. This segment managed over two point four billion dollars in assets under management as of December 31 2025 and generated recurring fee based revenue that scales with AUM. The segment holds approximately thirteen thousand six hundred twenty eight bitcoin as of March 17 2026 following the acquisition of Semler Scientific and additional open market purchases. The aggregate acquisition cost of these bitcoin holdings is approximately eight hundred sixty three million dollars. The segment also holds cash and cash equivalents of about eighty three point seven million dollars as of the same date. In addition the segment has made an initial investment of fifty million dollars in the STRC Stock of Strategy Inc which had a fair value of fifty point four million dollars as of March 17 2026. It utilizes the SATA Stock an at the market perpetual preferred equity instrument to create a flexible continuous capital formation mechanism that allows Strive to raise capital efficiently. The segment also engages multiple institutional grade custodians to safeguard its bitcoin holdings and to provide liquidity when needed.

• The Healthcare Technology Solutions segment consists of Semler Scientific’s operations which develop and market the QuantaFlo FDA cleared in office blood flow test. QuantaFlo is a four minute sensor based product that uses infrared light to measure blood flow and is sold primarily through a license model to hospitals integrated delivery networks hospitals independent physician groups and other organizations serving the healthcare industry. The segment holds a patent for the Semler Scientific apparatus that expires in December 2027 and has established relationships with a broad base of healthcare payers and providers. Revenue from this segment is derived from licensing fees and service agreements that are tied to the volume of tests performed using the QuantaFlo device. Semler Scientific manufactures its product QuantaFlo in the United States through independent contractors whom it pays for finished goods. The company has noted that usage of the QuantaFlo device has declined due to changes in Medicare reimbursement policies but continues to seek new market opportunities. The segment also invests in research and development to enhance the QuantaFlo platform and to expand its clinical applications.

Within the digital asset management arena Strive distinguishes itself by using bitcoin as a hurdle rate for investment decisions a practice that is rare among traditional asset managers and most bitcoin focused investment products. The company competes with other bitcoin treasury firms exchange traded products miners and digital asset service providers that also seek to raise capital for bitcoin purchases. Notable competitors include firms such as Grayscale CoinShares and other crypto asset managers that offer bitcoin exposure through publicly traded securities. Strive’s competitive advantages include its unique hurdle rate approach which imposes a higher accountability standard on capital allocation decisions the SATA Stock which provides a low cost financing source that enhances returns and its disciplined custody framework that employs multiple institutional grade custodians to safeguard its bitcoin holdings. In addition the firm’s focus on modernizing capital structures through an at the market mechanism gives it a flexibility that many peers lack. In the healthcare technology market Semler Scientific faces competition from other vascular diagnostic device manufacturers but benefits from its FDA cleared status its patented technology and its established relationships with healthcare payers and providers which together create a barrier to entry for new entrants. The segment’s long standing presence in the vascular testing niche and its clinical data supporting the QuantaFlo test further strengthen its competitive position.

Strive serves institutional investors and professional asset managers who seek a structured way to gain exposure to bitcoin through a regulated finance vehicle. The SATA Stock attracts investors looking for a stable income generating security that is linked to bitcoin performance while offering lower volatility than direct bitcoin ownership. The Healthcare Technology Solutions segment sells to healthcare insurance plans integrated delivery networks hospitals independent physician groups and other entities that provide vascular testing services to patients. The company’s customers are primarily located in the United States although it has begun to explore opportunities in other regions. Contracts with healthcare providers often span multiple years and include service level agreements that govern testing volumes and support. While the filing does not disclose specific customer names the described customer types illustrate the diversified base that supports Strve’s revenue streams.