Strive Inc.

10/05/2026 | Press release | Distributed by Public on 10/05/2026 06:00

Material Event (Form 8-K)

Item 8.01. Other Events.
On October 5, 2026, Strive, Inc. ("Strive" or the "Company") announced that during the period from September 28, 2026 through October 2, 2026, Strive purchased 2,000 bitcoin at an average price of approximately $84,422 per bitcoin, inclusive of fees and expenses. The Company also announced the following updates to its holdings of cash and cash equivalents, bitcoin, and Variable Rate Series A Perpetual Stretch Preferred Stock of Strategy Inc. (the "STRC Stock") and shares outstanding of Class A common stock, Class B common stock, and Variable Rate Series A Perpetual Preferred Stock (the "SATA Stock"):
As of September 25, 2026 As of October 2, 2026 Change
Cash and cash equivalents (in thousands) $ 248,800 $ 284,700 $ 35,900
Fair value of STRC Stock (in thousands) $ 49,763 $ 50,202 $ 439
Shares of STRC held 505,000 505,000 -
Bitcoin held 27,462 29,462 2,000
Shares outstanding: (1)
Class A common stock 88,453,685 91,708,804 3,255,119
Class B common stock 9,198,036 9,230,182 32,146
Effective Common Shares Outstanding (2)
97,651,721 100,938,986 3,287,265
Options (3)
856,234 843,534 (12,700)
Unvested employee stock awards (3)
2,268,840 1,932,252 (336,588)
Assumed Fully Diluted Shares (4)
100,776,795 103,714,772 2,937,977
Shares Underlying Traditional Warrants (5)
25,349,806 23,249,706 (2,100,100)
SATA Stock 12,193,180 13,498,082 1,304,902
(1) Includes shares outstanding and shares sold through 4:00pm EST, which will be issued on the following business day. (2) Effective Common Shares Outstanding is calculated as the sum of Class A common stock and Class B common stock. (3) Represents outstanding, but unvested employee stock awards, which are subject to ongoing time and/or performance conditions. For any awards in which the achievement of performance conditions affect the number of shares to ultimately vest, represents the target number of shares granted. (4) Assumed Fully Diluted Shares Outstanding represents Effective Common Shares Outstanding plus shares underlying all potentially dilutive securities, including options and unvested RSUs. Shares underlying Traditional Warrants are excluded from this figure. (5) Represents shares exercisable underlying Traditional Warrants. Exercises of traditional warrants subject to the payment of exercise price to Company.

As of September 30, 2026, Strive held $284.7 million of cash and cash equivalents, STRC Stock with a fair value of $50.2 million, and 28,000 bitcoin, which were acquired at an average cost of $90,170 per bitcoin. During the three-months ended September 30, 2026, the Company acquired 8,137 bitcoin at an average cost of $78,885 per bitcoin.
As of September 30, 2026, the Company had 88,814,706 shares of Class A common stock, 9,198,036 shares of Class B common stock, and 12,940,621 shares of SATA Stock outstanding.
9/30/2026
Balance Sheet
Cash and cash equivalents (in thousands) $ 284,722
Bitcoin held 28,000
Fair value of bitcoin held (in thousands) $ 2,340,192
Shares of STRC held 505,000
Fair value of STRC Stock (in thousands) $ 50,172
Total treasury value (in thousands) $ 2,675,086
Debt and Preferred
Debt principal balance (in thousands) $ -
SATA stated amount (in thousands) $ 1,294,062
Total Debt and Preferred (in thousands) $ 1,294,062
Annualized interest obligation (in thousands) $ 168,228
Select Metrics
Assumed diluted shares outstanding1
100,716,638
Bitcoin per assumed diluted share (SATs) 27,801
Amplification ratio 55.3 %
Market price of BTC $ 83,577
Current quarter-to-date
BTC Yield % 18.5 %
BTC Gain per ADSO2
4,336.11
BTC $ Gain per ADSO2
$ 3.62
Current fiscal year-to-date
BTC Yield % 63.2 %
BTC Gain per ADSO2
10,764.11
BTC $ Gain per ADSO2
$ 9.00
Last 12 months
BTC Yield % 99.4 %
BTC Gain per ADSO2
13,855.03
BTC $ Gain per ADSO2
$ 11.58
1 Assumed diluted share outstanding comprises (i) the total number of Class A and Class B common stock outstanding, (ii) potential shares from assumed conversion of outstanding pre-funded warrants and shares convertible from outstanding convertible debt instruments, and (iii) potential shares from exercise of outstanding incentive stock grants, in each case as of the indicated date. All historical share amounts have been retroactively adjusted to reflect the 1-for-20 reverse stock split effected on February 6, 2026.
2 Please see the Important Information About Select Metrics below for more information on the methodology for calculating BTC Gain per ADSO and BTC $ Gain per ADSO.
The Company's financial closing procedures for the quarter ended September 30, 2026, are not yet complete. The preliminary unaudited financial information presented herein are estimates based on information available to management as of the date of this Current Report on Form 8-K, have not been reviewed or audited by the Company's independent registered accounting firm, and are subject to change. It is possible that the final results may differ from the preliminary unaudited information provided, including differences due to the completion of the financial closing procedures and/or the annual audit process; changes in facts, circumstances and/or assumptions and/or developments in the interim. The preliminary unaudited financial information does not present all information necessary for a complete understanding of the Company's results for the quarter ended September 30, 2026 and should not be viewed as a substitute for full financial statements prepared in accordance with U.S. generally accepted accounting principles, or GAAP.


SATA Repurchase Program
The Company has implemented a repurchase facility of up to $500 million for SATA, providing management with flexibility to repurchase SATA from time to time if management determines that doing so would be in the best long-term interests of the Company and its shareholders.
The Company believes Bitcoin is attractively priced at current levels. While Bitcoin remains below $100,000, management's current objective is to increase and maintain the Company's Amplification Ratio above 60%. In pursuit of this objective, the Company may evaluate a range of capital allocation and financing alternatives that management believes could enhance long-term value for common shareholders while supporting the long-term financial strength and credit profile of SATA. The Company intends to remain debt-free.
Important Information About Select Metrics
Bitcoin Yield is a metric that represents the percentage change in bitcoin per share from the beginning of a period to the end of a period.
Bitcoin Gain per ADSO is a metric that represents, in SATs, the increase in the number of bitcoin held per assumed fully diluted share outstanding over the representative period. The metric is calculated multiplying the number of SATs as the beginning of the period by the Bitcoin Yield for such period, which is then dividend b the number of assumed fully diluted shares outstanding at the beginning of such period.
Bitcoin $ Gain per ADSO is a metric that represents the dollar value of the Bitcoin Gain per ADSO calculated by multiplying the Bitcoin Gain per ADSO by the market price of bitcoin at the end of the period. For determining Bitcoin $ Gain per ADSO, unless otherwise specified, the Company uses the current market price of bitcoin. For determining Bitcoin $ Gain for a past fiscal year or other past period, the Company uses the market price of bitcoin as of 4:00pm ET as reported on the Coinbase exchange on the last day of the applicable period. The Company uses these market prices of bitcoin for this calculation solely for the purpose of facilitating this illustrative calculation.
The Company uses Bitcoin Yield, Bitcoin Gain per ADSO and Bitcoin $ Gain per ADSO as metrics to help assess the performance of its strategy of acquiring bitcoin in a manner the Company believes is accretive to stockholders. The Company believes these metrics can supplement investors' understanding of how the Company chooses to fund bitcoin purchases and the value created in a period by:
•in the case of Bitcoin Yield, measuring the percentage change in bitcoin per share from the beginning of a period to the end of a period, which helps investors assess how the Company's achievement of its strategy of acquiring bitcoin in an accretive manner varies across periods;
•in the case of Bitcoin Gain per ADSO, hypothetically expressing the percentage change reflected in the Bitcoin Yield metric as if it reflected an increase in the amount of bitcoin held for each assumed diluted common share at the end of the applicable period as compared to the beginning of such period, which provides investors with visibility into the absolute change in the Company's bitcoin holdings per common shareholder resulting from its Bitcoin Yield; and
•in the case of Bitcoin $ Gain, further expressing that change as an illustrative dollar value by multiplying that bitcoin-denominated change by the market price of bitcoin at the end of the applicable period as described above.
When the Company uses these metrics, management takes into account the various limitations of these metrics, including that they do not take into account that our assets, including our bitcoin, are subject to (i) all of our existing and future liabilities, including our debt, and (ii) the preferential rights of our preferred stockholders to dividends and our assets in a liquidation, and that all such claims rank senior to those of our common equity; and
Bitcoin Yield, Bitcoin Gain per ADSO and Bitcoin $ Gain per ADSO are not, and should not be understood as, financial performance, valuation or liquidity measures. Specifically:
•Bitcoin Yield is not equivalent to "yield" in the traditional financial context. It is not a measure of the return on investment the Company's stockholders may have achieved historically or can achieve in the future by purchasing stock of the Company, or a measure of income generated by the Company's operations or its bitcoin holdings, return on investment on its bitcoin holdings, or any other similar financial measure of the performance of its business or assets.
•Bitcoin Gain per ADSO and Bitcoin $ Gain per ADSO are not equivalent to "gain" in the traditional financial context. They also are not measures of the return on investment the Company's stockholders may have achieved historically or can achieve in the future by purchasing stock of the Company, or measures of income generated by the Company's operations or its bitcoin holdings, return on investment on its bitcoin holdings, or any other similar financial measure of the performance of its business or assets. It should also be understood that Bitcoin $ Gain does not represent a fair
value gain of the Company's bitcoin holdings, and Bitcoin $ Gain may be positive during periods when the Company has incurred fair value losses on its bitcoin holdings.
The trading price of the Company's Class A common stock is informed by numerous factors in addition to Company's bitcoin holdings and its actual or potential shares of Class A common stock outstanding, and as a result, the trading price of the Company's securities can deviate significantly from the market value of the Company's bitcoin, and none of Bitcoin Yield, Bitcoin Gain per ADSO or Bitcoin $ Gain per ADSO are indicative or predictive of the trading price of the Company's securities.
Investors should rely on the financial statements and other disclosures contained in the Company's SEC filings. In particular, the Company has adopted Accounting Standards Update No. 2023-08, Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets ("ASU 2023-08"), which requires that the Company measure its bitcoin at fair value in its statement of financial position as of the end of a reported period, and recognize gains losses from changes in the fair value in net income (loss) for the reported period. As a result, we may incur unrealized gain or loss on digital assets based on changes in the market price of bitcoin during a period, which would not be reflected in Bitcoin Yield, Bitcoin Gain per ADSO or Bitcoin $ Gain per ADSO.
As noted above, these metrics are narrow in their purpose and are used by management to assist it in assessing whether the Company is raising and deploying capital in a manner accretive to stockholders solely as it pertains to its bitcoin holdings.
In calculating these metrics, the Company does not consider the source of capital used for the acquisition of its bitcoin. When the Company purchases bitcoin using proceeds from offerings of redeemable preferred stock, such transactions have the effect of increasing the Bitcoin Yield, Bitcoin Gain per ADSO and Bitcoin $ Gain per ADSO, while also increasing the Company's senior claims of holders of instruments other than Class A common stock with respect to dividends and to the Company's assets, including its bitcoin, in a manner that is not reflected in these metrics.
In addition, we are required to pay dividends with respect to our perpetual preferred stock in perpetuity. The Company has historically not paid any dividends on its shares of Class A common stock, and by presenting these metrics the Company makes no suggestion that it intends to do so in the future. Ownership of the Company's securities, including its Class A common stock and preferred stock, does not represent an ownership interest in, or a redemption right with respect to, the bitcoin the Company holds.  
The Company's ability to achieve positive Bitcoin Yield, Bitcoin Gain per ADSO, or Bitcoin $ Gain per ADSO may depend on a variety of factors, including factors outside of its control, such as the price of bitcoin, and the availability of debt and equity financing on favorable terms. Past performance is not indicative of future results.   
These metrics are merely supplements, not substitutes to the financial statements and other disclosures contained in the Company's SEC filings. They should be used only by sophisticated investors who understand their limited purpose and many limitations.
Strive Inc. published this content on October 05, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on October 05, 2026 at 12:07 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]