STRIVE, INC., 10-Q filed on 11/6/2026
Quarterly Report
v3.26.3
Cover - shares
 9 Months Ended
Sep. 30, 2026
Oct. 30, 2026
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2026  
Document Transition Report false  
Entity File Number 001-41612  
Entity Registrant Name STRIVE, INC.  
Entity Incorporation, State or Country Code NV  
Entity Tax Identification Number 88-1293236  
Entity Address, Address Line One 200 Crescent Ct, Suite 1400  
Entity Address, City or Town Dallas  
Entity Address, State or Province TX  
Entity Address, Postal Zip Code 75201  
City Area Code 855  
Local Phone Number 427-7360  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company true  
Entity Ex Transition Period false  
Entity Shell Company false  
Entity Central Index Key 0001920406  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Class A Common Stock    
Document Information [Line Items]    
Title of 12(b) Security Class A common stock, $0.001 par value per share  
Trading Symbol ASST  
Security Exchange Name NASDAQ  
Entity Common Stock, Shares Outstanding   118,117,620
Variable Rate Series A Perpetual Preferred Stock    
Document Information [Line Items]    
Title of 12(b) Security Variable Rate Series A Perpetual Preferred Stock, $0.001 par value per share  
Trading Symbol SATA  
Security Exchange Name NASDAQ  
15.00% Series A Perpetual SATS Preferred Stock, $0.001 par value per share    
Document Information [Line Items]    
Title of 12(b) Security 15.00% Series A Perpetual SATS Preferred Stock, $0.001 par value per share  
Trading Symbol SATS  
Security Exchange Name NASDAQ  
Class B Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   9,213,489
v3.26.3
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 285,405 $ 67,499
Investments in preferred equity, at fair value 50,172 0
Prepaid expenses 1,034 2,708
Other current assets 2,072 1,569
Total current assets 338,683 71,776
Digital assets, at fair value 2,340,192 668,486
Property and equipment, net 731 778
Intangible assets, net 321 355
Right-of-use lease assets 3,717 4,037
Other non-current assets 526 95
Total assets 2,684,170 745,527
Current liabilities:    
Compensation and benefits payable 12,924 164
Accounts payable and other liabilities 7,356 8,560
Dividends payable 14,022 2,053
Total current liabilities 34,302 10,777
Operating lease liabilities 3,218 3,512
Total liabilities 37,520 14,289
Mezzanine equity:    
Total mezzanine equity 1,210,820 148,802
Stockholders’ equity:    
Additional paid-in capital 1,998,157 1,055,595
Accumulated deficit (562,425) (474,054)
Total stockholders’ equity 1,435,830 582,436
Total liabilities, mezzanine equity, and stockholders' equity 2,684,170 745,527
Variable Rate Series A Perpetual Preferred Stock    
Mezzanine equity:    
Total mezzanine equity 1,210,820 148,802
Class A Common Stock    
Stockholders’ equity:    
Common stock 89 699
Class B Common Stock    
Stockholders’ equity:    
Common stock $ 9 $ 196
v3.26.3
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Temporary equity, shares outstanding (in shares) 12,940,621 2,012,729
Variable Rate Series A Perpetual Preferred Stock    
Temporary equity, par value (in USD per share) $ 0.001 $ 0.001
Temporary equity, shares authorized (in shares) 40,000,000 20,000,000
Temporary equity, shares issued (in shares) 12,940,621 2,012,729
Temporary equity, shares outstanding (in shares) 12,940,621 2,012,729
Temporary equity, liquidation preference $ 1,300.0 $ 201.3
Class A Common Stock    
Common stock, par value (in USD per share) $ 0.001 $ 0.001
Common stock, authorized (in shares) 22,200,000,000 22,200,000,000
Common stock, issued (in shares) 88,814,706 34,936,745
Common stock, outstanding (in shares) 88,814,706 34,936,745
Class B Common Stock    
Common stock, par value (in USD per share) $ 0.001 $ 0.001
Common stock, authorized (in shares) 1,050,000,000 1,050,000,000
Common stock, issued (in shares) 9,198,036 9,776,540
Common stock, outstanding (in shares) 9,198,036 9,776,540
v3.26.3
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 1 Months Ended 2 Months Ended 3 Months Ended 8 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 11, 2025
Sep. 30, 2026
Sep. 11, 2025
Sep. 30, 2026
Revenues:          
Total revenues $ 255 $ 1,288 $ 2,696 $ 4,222 $ 8,397
Operating expenses:          
Fund management and administration 282 1,251 1,583 4,250 4,496
Employee compensation and benefits 18,720 3,151 15,633 7,222 45,000
General and administrative expense 445 871 6,669 4,229 19,035
Impairment of medical device research and development intangible asset 0 0 14,650 0 14,650
Marketing and advertising 18 68 86 231 281
Depreciation and amortization 12 43 78 149 254
Total operating expenses 19,477 5,384 38,699 16,081 83,716
Investment gains (losses):          
Net unrealized gain (loss) on digital assets, at fair value (10,133) 0 533,697 0 9,888
Net unrealized gain on investments in preferred equity, at fair value 0 0 8,833 0 3,361
Other investment gain (loss) 0 0 1,497 0 (1,304)
Other derivative loss (14,731) 0 0 0 0
Total investment gains (losses) (24,864) 0 544,027 0 11,945
Net operating income (loss) (44,086) (4,096) 508,024 (11,859) (63,374)
Other income (expense):          
Other income 68 10 1,008 586 2,489
Interest expense on long-term notes payable, at fair value 0     0 (282)
Change in fair value on long-term notes payable, at fair value 0     0 (2,464)
Loss on extinguishment of debt 0     0 (8,431)
Loss on change in fair value of bitcoin held as collateral under Coinbase Loan 0     0 (2,594)
Goodwill and intangible asset impairment (140,785) 0 0 0 0
Transaction costs (7,484) (10,280) 0 (15,717) (6,525)
Bargain purchase gain 0     0 66,704
Total other income (expense) (148,201) (10,270) 1,008 (15,131) 48,897
Net income (loss) before income taxes (192,287) (14,366) 509,032 (26,990) (14,477)
Income tax benefit (expense) 0 0 0 0 0
Net income (loss) (192,287) (14,366) 509,032 (26,990) (14,477)
Dividends on preferred stock 0 0 (34,231) 0 (73,894)
Net income (loss) attributable to common stockholders (192,287) (14,366) 474,801 (26,990) (88,371)
Net income (loss) attributable to common stockholders $ (192,287) $ (14,366) $ 474,801 $ (26,990) $ (88,371)
Weighted average number of common shares outstanding:          
Basic (in shares) [1] 43,617,459 2,325,783 89,080,303 2,299,243 75,429,254
Diluted (in shares) [1] 43,617,459 2,325,783 90,534,798 2,299,243 75,429,254
Net income (loss) per common share:          
Basic (in USD per share) [1] $ (4.41) $ (6.18) $ 5.33 $ (11.74) $ (1.17)
Diluted (in USD per share) [1] $ (4.41) $ (6.18) $ 5.24 $ (11.74) $ (1.17)
Investment advisory fees          
Revenues:          
Total revenues $ 246 $ 1,283 $ 1,559 $ 4,187 $ 4,418
Medical device revenues          
Revenues:          
Total revenues 0 0 1,133 0 3,891
Other revenue          
Revenues:          
Total revenues $ 9 $ 5 $ 4 $ 35 $ 88
[1] Basic and diluted earnings per common share for Class A and Class B common stock are the same.
v3.26.3
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Preferred Stock
Common Stock
Predecessor Class A Common Stock
Common Stock
Predecessor Class B Common Stock
Common Stock
Successor Class A Common Stock
Common Stock
Successor Class B Common Stock
Additional Paid-in Capital
Retained Earnings/(Accumulated Deficit)
Preferred stock, balance at beginning of period (in shares) at Dec. 31, 2024   1,158,802            
Balance at beginning of period at Dec. 31, 2024 $ 23,342 $ 72,488 $ 0 $ 0     $ 0 $ (49,146)
Balance at beginning of period (in shares) at Dec. 31, 2024     2,000,000 400,970        
Stockholders' Equity                
Net income (loss) (3,749)             (3,749)
Preferred stock, balance at end of period (in shares) at Mar. 31, 2025   1,158,802            
Balance at end of period at Mar. 31, 2025 19,593 $ 72,488 $ 0 $ 0     0 (52,895)
Balance at end of period (in shares) at Mar. 31, 2025     2,000,000 400,970        
Preferred stock, balance at beginning of period (in shares) at Dec. 31, 2024   1,158,802            
Balance at beginning of period at Dec. 31, 2024 23,342 $ 72,488 $ 0 $ 0     0 (49,146)
Balance at beginning of period (in shares) at Dec. 31, 2024     2,000,000 400,970        
Stockholders' Equity                
Net income (loss) (26,990)              
Preferred stock, balance at end of period (in shares) at Sep. 11, 2025   1,157,564            
Balance at end of period at Sep. 11, 2025 (4,148) $ 71,988 $ 0 $ 0     0 (76,136)
Balance at end of period (in shares) at Sep. 11, 2025     2,000,000 400,970        
Preferred stock, balance at beginning of period (in shares) at Mar. 31, 2025   1,158,802            
Balance at beginning of period at Mar. 31, 2025 19,593 $ 72,488 $ 0 $ 0     0 (52,895)
Balance at beginning of period (in shares) at Mar. 31, 2025     2,000,000 400,970        
Stockholders' Equity                
Net income (loss) (8,875)             (8,875)
Preferred stock, balance at end of period (in shares) at Jun. 30, 2025   1,158,802            
Balance at end of period at Jun. 30, 2025 10,718 $ 72,488 $ 0 $ 0     0 (61,770)
Balance at end of period (in shares) at Jun. 30, 2025     2,000,000 400,970        
Stockholders' Equity                
Redemption of preferred stock (in shares)   (1,238)            
Redemption of preferred stock (500) $ (500)            
Net income (loss) (14,366)             (14,366)
Preferred stock, balance at end of period (in shares) at Sep. 11, 2025   1,157,564            
Balance at end of period at Sep. 11, 2025 (4,148) $ 71,988 $ 0 $ 0     0 (76,136)
Balance at end of period (in shares) at Sep. 11, 2025     2,000,000 400,970        
Stockholders' Equity                
Conversion of Predecessor shares for Strive, Inc. Class B common stock (in shares)   (1,157,564) (2,000,000) (400,970)   12,445,578    
Conversion of Predecessor shares for Strive, Inc. Class B common stock 0 $ (71,988)       $ 249 71,739  
Business combination (in shares)         831,219      
Business combination 141,140       $ 17   141,123  
Share-based compensation expense 16,294           16,294  
Issuance of Class A common stock (in shares)         17,958,145      
Issuance of Class A common stock 548,379       $ 359   548,020  
Issuance of pre-funded warrants 283,170           283,170  
Exercise of warrants (in shares)         2,107,711      
Exercise of warrants 13,000       $ 42   12,958  
Conversions of Class B common stock to Class A common stock (in shares)         1,543,805 (1,543,805)    
Conversions of Class B common stock to Class A common stock 0       $ 31 $ (31)    
Share-based transaction costs 2,936           2,936  
Issuance costs (29,055)           (29,055)  
Net income (loss) (192,287)             (192,287)
Balance at end of period at Sep. 30, 2025 $ 779,429       $ 449 $ 218 1,047,185 (268,423)
Balance at end of period (in shares) at Sep. 30, 2025         22,440,880 10,901,773    
Balance at beginning of period (in shares) at Dec. 31, 2025 2,012,729              
Balance at beginning of period at Dec. 31, 2025 $ 148,802              
Mezzanine Equity                
Issuance of perpetual preferred stock (in shares) 2,360,465              
Issuance of perpetual preferred stock $ 219,905              
Issuance costs $ (9,533)              
Balance at end of period (in shares) at Mar. 31, 2026 4,373,194              
Balance at end of period at Mar. 31, 2026 $ 359,174              
Balance at beginning of period at Dec. 31, 2025 582,436       $ 699 $ 196 1,055,595 (474,054)
Balance at beginning of period (in shares) at Dec. 31, 2025         34,936,745 9,776,540    
Stockholders' Equity                
Adjustment of par value as a result of reverse stock split 0       $ (664) $ (186) 850  
Business combination (in shares)         16,090,786      
Business combination 311,183       $ 16   311,167  
Share-based compensation expense 6,529           6,529  
Issuance of Class A common stock (in shares)         8,182,150      
Issuance of Class A common stock 94,953       $ 8   94,945  
Issuance of common stock upon vesting of restricted stock and exercise of employee options, net of withholding taxes (in shares)           118,950    
Issuance of common stock upon vesting of restricted stock and exercise of employee options, net of withholding taxes (388)           (388)  
Exercise of warrants (in shares)         53,614      
Conversions of Class B common stock to Class A common stock (in shares)         23,333 (23,333)    
Issuance costs (570)           (570)  
Preferred stock dividends declared (13,454)             (13,454)
Net income (loss) (265,906)             (265,906)
Balance at end of period at Mar. 31, 2026 $ 714,783       $ 59 $ 10 1,468,128 (753,414)
Balance at end of period (in shares) at Mar. 31, 2026         59,286,628 9,872,157    
Balance at beginning of period (in shares) at Dec. 31, 2025 2,012,729              
Balance at beginning of period at Dec. 31, 2025 $ 148,802              
Balance at end of period (in shares) at Sep. 30, 2026 12,940,621              
Balance at end of period at Sep. 30, 2026 $ 1,210,820              
Balance at beginning of period at Dec. 31, 2025 582,436       $ 699 $ 196 1,055,595 (474,054)
Balance at beginning of period (in shares) at Dec. 31, 2025         34,936,745 9,776,540    
Stockholders' Equity                
Net income (loss) (14,477)              
Balance at end of period at Sep. 30, 2026 $ 1,435,830       $ 89 $ 9 1,998,157 (562,425)
Balance at end of period (in shares) at Sep. 30, 2026         88,814,706 9,198,036    
Balance at beginning of period (in shares) at Mar. 31, 2026 4,373,194              
Balance at beginning of period at Mar. 31, 2026 $ 359,174              
Mezzanine Equity                
Issuance of perpetual preferred stock (in shares) 3,456,308              
Issuance of perpetual preferred stock $ 345,663              
Issuance costs $ (2,464)              
Balance at end of period (in shares) at Jun. 30, 2026 7,829,502              
Balance at end of period at Jun. 30, 2026 $ 702,373              
Balance at beginning of period at Mar. 31, 2026 714,783       $ 59 $ 10 1,468,128 (753,414)
Balance at beginning of period (in shares) at Mar. 31, 2026         59,286,628 9,872,157    
Stockholders' Equity                
Share-based compensation expense 5,684           5,684  
Issuance of Class A common stock (in shares)         12,756,708      
Issuance of Class A common stock 211,295       $ 13   211,282  
Issuance of common stock upon vesting of restricted stock and exercise of employee options, net of withholding taxes (in shares)         4,938 24,396    
Issuance of common stock upon vesting of restricted stock and exercise of employee options, net of withholding taxes (137)           (137)  
Conversions of Class B common stock to Class A common stock (in shares)         116,535 (116,535)    
Issuance costs (1,658)           (1,658)  
Preferred stock dividends declared (26,209)             (26,209)
Net income (loss) (257,603)             (257,603)
Balance at end of period at Jun. 30, 2026 $ 646,155       $ 72 $ 10 1,683,299 (1,037,226)
Balance at end of period (in shares) at Jun. 30, 2026         72,164,809 9,780,018    
Mezzanine Equity                
Issuance of perpetual preferred stock (in shares) 5,111,119              
Issuance of perpetual preferred stock $ 511,161              
Issuance costs $ (2,714)              
Balance at end of period (in shares) at Sep. 30, 2026 12,940,621              
Balance at end of period at Sep. 30, 2026 $ 1,210,820              
Stockholders' Equity                
Share-based compensation expense 6,523           6,523  
Issuance of Class A common stock (in shares)         14,403,285      
Issuance of Class A common stock 271,619       $ 14   271,605  
Issuance of common stock upon vesting of restricted stock and exercise of employee options, net of withholding taxes (in shares)         194,996 23,329    
Issuance of common stock upon vesting of restricted stock and exercise of employee options, net of withholding taxes 488       $ 1   487  
Exercise of warrants (in shares)         1,446,305      
Exercise of warrants 39,050       $ 1   39,049  
Conversions of Class B common stock to Class A common stock (in shares)         605,311 (605,311)    
Conversions of Class B common stock to Class A common stock         $ 1 $ (1)    
Issuance costs (2,806)           (2,806)  
Preferred stock dividends declared (34,231)             (34,231)
Net income (loss) 509,032             509,032
Balance at end of period at Sep. 30, 2026 $ 1,435,830       $ 89 $ 9 $ 1,998,157 $ (562,425)
Balance at end of period (in shares) at Sep. 30, 2026         88,814,706 9,198,036    
v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 1 Months Ended 8 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 11, 2025
Sep. 30, 2026
Cash flows from operating activities:      
Net loss $ (192,287) $ (26,990) $ (14,477)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 12 149 254
Accretion of discount on investments, net 0 155 0
Reduction of right-of-use lease assets and operating lease liabilities 5 91 40
Net unrealized gain (loss) on digital assets, at fair value 10,133 0 (9,888)
Other investment loss 0 0 1,304
Other derivative loss 14,731 0 0
Loss on change in fair value of bitcoin held as collateral under Coinbase Loan 0 0 2,594
Net unrealized gain on investments in preferred equity, at fair value 0 0 (3,361)
Change in fair value on long-term notes payable, at fair value 0 0 2,464
Loss on extinguishment of debt 0 0 8,431
Share-based compensation expense 16,294 0 18,736
Goodwill and intangible asset impairment 140,785 0 0
Non-cash transaction expenses 2,936 2,150 0
Bargain purchase gain 0 0 (66,704)
Impairment of medical device research and development intangible asset 0 0 14,650
Changes in operating assets and liabilities:      
Prepaid expenses (2,928) (227) 2,273
Other current assets 1,461 (1,589) 1,392
Other non-current assets 0 (723) (430)
Compensation and benefits payable 263 (1,018) 10,402
Accounts payable and other liabilities (5,360) 9,793 (17,203)
Net cash used in operating activities (13,955) (18,209) (49,523)
Cash flows from investing activities:      
Purchases of digital assets, at fair value (675,008) 0 (1,182,412)
Cash acquired through business combination 400 0 3,513
Purchases of intangible assets (75) (123) 0
Purchases of investments in preferred equity, at fair value 0 0 (50,499)
Proceeds from return of capital dividends 0 0 3,688
Purchases of short-term investments 0 (4,271) 0
Proceeds from short-term investments 0 20,871 0
Net cash provided by (used in) investing activities (674,683) 16,477 (1,225,710)
Cash flows from financing activities:      
Proceeds from issuance of Class A common stock 525,610 0 577,867
Proceeds from issuance of pre-funded warrants 283,170 0 0
Proceeds from warrant exercises 13,000 0 39,050
Proceeds from issuance of preferred stock 0 0 986,621
Redemption of preferred stock 0 (500) 0
Preferred stock dividends paid 0 0 (61,925)
Payment of issuance costs (27,996) 0 (18,157)
Net payments on vesting of restricted stock and employee stock options 0 0 (37)
Extinguishment of long-term notes payable, at fair value 0 0 (9,970)
Extinguishment of Coinbase Loan 0 0 (20,310)
Net cash provided by (used in) financing activities 793,784 (500) 1,493,139
Net increase (decrease) in cash and cash equivalents 105,146 (2,232) 217,906
Cash and cash equivalents, beginning of period 3,923 6,155 67,499
Cash and cash equivalents, end of period 109,069 3,923 285,405
Non-cash investing and financing activities:      
Change in declared but unpaid preferred stock dividends 0 0 11,969
Change in accrued but unpaid financing transaction costs 1,262 770 1,652
Release of bitcoin held as collateral upon extinguishment of Coinbase Loan 0 0 37,971
Exchange of preferred stock for extinguishment of long-term notes payable, at fair value 0 0 90,108
Class A common stock exchanged for digital assets 8,038 0 0
Class A common stock issued as part of business combination 141,140 0 311,183
Assets and liabilities resulting from business combination:      
Prepaid expenses 27 0 599
Goodwill 140,039 0
Other current assets 0 0 1,831
Digital assets, at fair value 0 0 444,029
Receivable for bitcoin collateral 0 0 37,971
Property and equipment, net 0 0 175
Intangible assets, net 746 0 14,650
Other non-current assets 57 0 1
Compensation and benefits payable 0 0 (2,358)
Accounts payable and other liabilities 129 0 (13,029)
Long-term notes payable, at fair value 0 0 (89,495)
Coinbase Loan $ 0 $ 0 $ (20,000)
v3.26.3
Organization
 9 Months Ended
Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization Organization
Strive, Inc. (the "Company", "Strive", or the "Successor"), a Nevada corporation, is a structured finance company and institutional asset manager with a Bitcoin-focused treasury strategy trading on The Nasdaq Stock Market LLC ("Nasdaq") under the symbol "ASST".
The Company operates through wholly-owned subsidiaries, including, among others, Strive Enterprises, Inc. ("SEI") and Strive Asset Management, LLC ("SAM"), a registered investment advisor with the Securities and Exchange Commission ("SEC"). SAM provides sub-advisory services for the Strive funds (the "Funds"), a series of exchange traded funds ("ETFs"), and has the discretionary responsibility to select investments in accordance with each fund's investment objectives, policies, and restrictions. SAM is not responsible for selecting broker-dealers or placing trades for the Funds. Products are offered through intermediaries in a variety of vehicles and ETFs.
On May 6, 2025, SEI (the "Predecessor") entered into that certain Agreement and Plan of Merger, dated as of May 6, 2025, as amended by that certain Amended and Restated Agreement and Plan of Merger, dated as of June 27, 2025 (the "Asset Entities Merger Agreement") with Asset Entities Inc. ("Asset Entities"). On September 12, 2025, pursuant to the Asset Entities Merger Agreement, Alpha Merger Sub, Inc., a wholly-owned subsidiary of Asset Entities Inc., merged with and into SEI, with SEI surviving as a wholly owned subsidiary of Asset Entities Inc. Concurrent with the consummation of the transactions contemplated by the Asset Entities Merger Agreement, Asset Entities Inc. was renamed Strive, Inc. (the "Asset Entities Merger").
On September 22, 2025, Strive, Inc. entered into that certain Agreement and Plan of Merger (the "Semler Scientific Merger Agreement") with Semler Scientific, Inc. ("Semler Scientific"). On January 16, 2026, pursuant to the Semler Scientific Merger Agreement, Strive Merger Sub, Inc., a wholly owned subsidiary of Strive merged with and into Semler Scientific, with Semler Scientific continuing as the surviving corporation and a wholly owned subsidiary of Strive (the "Semler Scientific Merger").
The Company earns substantially all of its revenue from investment advisory, medical device operations (including software licensing, fee-per-test, and hardware sales), and other investment management services, and generates market returns from investments in bitcoin and bitcoin-related products.
v3.26.3
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2026
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of presentation
The Company prepared the accompanying unaudited consolidated financial statements in accordance with United States generally accepted accounting principles ("GAAP") and applicable rules and regulations of the SEC for interim financial reporting. In the opinion of management, all adjustments necessary for a fair statement of financial position and results of operations have been included. All such adjustments are of a normal recurring nature, unless otherwise disclosed. The results of operations for the interim periods shown in this report are not necessarily indicative of results that may be expected for any future period, including the full year.
The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Since the merger between Strive Enterprises, Inc. and Asset Entities has been determined to be a reverse acquisition, with SEI being the accounting acquirer, the Company determined that SEI is the Predecessor and Strive, Inc. is the Successor. The financial information for the period from July 1, 2025 to September 11, 2025 and the period from January 1, 2025 to September 11, 2025 reflect the historical financial information of the Predecessor and are referred to as the "Predecessor Periods". The financial information as of September 30, 2026 and December 31, 2025 and for the period from September 12, 2025 to September 30, 2025, the three months ended September 30, 2026, and the nine months ended September 30, 2026 reflect the financial information of Strive, Inc. and are referred to as the "Successor Periods".
Use of estimates
The preparation of consolidated financial statements in conformity with GAAP requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and accompanying notes. Due to uncertainties in the estimation process, actual results could differ from those estimates.
Reverse stock split
On February 6, 2026, the Company amended its articles of incorporation in order to effect a 1:20 reverse stock split (the "Reverse Stock Split") of its authorized shares of Class A and Class B common stock. Concurrently with the Reverse Stock Split of such authorized shares, every 20 shares of the Company’s Class A and Class B common stock issued and outstanding before such split were reclassified into one share of Class A or Class B common stock, respectively, without any action on the part of the holders. Concurrently with the Reverse Stock Split, the number of shares of Class A common stock available to purchase and the related shares underlying outstanding warrants were adjusted pro-rata to give effect to the Reverse Stock Split. All historical share and per-share amounts of the Successor reflected throughout the accompanying consolidated financial statements and other financial information in this Quarterly Report have been retroactively adjusted to reflect the Reverse Stock Split as if the split occurred as of the earliest Successor period presented. The Reverse Stock Split did not affect the par value of the Class A and Class B common stock. No fractional shares were issued in connection with the Reverse Stock Split. Any fractional share of Class A or Class B common stock that would otherwise have resulted from the Reverse Stock Split were rounded up to the nearest whole share.
Digital assets, at fair value
The Company accounts for its digital assets, which consist solely of bitcoin, in accordance with Accounting Standards Codification ("ASC") 350-60, Intangibles - Goodwill and Other - Crypto Assets. The Company has ownership of and control over its bitcoin and is engaged with multiple geographically dispersed third-party custodial services to store its bitcoin. The Company initially records its digital assets at cost, inclusive of transaction costs and fees. The Company subsequently remeasures its digital assets to fair value at the end of each reporting period in accordance with ASC 820, Fair Value Measurement, based on quoted (unadjusted) prices on the Coinbase exchange, which is considered a Level 1 input within the fair value hierarchy. Any changes in fair value are recognized in net income within net unrealized gain (loss) on digital assets, at fair value. Realized gains or losses are recorded upon the sale of digital assets based upon the difference between the sales price and the carrying value of the specific bitcoin sold.
Investments in preferred equity, at fair value
The Company accounts for its investments in preferred equity in accordance with ASC 321, Investments - Equity Securities, as these investments do not provide the Company with a controlling financial interest or significant influence. The Company records its investments in preferred equity at fair value, with changes in fair value recorded in the consolidated statements of operations.
Earnings per share ("EPS")
Basic net income (loss) per common share is determined by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of Class A and Class B common stock outstanding and assumed outstanding common stock during the period. Diluted net income (loss) per common share is determined by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of Class A and Class B common stock and potential shares of common stock outstanding during the period. Net income (loss) attributable to common stockholders is computed by deducting the dividends declared in the period on the Company’s preferred stock, if any, from net income (loss). The impact from potential shares of common stock on the diluted earnings per share calculation are included when dilutive. Potential shares of Class A common stock consisting of shares underlying employee share awards and options and outstanding warrants are computed using the treasury stock method, while potential shares from the Semler Convertible Notes (as defined below) are computed using the if-converted method. Potentially dilutive shares are only included in the amount of dilutive shares if their impact results in dilution to net income (loss) per share.
The Company's common stock consists of two classes of common stock, Class A and Class B. Holders of Class A common stock generally have the same rights, including rights to dividends, as holders of Class B common stock, except that holders of Class A common stock have one vote per share while holders of Class B common stock have ten votes per share. Each share of Class B common stock is convertible at any time, at the option of the holder, into one share of Class A common stock. As such, basic and fully diluted earnings per share for Class A common stock and for Class B common stock are the same. The Company has never declared or paid any cash dividends on either Class A or Class B common stock.
Accounting standards not yet adopted
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses ("ASU 2024-03"), which requires entities to disaggregate in a tabular presentation disclosures about specific types of expenses included in the expense captions presented on the face of the income statement, as well as disclosures about selling expenses. Specifically, ASU 2024-03 requires disaggregation of expense captions that include any of the following natural expenses: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities or other types of depletion expenses. The requirements are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027 and
are required to be applied prospectively with the option for retrospective application. Early adoption is permitted. The Company does not expect the additional disclosure requirements under ASU 2024-03 to have a material impact on the consolidated financial statements.
v3.26.3
Digital Assets, at Fair Value
 9 Months Ended
Sep. 30, 2026
Intangible Asset, Excluding Goodwill, after Accumulated Amortization [Abstract]  
Digital Assets, at Fair Value Digital Assets, at Fair Value
The Company accounts for its digital assets, which are comprised solely of bitcoin, in accordance with ASC 350-60, Intangibles - Goodwill and Other - Crypto Assets. The Company’s digital assets are initially recorded at cost, inclusive of transaction costs and fees. The Company subsequently remeasures its digital assets to fair value at the end of each reporting period in accordance with ASC 820, Fair Value Measurement, based on quoted (unadjusted) prices on the Coinbase exchange, resulting in their classification as Level 1 instruments. Any changes in fair value are recognized in net income within net unrealized gain (loss) on digital assets, at fair value. As of September 30, 2026 and December 31, 2025, there are no contractual restrictions on the Company's holdings of digital assets.
The Company's investments in digital assets, at fair value are summarized below. The Company did not hold any investments in digital assets prior to September 12, 2025.
September 30, 2026December 31, 2025
Approximate number of bitcoin held28,0007,627
Aggregate bitcoin cost basis (in thousands)$2,524,811 $862,994 
Aggregate bitcoin fair value (in thousands)$2,340,192 $668,486 
Weighted average acquisition cost$90,170 $113,153 
Fair value per bitcoin$83,577 $87,650 
The following table provides a summary of the changes in the Company's digital assets, at fair value for the three and nine months ended September 30, 2026 and the period from September 12, 2025 to September 30, 2025 (in thousands):
Three Months Ended
September 30, 2026		Nine Months Ended
September 30, 2026		Period From September 12, 2025 to September 30, 2025
Balance, beginning of period$1,164,639$668,486$—
Acquisitions641,8561,626,441683,046
Release of bitcoin held as collateral upon extinguishment of Coinbase Loan—35,377—
Sales———
Change in fair value533,6979,888(10,133)
Balance, end of period$2,340,192 $2,340,192$672,913
v3.26.3
Business Combination
 9 Months Ended
Sep. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combination Business Combination
Acquisition of Semler Scientific, Inc.
On September 22, 2025, Strive, Inc. entered into the Semler Scientific Merger Agreement with Semler Scientific, Inc. On January 16, 2026, pursuant to the Semler Scientific Merger Agreement, Strive Merger Sub, Inc., a wholly owned subsidiary of Strive, merged with and into Semler Scientific, with Semler Scientific continuing as the surviving corporation and a wholly owned subsidiary of Strive.
The Company accounted for the transaction as a business combination under ASC 805, Business Combinations, with the Company being the acquirer. At the consummation of the Semler Scientific Merger, each holder of Semler Scientific common stock received 21.05 shares of Strive, Inc. Class A Common Stock for each share of Semler Scientific common stock held as of the acquisition date, which amounted to 16,090,786 shares (on a split-adjusted basis) of Class A Common Stock being issued to legacy Semler Scientific shareholders. The total consideration transferred amounted to $311.2 million based on the number of shares transferred and the stock price of the Company's Class A Common Stock on January 16, 2026. As a result, the Company recognized the assets acquired and liabilities assumed at their acquisition date fair value, with a bargain purchase gain of $66.7 million recognized based on the excess of the net assets acquired over consideration transferred.
During the three months ended September 30, 2026, in order to manage future cash outlays versus potential benefits, the Company terminated the research and development efforts on an in-development medical device product acquired as part of the
Semler Scientific Merger. The Company performed an impairment test on the Company's acquired in-process research and development intangible asset, which resulted in the Company recognizing an impairment of acquired medical device in-process research and development intangible asset of $14.7 million during the three and nine months ended September 30, 2026.
As part of the Semler Scientific Merger, the Company incurred transaction costs of $6.5 million during the nine months ended September 30, 2026. There were no transaction costs incurred related to the Semler Scientific Merger during the three months ended September 30, 2026. The Company incurred $1.8 million in transaction costs for the Semler Scientific Merger during the period from September 12, 2025 to September 30, 2025. There were no transactions costs related to the Semler Scientific Merger during the period from July 1, 2025 to September 11, 2025 and the period from January 1, 2025 to September 11, 2025.
The following table summarizes the consideration transferred and the assets acquired and liabilities assumed as part of the Semler Scientific Merger at their acquisition date fair value (in thousands):
Consideration transferred:
Strive, Inc. Class A common stock and fair value of assumed options$311,183 
Assets acquired and liabilities assumed:
Cash and cash equivalents3,513 
Prepaid expenses599 
Other current assets1,831 
Digital assets444,029 
Receivable for bitcoin collateral37,971 
Intangible assets14,650 
Property and equipment175 
Other non-current assets1 
Accounts payable and other liabilities(13,029)
Compensation and benefits payable(2,358)
Long-term notes payable(89,495)
Coinbase Loan(20,000)
Total identifiable net assets$377,887 
Bargain purchase gain(66,704)
Total$311,183 
Supplemental pro forma information
The unaudited supplemental pro forma financial information presented below has been prepared as if the Semler Scientific Merger had occurred in the earliest presented period. The pro forma financial information is developed using estimates and assumptions based on information available at the time. The Company believes such estimates and assumptions to be reasonable; however, the unaudited pro forma financial information is not necessarily indicative of what the combined company's results would have been had the acquisition been completed as of the beginning of the periods as indicated, nor does it purport to represent the Company's future results. There are no pro forma adjustments for the three months ended September 30, 2026. As the financial information for the period from July 1, 2025 to September 11, 2025 and the period from January 1, 2025 to September 11, 2025 represent the financial information of the Predecessor, no such pro forma financial information has been included. Amounts below are presented in thousands, other than per-share amounts.
Nine Months Ended September 30, 2026Period From September 12, 2025 to September 30, 2025
Total revenues$8,786 $1,753 
Net loss before income taxes$(15,610)$(206,116)
The pro forma financial information has been calculated after adjusting to reflect certain business combination and one-time accounting impacts, such as fair value adjustments and transaction expenses related to the Semler Scientific Merger as if it had occurred in the earliest period presented.
On January 16, 2026, in connection with the Semler Scientific Merger, the Company assumed $100.0 million of the 4.25% Convertible Senior Notes due 2030 (the “Semler Convertible Notes”) from Semler Scientific. Upon the completion of the Semler
Scientific Merger, Semler Scientific, Strive, and U.S. Bank Trust Company, National Association, as trustee, entered into a supplemental indenture, dated January 16, 2026 (the “Supplemental Indenture”), to that certain indenture, dated as of January 28, 2025 (such indenture as so amended, supplemented and modified from time to time, the “Convertible Notes Indenture”), pursuant to which Semler Scientific originally issued its Semler Convertible Notes. In addition, the Company assumed Semler Scientific's capped call contracts, which were intended to reduce potential dilution or offset any cash payments. On January 22, 2026, the Company entered into separate, privately negotiated exchange agreements with certain holders of the Semler Convertible Notes, representing $90.0 million aggregate principal amount of the Semler Convertible Notes, pursuant to which such holders exchanged their Semler Convertible Notes for approximately 929,999 newly issued shares of the Company's SATA Stock (as defined below) concurrent with the closing of the Follow-On Offering (as defined below) (the “Notes Exchange”). In May 2026, the Company retired the remaining long-term notes payable, at fair value, resulting in no Semler Convertible Notes being outstanding as of September 30, 2026.
On January 16, 2026, in connection with the Semler Scientific Merger, the Company assumed a $20.0 million loan with Coinbase Credit Inc. from Semler Scientific (the “Coinbase Loan”). On January 27, 2026, the Company fully retired the Coinbase Loan. See Note 12 for more information on the Follow-On Offering of SATA Stock. Upon the extinguishment of the Coinbase Loan, 398 bitcoin previously held by the lender as collateral to the Coinbase Loan were returned to the Company's custody, with the lender no longer having the rights to sell, pledge, or re-hypothecate such bitcoin. As a result, the Company recorded a loss of $2.6 million during the nine months ended September 30, 2026 based on the difference between the basis of the receivable for bitcoin collateral and the fair value of bitcoin at the extinguishment date. During the nine months ended September 30, 2026, the Company recorded a loss on extinguishment of debt of $0.3 million related to the extinguishment of the Coinbase Loan. There was no loss on extinguishment of debt related to the Coinbase Loan during the three months ended September 30, 2026.
Acquisition of Asset Entities, Inc.
On May 6, 2025, the Predecessor entered into the Asset Entities Merger Agreement. On September 12, 2025, pursuant to the Asset Entities Merger Agreement, Alpha Merger Sub, Inc., a wholly-owned subsidiary of Asset Entities Inc., merged with and into SEI, with SEI surviving as a wholly owned subsidiary of Asset Entities Inc. Concurrent with the consummation of the transactions contemplated by the Asset Entities Merger Agreement, Asset Entities Inc. was renamed Strive, Inc. The legacy Asset Entities Inc. shareholders retained approximately 5.8% of the fully diluted post-combination common equity interests of the combined entity, amounting to 831,219 shares of Class A Common Stock (on a split-adjusted basis). The total consideration transferred amounted to $141.1 million based on the number of shares transferred and the stock price of the Company's Class A Common Stock on September 12, 2025.
The Company accounted for the transaction as a reverse acquisition under ASC 805, Business Combinations, with SEI being the accounting acquirer based on existing Strive stockholders retaining the majority of the voting interests, as well as the senior management and directors representing the majority of senior management and directors, respectively, following the close of the transaction. As a result, the Company recognized the assets acquired and liabilities assumed at their acquisition date fair value, with goodwill recognized based on the excess of the consideration transferred and the net assets acquired. None of the goodwill acquired was deductible for tax purposes.
As part of the Asset Entities acquisition, the Predecessor incurred transaction costs of $10.3 million and $15.7 million during the period from July 1, 2025 to September 11, 2025 and the period from January 1, 2025 to September 11, 2025, respectively, and the Successor incurred transaction costs of $5.6 million during the period from September 12, 2025 to September 30, 2025.
During the period from September 12, 2025 to September 30, 2025, based on the Company's determination to suspend subscriptions on certain legacy Discord servers acquired as part of the acquisition of Asset Entities and a decline in the price of the Company's Class A common stock, the Company performed a goodwill and intangible asset impairment test. Based on this assessment, the Company recognized a goodwill and intangible asset impairment charge totaling $140.8 million during the period from September 12, 2025 to September 30, 2025.
The following table summarizes the consideration transferred and the assets acquired and liabilities assumed as part of the Asset Entities Merger at their acquisition date fair value (in thousands):
Consideration transferred:
Strive, Inc. Class A common stock$141,140 
Assets acquired and liabilities assumed:
Cash and cash equivalents400 
Prepaid expenses27 
Intangible assets746 
Other non-current assets57 
Accounts payable and other liabilities(129)
Total identifiable net assets$1,101 
Goodwill140,039 
Total$141,140 
v3.26.3
Investments in Preferred Equity, at Fair Value
 9 Months Ended
Sep. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Investments in Preferred Equity, at Fair Value Investments in Preferred Equity, at Fair Value
Investments in preferred equity, at fair value consists of shares of Variable Rate Series A Perpetual Stretch Preferred Stock of Strategy Inc. ("STRC Stock") and are carried at fair value. The Company utilizes such investments in preferred equity for yield generation, while maintaining flexibility to use such investments to fund current operations when necessary. As of September 30, 2026, the Company held 505,000 shares of STRC Stock with a notional amount of $50.5 million. The Company did not hold any investments in preferred equity, at fair value as of December 31, 2025. A summary of the changes of the Company's investments in preferred equity, at fair value are summarized below (in thousands):
Three Months Ended September 30, 2026Nine Months Ended September 30, 2026
Balance, beginning of period$42,854$—
Acquisitions—50,499
Return of capital dividends(1,515)(3,688)
Sales——
Change in fair value8,8333,361
Balance, end of period$50,172$50,172
v3.26.3
Long-Term Notes Payable, at Fair Value
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Long-Term Notes Payable, at Fair Value Long-Term Notes Payable, at Fair Value
On January 16, 2026, in connection with the Semler Scientific Merger, the Company assumed $100.0 million of the 4.25% Convertible Senior Notes due 2030 from Semler Scientific (the "Semler Convertible Notes"). The Semler Convertible Notes had an original maturity of August 1, 2030, and interest was payable semiannually in arrears on February 1 and August 1 of each year. In addition, the Company assumed Semler Scientific's capped call contracts, which were intended to reduce potential dilution or offset any cash payments.
The Company elected the fair value option on the Semler Convertible Notes, with changes in fair value recorded through earnings each period. On January 22, 2026, the Company entered into separate, privately negotiated exchange agreements with certain holders of the Semler Convertible Notes, representing $90.0 million aggregate principal amount of the Semler Convertible Notes, pursuant to which such holders exchanged their Semler Convertible Notes for approximately 929,999 newly issued shares of SATA Stock concurrent with the closing of the Follow-On Offering. During May 2026, the Company retired the remaining long-term notes payable, at fair value, resulting in no Semler Convertible Notes being outstanding as of September 30, 2026.
During the nine months ended September 30, 2026, the Company recorded a loss on extinguishment of debt of $8.4 million based on the difference in the fair value of consideration exchanged and the basis of the extinguished long-term debt. There was no such extinguishment of debt for the three months ended September 30, 2026.
During the nine months ended September 30, 2026, the Company recorded a change in fair value on long-term notes payable, at fair value of $2.5 million. There was no such change in fair value on long-term notes payable, at fair value during the three months ended September 30, 2026.
v3.26.3
Revenue
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The Company earns substantially all of its revenue from investment advisory, medical device operations (including software licensing, fee-per-test, and hardware sales), and other investment management services. The table below summarizes the Company's investment advisory fees, medical device revenues, and other revenue (in thousands):
SuccessorPredecessor
Three Months Ended
September 30, 2026		Period From September 12, 2025 to September 30, 2025Period From July 1, 2025 to September 11, 2025
Investment advisory fees$1,559 $246 $1,283 
Medical device revenues1,133 — — 
Other revenue4 9 5 
Total revenue$2,696 $255 $1,288 
SuccessorPredecessor
Nine Months Ended
September 30, 2026		Period From September 12, 2025 to September 30, 2025Period From January 1, 2025 to September 11, 2025
Investment advisory fees$4,418 $246 $4,187 
Medical device revenues3,891 — — 
Other revenue88 9 35 
Total revenue$8,397 $255 $4,222 
No individual customer accounted for 10% or greater of revenue for any period.
v3.26.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Contingencies
The Company may be subject to various legal proceedings, claims, and governmental inspections or investigations arising during the ordinary course of business. The outcome of these matters and claims is subject to significant uncertainty, and the Company often cannot predict what the eventual outcome of pending matters will be or the timing of the ultimate resolution of these matters. Fees, expenses, fines, penalties, judgments, or settlement costs which might be incurred by the Company in connection with the various proceedings could adversely affect its results of operations and financial condition. When a loss for a legal claim is determined to be probable and the amount of the loss can be reasonably estimated, the Company establishes an accrued liability. Once established, accruals are adjusted from time to time, as appropriate, in light of additional information. The amount of any loss ultimately incurred in relation to matters for which an accrual has been established may be higher or lower than the amounts accrued for such matters. Legal fees associated with litigation and similar proceedings are expensed as incurred. In the event there is at least a reasonable possibility that a loss may be incurred but the Company is unable to estimate the specific or range of amounts of such loss, the Company would disclose such contingencies. The Company recognizes gain contingencies when the gain becomes realized or realizable.
v3.26.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company measures certain assets and liabilities at fair value on a recurring or non-recurring basis. Fair value is defined as the price that is expected to be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses a three-level hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques. The three levels of the fair value hierarchy are described below:
Level 1: Quoted (unadjusted) prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
Level 2: Inputs other than quoted prices that are either directly or indirectly observable, such as quoted prices in active markets for similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3: Inputs that are generally unobservable, supported by little or no market activity, and typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability.
The categorization of an asset or liability within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The valuation techniques used by the Company when measuring the fair value prioritize the use of observable inputs and minimize the use of unobservable inputs.
Other than the financial assets and liabilities listed in the table below, the carrying value of the Company's financial assets and liabilities are considered to be a reasonable estimate of fair value due to the short term nature and low credit risk of these short-term financial instruments.
The table below provides a summary of the Company's financial assets and liabilities carried at fair value on a recurring basis, including the level in the fair value hierarchy, as of September 30, 2026 and December 31, 2025 (in thousands):
September 30, 2026December 31, 2025
Financial Statement LineLevelFair ValueFair Value
Assets:
Investments in preferred equity, at fair valueInvestments in preferred equity, at fair valueLevel 1$50,172 $— 
Digital assets, at fair valueDigital assets, at fair valueLevel 12,340,192 668,486 
v3.26.3
Share-Based Compensation
 9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
Pursuant to the Strive, Inc. Amended and Restated 2022 Equity Incentive Plan (the "2022 Plan") and the Strive, Inc. 2026 Omnibus Equity Incentive Plan (the "2026 Plan", and together with the 2022 Plan, the "Plans"), as such Plans may be amended from time to time, the Company may, subject to the terms and limitations of the Plans, grant compensatory awards, including restricted stock ("RSAs"), stock appreciation rights, restricted stock units ("RSUs"), performance stock units ("PSUs"), incentive stock options, and non-statutory stock options. In connection with the consummation of the Semler Scientific Merger, options to purchase 0.4 million and 0.6 million shares of Class A common stock previously issued under the Semler Scientific, Inc. 2014 Stock Option and Incentive Plan and the Semler Scientific, Inc. 2024 Stock Option and Incentive Plan (collectively, the "Semler Scientific Plans"), respectively, were assumed by the Company. As of September 30, 2026, 0.8 million options remain outstanding, with a weighted average exercise price of $37.06. As of September 30, 2026, aggregate unrecognized compensation expense for outstanding option awards was $1.4 million, which is expected to be recognized over a remaining weighted-average period of 2.3 years.
Incentive Stock Options
Pursuant to the 2026 Plan, options to purchase shares of the Company's common stock may be granted at an exercise price not less than 100% of the fair value of the common stock subject to the option on the date the option is granted. A maximum of 5.5 million shares of common stock were authorized for issuance under the 2026 Plan. Of this amount, 5.5 million shares remain available for future awards as of September 30, 2026.
Restricted Stock, Restricted Stock Units, and Performance Awards
Pursuant to the Plans, RSAs and RSUs may be granted to certain employees, directors, and consultants. Substantially all RSAs and RSUs vest over periods ranging from one to five years, pro-rata over the requisite service period, with the first vesting event occurring at the first anniversary of the award's grant date, with subsequent pro-rata vesting events quarterly thereafter. The RSU grants also contain a performance condition requiring a Liquidity Event or IPO, as defined in the Plans, to occur for the vesting of the RSUs. Compensation cost is recognized using the straight-line method over the requisite service period, to the extent such performance condition is deemed probable, which occurred upon the consummation of the Asset Entities Merger. RSU awards are typically valued using the market price of the Company's Class A common stock at the grant date.
Pursuant to the Plans, PSUs may also be granted to participants and are earned based on the satisfaction of predetermined performance conditions. The PSUs are eligible to be earned based on the achievement of specified levels of the Company's total shareholder return ("TSR") relative to the return of Bitcoin, as well as the Russell 3000, in each case over the defined three-year performance period. The number of PSUs that vest following the performance period ranges from 0% to 200% of the applicable target number of PSUs, based on the level of achievement of the applicable performance goals. The vesting of the PSUs is also subject to the individual's continued employment through the end of the applicable performance period, except in the event employment is terminated by the Company without "cause", the individual resigns for "good reason", or the individual dies or becomes disabled. PSU awards are typically valued based on an estimate of the Company's TSR in relation to Bitcoin as well as companies in the Russell 3000 over the relevant performance period.
As of September 30, 2026, there are no shares available for future awards under the 2022 Plan. The 2026 Plan permits the grant of up to 5.9 million shares of common stock, of which 3.7 million remain available for future awards as of September 30, 2026.
During the three months ended September 30, 2026, the Company did not grant RSU awards. During the three months ended September 30, 2026, the Company granted 0.7 million PSU awards with a grant date fair value of $12.7 million. Prior to this grant, no PSUs had been granted.
During the period from September 12, 2025 to September 30, 2025, the Company granted 231 thousand RSU awards with a grant date fair value of $39.3 million.
During the period from July 1, 2025 to September 11, 2025, the Predecessor granted 16 thousand RSU awards (which, after giving effect to the Exchange Ratio as a result of the Asset Entities Merger, equaled 1.2 million RSU awards, or 58 thousand on a split-adjusted basis) with a grant date fair value of $0.8 million.
During the nine months ended September 30, 2026, the Company granted 0.9 million RSU awards with a grant date fair value of $9.5 million. During the nine months ended September 30, 2026, the Company granted 0.7 million PSU awards with a grant date fair value of $12.7 million.
During the period from January 1, 2025 to September 11, 2025, the Predecessor granted 43 thousand RSU awards (which, after giving effect to the Exchange Ratio as a result of the Asset Entities Merger, equaled 3.0 million RSU awards, or 152 thousand on a split-adjusted basis) with a grant date fair value of $2.1 million.
At September 30, 2026, aggregate unrecognized compensation expense for unvested equity awards was $47.8 million, which is expected to be recognized over a remaining weighted-average period of 2.2 years.
At December 31, 2025, aggregate unrecognized compensation expense for unvested equity awards was $43.8 million, which is expected to be recognized over a remaining weighted-average period of 2.5 years.
v3.26.3
Stockholders' Equity
 9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Common Stock:
Authorized Capital
The Company has 22.2 billion and 1.05 billion authorized shares of Class A and Class B common stock, respectively, all of which have a designated par value of $0.001 per share. Each holder of Class A common stock is entitled to one vote per Class A common share held, while each holder of Class B common stock is entitled to ten votes per Class B common share held.
PIPE Financing
On May 26, 2025, Asset Entities Inc. and Strive Enterprises, Inc., entered into subscription agreements with certain accredited investors (the "PIPE Subscribers" and the transactions collectively, the "PIPE Transactions"), pursuant to which the PIPE Subscribers agreed to purchase, and the Company agreed to sell, shares of the Company's Class A common stock (the "Class A common shares"), with certain PIPE Subscribers agreeing to purchase pre-funded warrants (the "PIPE Pre-Funded Warrants") to purchase shares of Class A common stock at a price of $1.3499 ($26.9980 on a split-adjusted basis) in lieu of Class A common shares. Each PIPE Pre-Funded Warrant gives the holder the right to purchase a share of Class A common stock (1/20th of a share of Class A common stock on a split-adjusted basis) at an exercise price of $0.0001 per share ($0.0020 on a split-adjusted basis). For each share of Class A common stock and PIPE Pre-Funded Warrant purchased, the holder received a traditional warrant (the "PIPE Traditional Warrants"), which gives the holder the right to purchase a share of Class A common stock (1/20th of a share of Class A common stock on a split-adjusted basis) at an exercise price of $1.35 per share ($27.00 on a split-adjusted basis).
The table below summarizes activity related to the Company's PIPE Traditional Warrants and PIPE Pre-Funded Warrants for the three and nine months ended September 30, 2026:
Three Months Ended
September 30, 2026		Nine Months Ended
September 30, 2026
PIPE Traditional WarrantsPIPE Pre-Funded WarrantsPIPE Traditional WarrantsPIPE Pre-Funded Warrants
PIPE warrants outstanding, beginning of period531,888,702 — 531,888,702 1,072,289 
Issued— — — — 
Exercised(28,926,075)— (28,926,075)(1,072,289)
Expired— — — — 
PIPE warrants outstanding, end of period502,962,627 — 502,962,627 — 
(1) Each warrant gives the holder the right to purchase 1/20th of a share of Class A common stock.
During the period from October 1, 2026 through October 30, 2026, 471,369,982 traditional warrants to purchase 23,568,510 shares of Class A common stock were exercised, with any unexercised warrants expiring. As of October 30, 2026, there were no traditional warrants issued in connection with the Company's PIPE transaction remaining outstanding.
At-the-Market Common Equity Program
On September 15, 2025, the Company entered into a Controlled Equity OfferingSM Sales Agreement (the “ASST Sales Agreement”) with Cantor Fitzgerald & Co. (“Cantor”), pursuant to which the Company, from time to time, at its option, may offer and sell shares of its Class A common stock to or through the Agent, acting as the principal and/or the sole agent, having an aggregate sales price of up to $450.0 million.
On June 5, 2026, the Company, Cantor and Barclays Capital Inc., Clear Street LLC, The Benchmark Company, LLC, StoneX Financial Inc., B. Riley Securities, Inc., Maxim Group LLC and H.C. Wainwright & Co., LLC (together, with Cantor, the “ASST Agents”) amended and restated the ASST Sales Agreement (as amended and restated, the “A&R ASST Sales Agreement”), pursuant to which, from time to time, the Company may offer and sell through the ASST Agents, as sales agents, up to $2.55 billion of Common Stock, pursuant to one or more “at the market” offerings.
During the three months ended September 30, 2026, the Company issued 14.4 million shares of Class A common stock for aggregate gross proceeds of $271.6 million.
During the nine months ended September 30, 2026, the Company issued 35.3 million shares of Class A common stock for aggregate gross proceeds of $577.9 million.
During the period from September 12, 2025 to September 30, 2025, the Company issued 0.5 million shares of Class A common stock for aggregate gross proceeds of $59.2 million.
As of September 30, 2026, the Company has the availability to raise approximately $1.9 billion through the issuance and sale of its Class A common stock pursuant to the A&R ASST Sales Agreement.
351 Exchange
On August 22, 2025, Asset Entities Inc. and Strive Enterprises, Inc., entered into exchange agreements with certain accredited investors (the "351 Investors" and the transactions collectively, the "351 Exchange"), pursuant to which the Company agreed to issue and exchange 2.7 million shares of the Company's Class A common stock in exchange for an aggregate amount of 69 bitcoin. The exchange ratio was determined based on the price of bitcoin on August 22, 2025 and an assumed price of $3.00 per share of Class A common stock. The 351 Exchange was completed on September 12, 2025, at which time the Company issued 2.7 million shares of Class A common stock in exchange for 69 bitcoin. For the period from September 12, 2025 to September 30, 2025, the Company recorded a realized loss of $14.7 million based on the difference between the fair value of the Company's Class A common stock at the exchange date and the agreed-upon exchange price, which is recorded in other derivative loss on the Company's consolidated statements of operations.
Share Repurchase Program
On September 15, 2025, the Company's Board of Directors authorized the purchase of up to $500.0 million of its Class A common stock through a share repurchase program. Repurchases may be made from time-to-time, subject to general business and market conditions, other investment opportunities, and applicable legal requirements. Repurchases may be made through open market purchases or privately negotiated transactions, including through Rule 10b5-1 plans.
During the three months ended September 30, 2026, the nine months ended September 30, 2026, and the period from September 12, 2025 to September 30, 2025, the Company did not repurchase any Class A common stock. As of September 30, 2026, $500.0 million of Class A common stock remains available for repurchase through the share repurchase program. During the period from October 1, 2026 through October 30, 2026, the Company has not repurchased any Class A common stock. As of October 30, 2026, $500.0 million of Class A common stock remains available for repurchase through the share repurchase program.
v3.26.3
Redeemable Preferred Stock
 9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Redeemable Preferred Stock Redeemable Preferred Stock
Authorized Capital
The Company has 21.0 billion authorized shares of preferred stock, which have a designated par value of $0.001 per share. The Company's Variable Rate Series A Perpetual Preferred Stock (“SATA Stock”) is classified within mezzanine equity as certain events that could cause such outstanding shares to become redeemable are not solely within the control of the Company. Issuances of the SATA Stock are recognized based on proceeds received, net of issuance costs and are not accreted to its redemption value unless it is probable that the SATA Stock will become redeemable. The Company has evaluated the probability of a redemption in connection with a Fundamental Change (as defined in the Amended and Restated SATA Certificate of Designation (as defined below)). Based on current facts and circumstances and the Company’s current and projected capital
structure, management has determined that the occurrence of a Fundamental Change is remote. Accordingly, the Company concluded that accretion to the redemption value of the Preferred Stock is not required as of the reporting date.
Variable Rate Series A Perpetual Preferred Stock
On November 10, 2025, the Company completed a registered public offering (the "Initial Offering") of 2,000,000 shares of its SATA Stock. The Company filed a certificate of designation (the "Certificate of Designation") with the Nevada Secretary of State designating and establishing the terms of the SATA Stock. The SATA Stock is listed for trading on the Nasdaq Global Market under the symbol “SATA.”
On January 27, 2026, the Company issued 1,320,000 shares of SATA Stock in a public offering registered under the Securities Act (the "Follow-On Offering"). The Company received approximately $109.3 million of net proceeds, after deducting the underwriting discounts and commissions and offering expenses, from the issuance of our SATA Stock in the Follow-On Offering. On January 22, 2026, the Company entered into separate, privately negotiated exchange agreements with certain holders of the Semler Convertible Notes, representing $90.0 million aggregate principal amount of the Semler Convertible Notes, pursuant to which such holders exchanged their Semler Convertible Notes for approximately 929,999 newly issued shares of SATA Stock concurrent with the closing of the Follow-On Offering.
The SATA Stock accumulates cumulative dividends ("regular dividends") at a variable rate (as described below) per annum on the stated amount of $100 per share thereof. Regular Dividends on the SATA Stock will be payable when, as and if declared by the Company’s board of directors or any duly authorized committee thereof, out of funds legally available for their payment. The Company has the right, in its sole and absolute discretion, to adjust the regular dividend rate per annum applicable to subsequent regular dividend periods. The Company’s right to adjust the regular dividend rate per annum is subject to certain restrictions. For example, the Company is not permitted to reduce the regular dividend rate per annum that will apply to any regular dividend period (i) by more than the following amount from the regular dividend rate per annum applicable to the prior regular dividend period: the sum of (1) 25 basis points; and (2) the excess, if any, of (x) the one-month term secured overnight financing rate (“SOFR”) rate on the first business day of such prior regular dividend period, over (y) the minimum of the one-month term SOFR rates that occur on the business days during the period from, and including, the first business day of such prior regular dividend period to, and including, the last business day of such prior regular dividend period; or (ii) to a rate per annum that is less than the one-month term SOFR rate in effect on the business day before the Company provides notice of the next regular dividend rate per annum. In addition, the Company is not entitled to elect to reduce the regular dividend rate per annum unless and until (x) three (3) months following the initial issue date, or such earlier time as the arithmetic average of the last reported sale prices per share of SATA Stock for each trading day of twenty (20) consecutive trading days at any time during the three (3) months following the initial issuance date exceeds $100, (y) all accumulated regular dividends, if any, on the SATA Stock then outstanding for all prior completed regular dividend periods, if any, have been paid in full, and (z) the arithmetic average of the last reported sale prices per share of SATA Stock for each trading day during the immediately preceding regular dividend period is not less than $99 per share. The Company’s current intention (which is subject to change in the Company’s sole and absolute discretion) is to take measures, such as adjusting the regular dividend rate per annum, in such manner as the Company believes will maintain SATA Stock’s trading price within its stated long-term range of $99 and $101 per share. Declared regular dividends on the SATA Stock will be payable solely in cash. In the event that any accumulated regular dividend on the SATA Stock is not paid on the applicable regular dividend payment date, then SATA Compounded Dividends will accumulate on the amount of such unpaid regular dividend, compounded monthly. As of September 30, 2026 and December 31, 2025, there are no accumulated SATA Compounded Dividends.
The SATA Stock initially had a liquidation preference of $100 per share, subject to adjustment as set forth below (the “Liquidation Preference”), with a Liquidation Preference of $100.01 and $100.00 per share as of September 30, 2026 and December 31, 2025, respectively. Effective immediately after the close of business on each business day after the initial issue date (and, if applicable, during the course of a business day on which any sale transaction to be settled by the issuance of the SATA Stock is executed, from the exact time of the first such sale transaction during such business day until the close of business of such business day), the Liquidation Preference per share of SATA Stock will be adjusted to be the greatest of (i) the stated amount per share of SATA Stock; (ii) in the case of any business day with respect to which Strive has, on such business day, executed any sale transaction to be settled by the issuance of SATA Stock, an amount equal to the last reported sale price per share of SATA Stock on the trading day immediately before such business day; and (iii) the arithmetic average of the last reported sale prices per share of SATA Stock for each trading day of the ten consecutive trading days (or, if applicable, the lesser number of trading days as have elapsed during the period from, and including, the initial issue date to, but excluding, such business day) immediately preceding such business day.
The SATA Stock ranks senior to Strive’s Class A common stock, Class B common stock, and SATS Stock (as defined below) with respect to the payment of dividends and the distribution of assets upon Strive’s liquidation, dissolution or winding up. If Strive liquidates, dissolves or winds up, whether voluntarily or involuntarily, then the holders of SATA Stock will be entitled to receive payment for the Liquidation Preference of, and all accumulated and unpaid regular dividends and any compounded
dividends on, their shares of SATA Stock out of Strive’s assets or funds legally available for distribution to its stockholders, before any such assets or funds are distributed to, or set aside for the benefit of, holders of the Class A common stock and Class B common stock or other junior stock, such as SATS Stock. The SATA Stock is junior to Strive’s existing and future indebtedness and structurally junior to the liabilities of Strive’s subsidiaries.
Strive has the right, at its election, to redeem all, or any whole number of shares, of the issued and outstanding SATA Stock, at any time, and from time to time, at a cash redemption price per share of SATA Stock to be redeemed equal to $110 (or such higher amount as may be chosen in Strive’s sole discretion, it being understood that such higher amount (or the formula to determine such higher amount) will be announced by prior public notice and/or set forth in the applicable relevant notice of redemption), plus accumulated and unpaid regular dividends, if any, thereon to, and including the redemption date. However, Strive may not redeem less than all of the outstanding SATA Stock unless at least $50.0 million aggregate stated amount of the SATA Stock is outstanding and not called for redemption as of the time Strive provides the related redemption notice. Strive also has the right, at its election, to redeem all, but not less than all, of the SATA Stock, at any time, for cash if the total number of shares of all SATA Stock then outstanding is less than 25% of the total number of shares of SATA Stock originally issued in the Initial Offering and in any future offering, taken together (such redemption, a “clean-up redemption”). In addition, Strive has the right to redeem all, but not less than all, of the SATA Stock if certain tax events occur (such redemption, a “tax redemption”). The redemption price for any SATA Stock to be redeemed pursuant to a clean-up redemption or a tax redemption will be a cash amount equal to the Liquidation Preference of the SATA Stock to be redeemed as of the business day before the date on which Strive provides the related redemption notice, plus accumulated and unpaid regular dividends, if any, thereon to, and including, the redemption date.
If an event that constitutes a “Fundamental Change” under the Certificate of Designation governing the SATA Stock occurs, then, subject to certain limitations, holders of the SATA Stock will have the right to require Strive to repurchase some or all of their shares of SATA Stock at a cash repurchase price equal to the stated amount of the SATA Stock to be repurchased, plus accumulated and unpaid regular dividends, if any, to, and including, the Fundamental Change repurchase date.
The SATA Stock has voting rights with respect to certain amendments to Strive’s articles of incorporation and the Certificate of Designation, as amended, certain business combination transactions and certain other matters. However, holders of the SATA Stock will not always be entitled to vote with holders of Class A common stock on matters on which holders of Class A common stock are entitled to vote.
If (in each case, subject to the Certificate of Designation) less than the full amount of accumulated and unpaid regular dividends on the outstanding SATA Stock have been declared and paid within 60 days of the following regular dividend payment date in respect of each of (i) 12 or more consecutive regular dividend payment dates; and (ii) 24 or more consecutive regular dividend payment dates, then, in each case, subject to certain limitations, if then required under Strive’s articles of incorporation or bylaws in order to increase the size of the board of directors, Strive will obtain board and/or stockholder approval to amend its articles of incorporation to increase the authorized number of its directors by one (or, to the fullest extent permitted under the Nevada Revised Statutes and Strive's articles of incorporation, Strive will cause the office of one director to be vacated) and the holders of the SATA Stock, voting together as a single class with the holders of each class or series of “Voting Parity Stock” (as defined in the Certificate of Designation) with similar voting rights regarding the election of directors upon a failure to pay dividends, which similar voting rights are then exercisable, will have the right to elect one director (a “Preferred Stock Director”) to fill such vacant directorship at Strive’s next annual meeting of stockholders (or, if earlier, at a special meeting of Strive’s stockholders called for such purpose). If, thereafter, all accumulated and unpaid dividends on the outstanding SATA Stock have been paid in full, then the right of the holders of the SATA Stock to elect any Preferred Stock Directors will terminate. Upon the termination of such right with respect to the SATA Stock and all other outstanding Voting Parity Stock, if any, the term of office of each person then serving as a Preferred Stock Director will immediately and automatically terminate (and, if the authorized number of Strive’s directors was increased by one or two, as applicable, in connection with such election, then the authorized number of Strive’s directors will automatically decrease by one or two, as applicable).
On May 13, 2026, the Company filed an Amended and Restated Certificate of Designation (as amended by the SATA COD Amendment (as defined below), and the October 2026 SATA COD Amendment (as defined below), the “Amended and Restated SATA Certificate of Designation”) with the Nevada Secretary of State (to be effective on the Amendment and Restatement Effective Date (as defined below)), which amended and restated the Certificate of Designation originally filed on November 10, 2025, as amended by that certain Certificate of Amendment to Certificate of Designation filed on December 9, 2025 (as amended, the “Original Certificate of Designation”), and which established the amended and restated terms of its SATA Stock. On June 5, 2026, the Company filed an amendment to the Original Certificate of Designation with the Nevada Secretary of State (to be effective on June 5, 2026), to increase the number of authorized shares of SATA Stock from 20,000,000 to 40,000,000. On June 5, 2026, the Company filed an amendment to the Amended and Restated SATA Certificate of Designation (the “SATA COD Amendment”) with the Nevada Secretary of State (to be effective on the Amendment and Restatement Effective Date), to increase the number of authorized shares of SATA Stock set forth in the Amended and Restated SATA Certificate of Designation from 20,000,000 to 40,000,000. On October 12, 2026, the Company filed with the Nevada Secretary of State a Certificate of
Amendment to Amended and Restated SATA Certificate of Designation (the "October 2026 SATA COD Amendment"), which established, among other things, a minimum sale price of $100.00 per share (before taking into account any underwriting or sales discounts or commissions, fees or expenses) for all future sales of SATA Stock by the Company. This provision of the October 2026 SATA COD Amendment was intended to formalize the Company's previously announced policy of not issuing SATA Stock below $100.00 per share be establishing such policy as a binding restriction under the governing documents of the SATA Stock. In addition, the October 2026 COD Amendment amended and restated the definition of "Business Day" to no longer exclude Saturday or Sunday, provided that such days do not fall on any day on which the Federal Reserve Bank of New York is authorized or required by law or executive order to close or be closed, any day that is not a trading day, or any day that the depositary is closed for business or providing limited settlement services.
The Amended and Restated SATA Certificate of Designation provides that, on and after the Amendment and Restatement Effective Date (as defined below), regular dividend payments on SATA Stock will be calculated on a monthly basis (as contemplated by the Original Certificate of Designation), other than the period from June 16, 2026 to June 30, 2026 (which shall be calculated on a pro rata basis, with such required dividend payments due for such period equal to half a month of regular dividend payments); provided that any such payments shall be calculated for each Monthly Dividend Period (as defined below) and subdivided and paid on each Regular Dividend Payment Date (as defined below) in equally divided installments based on the number of Regular Dividend Payment Dates in each such Monthly Dividend Period (as determined by the Company at least one Business Day (as defined below) prior to such Monthly Dividend Period). When and if declared by the board of directors of the Company, dividends will be paid on each Regular Dividend Payment Date to the holders of record as of the Close of Business on the Regular Record Date (as defined below) immediately preceding the applicable Regular Dividend Payment Date.
If any accumulated regular dividend (or any portion thereof) on the SATA Stock is not paid on the applicable Regular Dividend Payment Date and remains unpaid on the first Monthly Dividend Compliance Date (as defined below) that is concurrent with or subsequent to the applicable regular dividend payment (or, if such Monthly Dividend Compliance Date is not a Business Day, the next Business Day), then additional regular dividends (“Compounded Dividends”) will accumulate on the amount of such unpaid regular dividend for the benefit of the holders of record as of the close of business on the Regular Record Date immediately preceding the applicable Regular Dividend Payment Date, compounded monthly at the monthly Compounded Dividend Rate (as defined in the Amended and Restated SATA Certificate of Designation).
In addition, the obligations of the Company under the Original Certificate of Designation to provide a notice of dividend deferral and use commercially reasonable efforts to raise proceeds in the event of a dividend deferral for the purpose of making deferred payments, and the limitations on the Company with respect to dividends on parity stock or other certain payments, have been amended to refer to the Monthly Dividend Compliance Date on or following a deferred Regular Dividend Payment Date, in lieu of such Regular Dividend Payment Date.
As used in the Amended and Restated SATA Certificate of Designation:
“Business Day” means any day other than any day on which the Federal Reserve Bank of New York is authorized or required by law or executive order to close or be closed, any day that is not a Trading Day, or any day that the Depositary is closed for business or providing limited settlement services.
“Monthly Dividend Compliance Date” means (i) June 15, 2026 and (ii) subsequent to June 15, 2026, the final calendar day of each calendar month, with the first Monthly Dividend Compliance Date occurring after the Amendment and Restatement Effective Date being June 15, 2026 and the second Monthly Dividend Compliance Date occurring after the Amendment and Restatement Effective Date being June 30, 2026.
“Monthly Dividend Period” means each period from, and including, the Business Day after a Monthly Dividend Compliance Date to, and including, the next Monthly Dividend Compliance Date.
“Regular Dividend Payment Date” means, with respect to any share of Perpetual Preferred Stock, each Business Day of each Monthly Dividend Period.
“Regular Record Date” means, with respect to any Regular Dividend Payment Date, the Business Day immediately preceding the Business Day on which such Regular Dividend Payment Date occurs.
If the number of Business Days in a Monthly Dividend Period is less than the number of Business Days as previously determined by the Company in respect of such Monthly Dividend Period as a result of a scheduled Business Day no longer being a Business Day during such Monthly Dividend Period, then the Company may elect to pay any regular dividend installment previously scheduled for such day that was scheduled to be a Business Day but was not a Business Day on any subsequent Business Day by means of an increased payment amount or additional payment without penalty in respect of the delay.
The Amended and Restated SATA Certificate of Designation became effective on June 15, 2026 (the “Amendment and Restatement Effective Date”) and the October 2026 SATA COD Amendment became effective on October 12, 2026.
Except as summarized above, the material terms of the Amended and Restated SATA Certificate of Designation otherwise remain unchanged from the Original Certificate of Designation.
Dividends on SATA Stock
During the three and nine months ended September 30, 2026, the Company declared dividends to holders of SATA Stock of $34.2 million and $73.9 million, respectively, or $3.2508 and $10.1690 per share of SATA Stock, respectively. The regular dividend rate as of September 30, 2026 and December 31, 2025 per annum was 13.00% and 12.25%, respectively.
At-the-Market SATA Stock Preferred Equity Program
On December 9, 2025, the Company entered into a Controlled Equity OfferingSM Sales Agreement (the “SATA Sales Agreement”) with each of Cantor Fitzgerald & Co., Barclays Capital Inc., and Clear Street LLC (each, an "Original SATA Agent", and collectively the “Original SATA Agents”), pursuant to which the Company, from time to time, at its option, may offer and sell shares of its SATA Stock to or through the Original SATA Agents, acting as the principal and/or agent, having an aggregate sales price of up to $500.0 million.
On June 5, 2026, the Company, the Original SATA Agents and The Benchmark Company, LLC, StoneX Financial Inc., B. Riley Securities, Inc., Maxim Group LLC and H.C. Wainwright & Co., LLC (together, with the Original SATA Agents, the “SATA Agents”) amended and restated the SATA Sales Agreement (as amended and restated, the "A&R SATA Sales Agreement"), pursuant to which, from time to time, the Company may offer and sell through the SATA Agents, as sales agents, up to $2.6 billion of SATA Stock, pursuant to one or more “at the market” offerings.
During the three months ended September 30, 2026, the Company issued 5.1 million shares of SATA Stock for aggregate gross proceeds of $511.2 million.
During the nine months ended September 30, 2026, the Company issued 8.7 million shares of SATA Stock for aggregate gross proceeds of $867.8 million.
As of September 30, 2026, the Company had the availability to raise approximately $1.7 billion through the issuance and sale of its SATA Stock pursuant to the A&R SATA Sales Agreement.
SATA Stock Share Repurchase Program
On October 3, 2026, the Company's Board of Directors authorized the purchase of up to $500.0 million of its SATA Stock through a share repurchase program. Repurchases may be made from time-to-time, subject to general business and market conditions, other investment opportunities, and applicable legal requirements. Repurchases may be made through open market purchases or privately negotiated transactions, including through Rule 10b5-1 plans.
During the period from October 1, 2026 through October 30, 2026, the Company has not repurchased any SATA Stock. As of October 30, 2026, $500.0 million of SATA Stock remains available for repurchase through the share repurchase program.
15.00% Series A Perpetual SATS Preferred Stock
On October 20, 2026, the Company completed a registered public offering of 7,000,000 shares of its 15.00% Series A Perpetual SATS Preferred Stock (“SATS Stock”), for net proceeds of approximately $609.0 million, after deducting the underwriting discounts and commissions. The Company filed a certificate of designation (the "SATS Certificate of Designation") with the Nevada Secretary of State designating and establishing the terms of the SATS Stock. The SATS Stock is listed for trading on the Nasdaq Global Market under the symbol “SATS.”
The SATS Stock accumulates cumulative dividends (“regular dividends”) at a rate per annum equal to 15.00% on the stated amount of $100 per share (the “stated amount”) thereof. Regular dividends will be payable when, as and if declared by Strive’s board of directors (“Board”) or any duly authorized committee thereof, out of funds legally available for their payment, in arrears for each regular dividend period on each regular dividend payment date to stockholders of record as of the close of business on the regular record date immediately preceding the applicable regular dividend payment date. Regular dividend dates will fall on each business day, as defined in the governing documentation for the SATS Stock, beginning on November 9, 2026. No dividend, interest or other amount will accumulate or accrue on any unpaid regular dividends, regardless of whether regular dividends are declared for any future regular dividend period. Declared regular dividends on the SATS Stock will be payable solely in cash in the manner, and subject to the provisions, described in the SATS Certificate of Designation.
The SATS Stock has a par value of $0.001 per share and initially has a liquidation preference of $100 per share, subject to adjustment as set forth below (the “SATS Liquidation Preference”). The SATS Stock ranks senior to Strive’s Class A common stock, $0.001 par value per share (the "Class A Common Stock") and Class B common stock, $0.001 par value per share (the "Class B Common Stock"), with respect to the payment of dividends and the distribution of assets upon Strive’s liquidation, dissolution or winding up. If Strive liquidates, dissolves or winds up, whether voluntarily or involuntarily, then the holders of
SATS Stock will be entitled to receive payment for the SATS Liquidation Preference of, and all accumulated and unpaid regular dividends and any compounded dividends on, their shares of SATS Stock out of Strive’s assets or funds legally available for distribution to its stockholders, before any such assets or funds are distributed to, or set aside for the benefit of, holders of the Class A Common Stock and Class B Common Stock or other junior stock. The SATS Stock is junior to both SATA Stock and Strive's existing and future indebtedness and structurally junior to the liabilities of Strive’s subsidiaries and subject to the rights and preferences of any other class or series of preferred stock then outstanding.
The SATS Liquidation Preference is initially $100 per share; provided, however, that, effective immediately after the close of business on each business day after the initial issue date (and, if applicable, during the course of a business day on which any sale transaction to be settled by the issuance of SATS Stock is executed, from the exact time of the first such sale transaction during such business day until the close of business of such business day), the SATS Liquidation Preference per share will be adjusted to be the greatest of (i) the stated amount per share of SATS Stock; (ii) in the case of any business day with respect to which Strive has, on such business day or any business day during the ten trading day period preceding such business day, executed any sale transaction to be settled by the issuance of SATS Stock, an amount equal to the last reported sale price per share of SATS Stock on the trading day immediately before such business day; and (iii) the arithmetic average of the last reported sale prices per share of SATS Stock for each trading day of the ten consecutive trading days (or, if applicable, the lesser number of trading days as have elapsed during the period from, and including, the initial issue date to, but excluding, such business day) immediately preceding such business day.
Strive has the right, at its election, to redeem all, but not less than all, of the SATS Stock, at any time, for cash if the total number of shares of all SATS Stock then outstanding is less than 25% of the total number of shares of SATS Stock originally issued in the Offering and in any future offering, taken together. In addition, Strive has the right to redeem all, but not less than all, of the SATS Stock if certain tax events occur. The redemption price for any SATS Stock to be redeemed will be a cash amount equal to the Liquidation Preference of the SATS Stock to be redeemed as of the business day before the date on which Strive provides the related redemption notice, plus accumulated and unpaid regular dividends, if any, thereon to, and including, the redemption date.
If an event that constitutes a “Fundamental Change” under the SATS Certificate of Designation governing the SATS Stock occurs, then holders of the SATS Stock will have the right to require Strive to repurchase some or all of their shares of SATS Stock at a cash repurchase price equal to the stated amount of the SATS Stock to be repurchased, plus accumulated and unpaid regular dividends, if any, to, and including, the Fundamental Change repurchase date.
The SATS Stock has voting rights with respect to certain amendments to Strive’s articles of incorporation or the SATS Certificate of Designation, certain business combination transactions and certain other matters. However, holders of the SATS Stock will not always be entitled to vote with holders of Class A Common Stock on matters on which holders of Class A Common Stock are entitled to vote.
Dividends on SATS Stock
During the period from October 1, 2026 through October 30, 2026, the Company declared a cash dividend of $0.8710 per share of SATS Stock to be paid on November 9, 2026 to stockholders of record on November 6, 2026. The Company also declared a cash dividend of $0.0658 for each business day in the period from November 10, 2026 through November 30, 2026.
At-the-Market SATS Stock Preferred Equity Program
On October 26, 2026, the Company entered into a Controlled Equity OfferingSM Sales Agreement (the “SATS Sales Agreement”) with each of Cantor Fitzgerald & Co., Barclays Capital Inc., Clear Street LLC, StoneX Financial Inc., B. Riley Securities, Inc., Maxim Group LLC and H.C. Wainwright & Co., LLC (each, a “SATS Agent”, and collectively the “SATS Agents”), pursuant to which the Company, from time to time, at its option, may offer and sell shares of its SATS Stock to or through the SATS Agents, acting as the principal and/or agent, having an aggregate sales price of up to $1.0 billion.
v3.26.3
Basic and Diluted Earnings (Loss) per Common Share
 9 Months Ended
Sep. 30, 2026
Earnings Per Share [Abstract]  
Basic and Diluted Earnings (Loss) per Common Share Basic and Diluted Earnings (Loss) per Common Share
Basic earnings (loss) per common share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average common stock outstanding during the respective period. The impact from potential shares of common stock on the diluted earnings per common share calculation are included only when dilutive.
Basic and diluted earnings (loss) per common share are calculated as follows (in thousands, except for share and per share data):
SuccessorPredecessor
Three Months Ended
September 30, 2026		Period From September 12, 2025 to September 30, 2025Period From July 1, 2025 to September 11, 2025
Numerator:
Net income (loss)
$509,032 $(192,287)$(14,366)
Dividends on preferred stock
(34,231)— — 
Net income (loss) attributable to common stockholders - Basic
$474,801 $(192,287)$(14,366)
Denominator:
Basic weighted average shares of common stock outstanding
89,080,303 43,617,459 2,325,783 
Effect of dilutive shares
1,454,495 — — 
Diluted weighted average shares of common stock outstanding
90,534,798 43,617,459 2,325,783 
Income (loss) per common share:
Basic income (loss) per common share
$5.33 $(4.41)$(6.18)
Diluted income (loss) per common share
$5.24 $(4.41)$(6.18)
Successor
Predecessor
Nine Months Ended
September 30, 2026		Period From September 12, 2025 to September 30, 2025Period From January 1, 2025 to September 11, 2025
Numerator:
Net loss
$(14,477)$(192,287)$(26,990)
Dividends on preferred stock
(73,894)— — 
Net loss attributable to common stockholders - Basic
$(88,371)$(192,287)$(26,990)
Denominator:
Basic and diluted weighted average shares of common stock outstanding
75,429,254 43,617,459 2,299,243 
Income (loss) per common share:
Basic income (loss) per common share
$(1.17)$(4.41)$(11.74)
Diluted income (loss) per common share
$(1.17)$(4.41)$(11.74)
During the three and nine months ended September 30, 2026, 27.0 million and 28.4 million, respectively, weighted-average shares of potential common stock related to outstanding warrants, convertible notes, and stock awards were excluded from the computation of diluted earnings (loss) per common share as their impact would have been anti-dilutive.
During the period from September 12, 2025 to September 30, 2025, 16.5 million weighted-average shares of potential common stock related to outstanding warrants and stock awards were excluded from the computation of diluted earnings (loss) per common share as their impact would have been anti-dilutive.
During the period from July 1, 2025 to September 11, 2025, 1.2 million weighted-average shares of potential common stock were excluded from the computation of diluted earnings (loss) per common share as their impact would have been anti-dilutive and certain performance-contingent RSUs were excluded from the diluted EPS calculation because the contractual contingencies were not met.
During the period from January 1, 2025 to September 11, 2025, 1.2 million weighted-average shares of potential common stock were excluded from the computation of diluted earnings (loss) per common share as their impact would have been anti-dilutive and certain performance-contingent RSUs were excluded from the diluted EPS calculation because the contractual contingencies were not met.
v3.26.3
Income Taxes
 9 Months Ended
Sep. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company had no income tax benefit or expense during the three months ended September 30, 2026, the nine months ended September 30, 2026, the period from September 12, 2025 to September 30, 2025, the period from July 1, 2025 to September 11, 2025, or the period from January 1, 2025 to September 11, 2025, which resulted in an effective tax rate of zero for each period. The Company's effective tax rate differs from the U.S. federal corporate statutory rate of 21.0% primarily due to the Company's net loss from operations and unrealized gains, which resulted in a net taxable loss for each period. The Company did not recognize any net deferred tax asset as of September 30, 2026 and December 31, 2025 due to the establishment of a full valuation allowance.
Internal Revenue Code ("IRC") Section 382 addresses company ownership changes and specifically limits the utilization of certain deductions and tax attributes on an annual basis. As a result of the Asset Entities Merger and Semler Scientific Merger, the Company's tax attributes, including net operating losses, may be subject to IRC Section 382 limitations.
v3.26.3
Segment Information
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
Prior to the Company's announcement of the Asset Entities Merger in May 2025, the Company's management evaluated performance and allocated resources in consideration of only one operating segment, the Asset Management segment, as the Company's sole operations were related to its asset management business, with no consideration of a potential bitcoin treasury strategy. After the Asset Entities Merger closed in September 2025, the Company added a second operating segment, Bitcoin Operations, which includes the Company's treasury management operations, including bitcoin-related activity. After the Semler Scientific Merger closed in January 2026, the Company added a third operating segment, Medical Device, which includes the medical device operations acquired in that merger. As a result, the Company now manages its operations through three reportable segments: Asset Management, which provides investment advisory services; Medical Device, which includes the Company's medical device operations; and Bitcoin Operations, which includes the Company's fiat and bitcoin treasury operations. Costs that are not directly allocable to a specific operating segment, including, but not limited to, employee-related costs, general and administrative expenses, such as rent expense, and depreciation and amortization, are allocated using a reasonable allocation methodology, which is primarily represented by the relative percentage of resources used by each segment.
The Company's Chief Operating Decision Maker ("CODM") is its Chief Executive Officer, who utilizes key financial metrics, including net income (loss), to assess performance and make decisions regarding allocation of resources, such as capital allocation, determining compensation, and managing costs. The CODM also evaluates significant revenues and expenses by reportable segment to evaluate key operating decisions.
The following summarizes the information reviewed by the CODM to evaluate the net income (loss) of the Company's Asset Management, Medical Device, and Bitcoin Operations segments for the three months ended September 30, 2026, the period from September 12, 2025 to September 30, 2025, and the period from July 1, 2025 to September 11, 2025 (amounts in thousands):
Three Months Ended September 30, 2026 (Successor)
Asset ManagementMedical DeviceBitcoin OperationsTotal Consolidated
Revenues:
Investment advisory fees$1,559 $— $— $1,559 
Medical device revenues— 1,133 — 1,133 
Other revenue— — 4 4 
Total revenues1,559 1,133 4 2,696 
Operating expenses:
Fund management and administration1,583 — — 1,583 
Employee compensation and benefits1,626 3,598 10,409 15,633 
General and administrative expense338 2,700 3,631 6,669 
Impairment of medical device research and development intangible asset— 14,650 — 14,650 
Marketing and advertising3 3 80 86 
Depreciation and amortization— 23 55 78 
Total operating expenses3,550 20,974 14,175 38,699 
Investment gains:
Net unrealized gain on digital assets, at fair value— — 533,697 533,697 
Net unrealized gain on investments in preferred equity, at fair value— — 8,833 8,833 
Other investment gain— — 1,497 1,497 
Total investment gains— — 544,027 544,027 
Net operating income (loss)(1,991)(19,841)529,856 508,024 
Other income (expense):
Other income— (148)1,156 1,008 
Total other income (expense)— (148)1,156 1,008 
Net income (loss) before income taxes(1,991)(19,989)531,012 509,032 
Income tax benefit (expense)— — — — 
Net income (loss)$(1,991)$(19,989)$531,012 $509,032 
Period from September 12, 2025 to September 30, 2025 (Successor)
Asset ManagementMedical DeviceBitcoin OperationsTotal Consolidated
Revenues:
Investment advisory fees$246 $— $— $246 
Other revenue— — 9 9 
Total revenues246 — 9 255 
Operating expenses:
Fund management and administration282 — — 282 
Employee compensation and benefits3,129 — 15,591 18,720 
General and administrative expense91 — 354 445 
Marketing and advertising3 — 15 18 
Depreciation and amortization— — 12 12 
Total operating expenses3,505 — 15,972 19,477 
Investment losses:
Net unrealized loss on digital assets, at fair value— — (10,133)(10,133)
Other derivative loss— — (14,731)(14,731)
Total investment losses— — (24,864)(24,864)
Net operating loss(3,259)— (40,827)(44,086)
Other income (expense):
Other income3 — 65 68 
Transaction costs— — (7,484)(7,484)
Goodwill and intangible asset impairment— — (140,785)(140,785)
Total other income (expense)3 — (148,204)(148,201)
Net loss before income taxes(3,256)— (189,031)(192,287)
Income tax benefit (expense)— — — — 
Net loss$(3,256)$— $(189,031)$(192,287)
Period from July 1, 2025 to September 11, 2025 (Predecessor)
Asset ManagementMedical DeviceBitcoin OperationsTotal Consolidated
Revenues:
Investment advisory fees$1,283 $— $— $1,283 
Other revenue— — 5 5 
Total revenues1,283 — 5 1,288 
Operating expenses:
Fund management and administration1,251 — — 1,251 
Employee compensation and benefits1,550 — 1,601 3,151 
General and administrative expense252 — 619 871 
Marketing and advertising10 — 58 68 
Depreciation and amortization— — 43 43 
Total operating expenses3,063 — 2,321 5,384 
Net operating loss(1,780)— (2,316)(4,096)
Other income (expense):
Other income15 — (5)10 
Transaction costs— — (10,280)(10,280)
Total other income (expense)15 — (10,285)(10,270)
Net loss before income taxes(1,765)— (12,601)(14,366)
Income tax benefit (expense)— — — — 
Net loss$(1,765)$— $(12,601)$(14,366)
The following summarizes the information reviewed by the CODM to evaluate the net income (loss) of the Company's Asset Management, Medical Device, and Bitcoin Operations segments for the nine months ended September 30, 2026, the period from September 12, 2025 to September 30, 2025, and the period from January 1, 2025 to September 11, 2025 (amounts in thousands):
Nine Months Ended September 30, 2026 (Successor)
Asset ManagementMedical DeviceBitcoin OperationsTotal Consolidated
Revenues:
Investment advisory fees$4,418 $— $— $4,418 
Medical device revenues— 3,891 — 3,891 
Other revenue— — 88 88 
Total revenues4,418 3,891 88 8,397 
Operating expenses:
Fund management and administration4,496 — — 4,496 
Employee compensation and benefits4,452 12,447 28,101 45,000 
General and administrative expense1,614 7,869 9,552 19,035 
Impairment of medical device research and development intangible asset— 14,650 — 14,650 
Marketing and advertising14 6 261 281 
Depreciation and amortization— 86 168 254 
Total operating expenses10,576 35,058 38,082 83,716 
Investment gains (losses):
Net unrealized gain on digital assets, at fair value— — 9,888 9,888 
Net unrealized gain on investments in preferred equity, at fair value— — 3,361 3,361 
Other investment loss— — (1,304)(1,304)
Total investment gains— — 11,945 11,945 
Net operating loss(6,158)(31,167)(26,049)(63,374)
Other income (expense):
Other income11 327 2,151 2,489 
Interest expense on long-term notes payable, at fair value— — (282)(282)
Change in fair value on long-term notes payable, at fair value— — (2,464)(2,464)
Loss on extinguishment of debt— — (8,431)(8,431)
Loss on change in fair value of bitcoin held as collateral under Coinbase Loan— — (2,594)(2,594)
Transaction costs— — (6,525)(6,525)
Bargain purchase gain— — 66,704 66,704 
Total other income11 327 48,559 48,897 
Net income (loss) before income taxes(6,147)(30,840)22,510 (14,477)
Income tax benefit (expense)— — — — 
Net income (loss)$(6,147)$(30,840)$22,510 $(14,477)
Period from September 12, 2025 to September 30, 2025 (Successor)
Asset ManagementMedical DeviceBitcoin OperationsTotal Consolidated
Revenues:
Investment advisory fees$246 $— $— $246 
Other revenue— — 9 9 
Total revenues246 — 9 255 
Operating expenses:
Fund management and administration282 — — 282 
Employee compensation and benefits3,129 — 15,591 18,720 
General and administrative expense91 — 354 445 
Marketing and advertising3 — 15 18 
Depreciation and amortization— — 12 12 
Total operating expenses3,505 — 15,972 19,477 
Investment losses:
Net unrealized loss on digital assets, at fair value— — (10,133)(10,133)
Other derivative loss— — (14,731)(14,731)
Total investment losses— — (24,864)(24,864)
Net operating loss(3,259)— (40,827)(44,086)
Other income (expense):
Other income3 — 65 68 
Transaction costs— — (7,484)(7,484)
Goodwill and intangible asset impairment— — (140,785)(140,785)
Total other income (expense)3 — (148,204)(148,201)
Net loss before income taxes(3,256)— (189,031)(192,287)
Income tax benefit (expense)— — — — 
Net loss$(3,256)$— $(189,031)$(192,287)
Period from January 1, 2025 to September 11, 2025 (Predecessor)
Asset ManagementMedical DeviceBitcoin OperationsTotal Consolidated
Revenues:
Investment advisory fees$4,187 $— $— $4,187 
Other revenue7 — 28 35 
Total revenues4,194 — 28 4,222 
Operating expenses:
Fund management and administration4,250 — — 4,250 
Employee compensation and benefits4,861 — 2,361 7,222 
General and administrative expense2,672 — 1,557 4,229 
Marketing and advertising88 — 143 231 
Depreciation and amortization52 — 97 149 
Total operating expenses11,923 — 4,158 16,081 
Net operating loss(7,729)— (4,130)(11,859)
Other income (expense):
Other income360 — 226 586 
Transaction costs— — (15,717)(15,717)
Total other income (expense)360 — (15,491)(15,131)
Net loss before income taxes(7,369)— (19,621)(26,990)
Income tax benefit (expense)— — — — 
Net loss$(7,369)$— $(19,621)$(26,990)
The total assets of the Company's operating segments are summarized as follows (in thousands):
September 30,
2026		December 31,
2025
Asset Management$1,275 $1,279 
Medical Device2,667 — 
Bitcoin Operations2,680,228 744,248 
Total$2,684,170 $745,527 
v3.26.3
Subsequent Events
 9 Months Ended
Sep. 30, 2026
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Digital asset, STRC Stock, and cash and cash equivalents update
During the period from October 1, 2026 to October 30, 2026, the Company purchased 15,124 bitcoin at an average price of approximately $83,310 per bitcoin, inclusive of fees and expenses. As of October 30, 2026, the Company held $490.4 million of cash and cash equivalents and held STRC Stock with a fair value of $50.1 million. The Company's bitcoin treasury totaled 43,124 bitcoin as of October 30, 2026.
Capital stock update
As of October 30, 2026, the Company had 118,117,620 and 9,213,489 shares of Class A common stock and Class B common stock outstanding, respectively.
As of October 30, 2026, the Company had 14,030,176 shares of SATA Stock, which currently pays a monthly regular dividend rate per annum of 13.00%, and 7,003,418 shares of SATS Stock outstanding.
At-the-market offerings
During the period from October 1, 2026 to October 30, 2026, the Company issued an aggregate of 5,330,150 shares of its Class A common stock under the A&R ASST Sales Agreement for aggregate gross proceeds of $157.5 million. As of October 30, 2026, the Company has the availability to raise approximately $1.74 billion through the issuance and sale of its Class A common stock pursuant to the A&R ASST Sales Agreement.
During the period from October 1, 2026 to October 30, 2026, the Company issued 1,089,555 shares of its SATA Stock under the A&R SATA Sales Agreement for aggregate gross proceeds of $109.0 million. As of October 30, 2026, the Company has the availability to raise approximately $1.62 billion through the issuance and sale of its SATA Stock pursuant to the A&R SATA Sales Agreement.
During the period from October 1, 2026 to October 30, 2026, the Company issued 3,418 shares of its SATS Stock under the SATS Sales Agreement for aggregate gross proceeds of $0.3 million. As of October 30, 2026, the Company has the availability to raise approximately $999.7 million through the issuance and sale of its SATS Stock pursuant to the SATS Sales Agreement.
The Company has evaluated subsequent events through the date of the issuance of this Quarterly Report and determined that, except as disclosed within these consolidated financial statements, there have been no other events that have occurred that would require accrual or additional disclosure.
v3.26.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.3
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2026
Accounting Policies [Abstract]  
Basis of presentation
Basis of presentation
The Company prepared the accompanying unaudited consolidated financial statements in accordance with United States generally accepted accounting principles ("GAAP") and applicable rules and regulations of the SEC for interim financial reporting. In the opinion of management, all adjustments necessary for a fair statement of financial position and results of operations have been included. All such adjustments are of a normal recurring nature, unless otherwise disclosed. The results of operations for the interim periods shown in this report are not necessarily indicative of results that may be expected for any future period, including the full year.
Consolidation
The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of estimates
Use of estimates
The preparation of consolidated financial statements in conformity with GAAP requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and accompanying notes. Due to uncertainties in the estimation process, actual results could differ from those estimates.
Digital assets, at fair value
Digital assets, at fair value
The Company accounts for its digital assets, which consist solely of bitcoin, in accordance with Accounting Standards Codification ("ASC") 350-60, Intangibles - Goodwill and Other - Crypto Assets. The Company has ownership of and control over its bitcoin and is engaged with multiple geographically dispersed third-party custodial services to store its bitcoin. The Company initially records its digital assets at cost, inclusive of transaction costs and fees. The Company subsequently remeasures its digital assets to fair value at the end of each reporting period in accordance with ASC 820, Fair Value Measurement, based on quoted (unadjusted) prices on the Coinbase exchange, which is considered a Level 1 input within the fair value hierarchy. Any changes in fair value are recognized in net income within net unrealized gain (loss) on digital assets, at fair value. Realized gains or losses are recorded upon the sale of digital assets based upon the difference between the sales price and the carrying value of the specific bitcoin sold.
Investments in preferred equity, at fair value
Investments in preferred equity, at fair value
The Company accounts for its investments in preferred equity in accordance with ASC 321, Investments - Equity Securities, as these investments do not provide the Company with a controlling financial interest or significant influence. The Company records its investments in preferred equity at fair value, with changes in fair value recorded in the consolidated statements of operations.
Earnings per share ("EPS")
Earnings per share ("EPS")
Basic net income (loss) per common share is determined by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of Class A and Class B common stock outstanding and assumed outstanding common stock during the period. Diluted net income (loss) per common share is determined by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of Class A and Class B common stock and potential shares of common stock outstanding during the period. Net income (loss) attributable to common stockholders is computed by deducting the dividends declared in the period on the Company’s preferred stock, if any, from net income (loss). The impact from potential shares of common stock on the diluted earnings per share calculation are included when dilutive. Potential shares of Class A common stock consisting of shares underlying employee share awards and options and outstanding warrants are computed using the treasury stock method, while potential shares from the Semler Convertible Notes (as defined below) are computed using the if-converted method. Potentially dilutive shares are only included in the amount of dilutive shares if their impact results in dilution to net income (loss) per share.
The Company's common stock consists of two classes of common stock, Class A and Class B. Holders of Class A common stock generally have the same rights, including rights to dividends, as holders of Class B common stock, except that holders of Class A common stock have one vote per share while holders of Class B common stock have ten votes per share. Each share of Class B common stock is convertible at any time, at the option of the holder, into one share of Class A common stock. As such, basic and fully diluted earnings per share for Class A common stock and for Class B common stock are the same. The Company has never declared or paid any cash dividends on either Class A or Class B common stock.
Accounting standards not yet adopted
Accounting standards not yet adopted
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses ("ASU 2024-03"), which requires entities to disaggregate in a tabular presentation disclosures about specific types of expenses included in the expense captions presented on the face of the income statement, as well as disclosures about selling expenses. Specifically, ASU 2024-03 requires disaggregation of expense captions that include any of the following natural expenses: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities or other types of depletion expenses. The requirements are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027 and
are required to be applied prospectively with the option for retrospective application. Early adoption is permitted. The Company does not expect the additional disclosure requirements under ASU 2024-03 to have a material impact on the consolidated financial statements.
v3.26.3
Digital Assets, at Fair Value (Tables)
 9 Months Ended
Sep. 30, 2026
Intangible Asset, Excluding Goodwill, after Accumulated Amortization [Abstract]  
Schedule of Investments in Digital Assets
The Company's investments in digital assets, at fair value are summarized below. The Company did not hold any investments in digital assets prior to September 12, 2025.
September 30, 2026December 31, 2025
Approximate number of bitcoin held28,0007,627
Aggregate bitcoin cost basis (in thousands)$2,524,811 $862,994 
Aggregate bitcoin fair value (in thousands)$2,340,192 $668,486 
Weighted average acquisition cost$90,170 $113,153 
Fair value per bitcoin$83,577 $87,650 
Schedule of Changes in Digital Assets
The following table provides a summary of the changes in the Company's digital assets, at fair value for the three and nine months ended September 30, 2026 and the period from September 12, 2025 to September 30, 2025 (in thousands):
Three Months Ended
September 30, 2026		Nine Months Ended
September 30, 2026		Period From September 12, 2025 to September 30, 2025
Balance, beginning of period$1,164,639$668,486$—
Acquisitions641,8561,626,441683,046
Release of bitcoin held as collateral upon extinguishment of Coinbase Loan—35,377—
Sales———
Change in fair value533,6979,888(10,133)
Balance, end of period$2,340,192 $2,340,192$672,913
v3.26.3
Business Combination (Tables)
 9 Months Ended
Sep. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combination
The following table summarizes the consideration transferred and the assets acquired and liabilities assumed as part of the Semler Scientific Merger at their acquisition date fair value (in thousands):
Consideration transferred:
Strive, Inc. Class A common stock and fair value of assumed options$311,183 
Assets acquired and liabilities assumed:
Cash and cash equivalents3,513 
Prepaid expenses599 
Other current assets1,831 
Digital assets444,029 
Receivable for bitcoin collateral37,971 
Intangible assets14,650 
Property and equipment175 
Other non-current assets1 
Accounts payable and other liabilities(13,029)
Compensation and benefits payable(2,358)
Long-term notes payable(89,495)
Coinbase Loan(20,000)
Total identifiable net assets$377,887 
Bargain purchase gain(66,704)
Total$311,183 
The following table summarizes the consideration transferred and the assets acquired and liabilities assumed as part of the Asset Entities Merger at their acquisition date fair value (in thousands):
Consideration transferred:
Strive, Inc. Class A common stock$141,140 
Assets acquired and liabilities assumed:
Cash and cash equivalents400 
Prepaid expenses27 
Intangible assets746 
Other non-current assets57 
Accounts payable and other liabilities(129)
Total identifiable net assets$1,101 
Goodwill140,039 
Total$141,140 
Business Combination, Recognized Asset Acquired and Liability Assumed
The following table summarizes the consideration transferred and the assets acquired and liabilities assumed as part of the Semler Scientific Merger at their acquisition date fair value (in thousands):
Consideration transferred:
Strive, Inc. Class A common stock and fair value of assumed options$311,183 
Assets acquired and liabilities assumed:
Cash and cash equivalents3,513 
Prepaid expenses599 
Other current assets1,831 
Digital assets444,029 
Receivable for bitcoin collateral37,971 
Intangible assets14,650 
Property and equipment175 
Other non-current assets1 
Accounts payable and other liabilities(13,029)
Compensation and benefits payable(2,358)
Long-term notes payable(89,495)
Coinbase Loan(20,000)
Total identifiable net assets$377,887 
Bargain purchase gain(66,704)
Total$311,183 
The following table summarizes the consideration transferred and the assets acquired and liabilities assumed as part of the Asset Entities Merger at their acquisition date fair value (in thousands):
Consideration transferred:
Strive, Inc. Class A common stock$141,140 
Assets acquired and liabilities assumed:
Cash and cash equivalents400 
Prepaid expenses27 
Intangible assets746 
Other non-current assets57 
Accounts payable and other liabilities(129)
Total identifiable net assets$1,101 
Goodwill140,039 
Total$141,140 
Business Combination, Pro Forma Information
The unaudited supplemental pro forma financial information presented below has been prepared as if the Semler Scientific Merger had occurred in the earliest presented period. The pro forma financial information is developed using estimates and assumptions based on information available at the time. The Company believes such estimates and assumptions to be reasonable; however, the unaudited pro forma financial information is not necessarily indicative of what the combined company's results would have been had the acquisition been completed as of the beginning of the periods as indicated, nor does it purport to represent the Company's future results. There are no pro forma adjustments for the three months ended September 30, 2026. As the financial information for the period from July 1, 2025 to September 11, 2025 and the period from January 1, 2025 to September 11, 2025 represent the financial information of the Predecessor, no such pro forma financial information has been included. Amounts below are presented in thousands, other than per-share amounts.
Nine Months Ended September 30, 2026Period From September 12, 2025 to September 30, 2025
Total revenues$8,786 $1,753 
Net loss before income taxes$(15,610)$(206,116)
v3.26.3
Investments in Preferred Equity, at Fair Value (Tables)
 9 Months Ended
Sep. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Debt Securities, Trading, and Equity Securities, FV-NI A summary of the changes of the Company's investments in preferred equity, at fair value are summarized below (in thousands):
Three Months Ended September 30, 2026Nine Months Ended September 30, 2026
Balance, beginning of period$42,854$—
Acquisitions—50,499
Return of capital dividends(1,515)(3,688)
Sales——
Change in fair value8,8333,361
Balance, end of period$50,172$50,172
v3.26.3
Revenue (Tables)
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Investment Advisory Fees and Other Revenue The table below summarizes the Company's investment advisory fees, medical device revenues, and other revenue (in thousands):
SuccessorPredecessor
Three Months Ended
September 30, 2026		Period From September 12, 2025 to September 30, 2025Period From July 1, 2025 to September 11, 2025
Investment advisory fees$1,559 $246 $1,283 
Medical device revenues1,133 — — 
Other revenue4 9 5 
Total revenue$2,696 $255 $1,288 
SuccessorPredecessor
Nine Months Ended
September 30, 2026		Period From September 12, 2025 to September 30, 2025Period From January 1, 2025 to September 11, 2025
Investment advisory fees$4,418 $246 $4,187 
Medical device revenues3,891 — — 
Other revenue88 9 35 
Total revenue$8,397 $255 $4,222 
v3.26.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities
The table below provides a summary of the Company's financial assets and liabilities carried at fair value on a recurring basis, including the level in the fair value hierarchy, as of September 30, 2026 and December 31, 2025 (in thousands):
September 30, 2026December 31, 2025
Financial Statement LineLevelFair ValueFair Value
Assets:
Investments in preferred equity, at fair valueInvestments in preferred equity, at fair valueLevel 1$50,172 $— 
Digital assets, at fair valueDigital assets, at fair valueLevel 12,340,192 668,486 
v3.26.3
Stockholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Schedule of Summarized Activity of Warrants
The table below summarizes activity related to the Company's PIPE Traditional Warrants and PIPE Pre-Funded Warrants for the three and nine months ended September 30, 2026:
Three Months Ended
September 30, 2026		Nine Months Ended
September 30, 2026
PIPE Traditional WarrantsPIPE Pre-Funded WarrantsPIPE Traditional WarrantsPIPE Pre-Funded Warrants
PIPE warrants outstanding, beginning of period531,888,702 — 531,888,702 1,072,289 
Issued— — — — 
Exercised(28,926,075)— (28,926,075)(1,072,289)
Expired— — — — 
PIPE warrants outstanding, end of period502,962,627 — 502,962,627 — 
(1) Each warrant gives the holder the right to purchase 1/20th of a share of Class A common stock.
v3.26.3
Basic and Diluted Earnings (Loss) per Common Share (Tables)
 9 Months Ended
Sep. 30, 2026
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Earnings (Loss) Per Common Share
Basic and diluted earnings (loss) per common share are calculated as follows (in thousands, except for share and per share data):
SuccessorPredecessor
Three Months Ended
September 30, 2026		Period From September 12, 2025 to September 30, 2025Period From July 1, 2025 to September 11, 2025
Numerator:
Net income (loss)
$509,032 $(192,287)$(14,366)
Dividends on preferred stock
(34,231)— — 
Net income (loss) attributable to common stockholders - Basic
$474,801 $(192,287)$(14,366)
Denominator:
Basic weighted average shares of common stock outstanding
89,080,303 43,617,459 2,325,783 
Effect of dilutive shares
1,454,495 — — 
Diluted weighted average shares of common stock outstanding
90,534,798 43,617,459 2,325,783 
Income (loss) per common share:
Basic income (loss) per common share
$5.33 $(4.41)$(6.18)
Diluted income (loss) per common share
$5.24 $(4.41)$(6.18)
Successor
Predecessor
Nine Months Ended
September 30, 2026		Period From September 12, 2025 to September 30, 2025Period From January 1, 2025 to September 11, 2025
Numerator:
Net loss
$(14,477)$(192,287)$(26,990)
Dividends on preferred stock
(73,894)— — 
Net loss attributable to common stockholders - Basic
$(88,371)$(192,287)$(26,990)
Denominator:
Basic and diluted weighted average shares of common stock outstanding
75,429,254 43,617,459 2,299,243 
Income (loss) per common share:
Basic income (loss) per common share
$(1.17)$(4.41)$(11.74)
Diluted income (loss) per common share
$(1.17)$(4.41)$(11.74)
v3.26.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following summarizes the information reviewed by the CODM to evaluate the net income (loss) of the Company's Asset Management, Medical Device, and Bitcoin Operations segments for the three months ended September 30, 2026, the period from September 12, 2025 to September 30, 2025, and the period from July 1, 2025 to September 11, 2025 (amounts in thousands):
Three Months Ended September 30, 2026 (Successor)
Asset ManagementMedical DeviceBitcoin OperationsTotal Consolidated
Revenues:
Investment advisory fees$1,559 $— $— $1,559 
Medical device revenues— 1,133 — 1,133 
Other revenue— — 4 4 
Total revenues1,559 1,133 4 2,696 
Operating expenses:
Fund management and administration1,583 — — 1,583 
Employee compensation and benefits1,626 3,598 10,409 15,633 
General and administrative expense338 2,700 3,631 6,669 
Impairment of medical device research and development intangible asset— 14,650 — 14,650 
Marketing and advertising3 3 80 86 
Depreciation and amortization— 23 55 78 
Total operating expenses3,550 20,974 14,175 38,699 
Investment gains:
Net unrealized gain on digital assets, at fair value— — 533,697 533,697 
Net unrealized gain on investments in preferred equity, at fair value— — 8,833 8,833 
Other investment gain— — 1,497 1,497 
Total investment gains— — 544,027 544,027 
Net operating income (loss)(1,991)(19,841)529,856 508,024 
Other income (expense):
Other income— (148)1,156 1,008 
Total other income (expense)— (148)1,156 1,008 
Net income (loss) before income taxes(1,991)(19,989)531,012 509,032 
Income tax benefit (expense)— — — — 
Net income (loss)$(1,991)$(19,989)$531,012 $509,032 
Period from September 12, 2025 to September 30, 2025 (Successor)
Asset ManagementMedical DeviceBitcoin OperationsTotal Consolidated
Revenues:
Investment advisory fees$246 $— $— $246 
Other revenue— — 9 9 
Total revenues246 — 9 255 
Operating expenses:
Fund management and administration282 — — 282 
Employee compensation and benefits3,129 — 15,591 18,720 
General and administrative expense91 — 354 445 
Marketing and advertising3 — 15 18 
Depreciation and amortization— — 12 12 
Total operating expenses3,505 — 15,972 19,477 
Investment losses:
Net unrealized loss on digital assets, at fair value— — (10,133)(10,133)
Other derivative loss— — (14,731)(14,731)
Total investment losses— — (24,864)(24,864)
Net operating loss(3,259)— (40,827)(44,086)
Other income (expense):
Other income3 — 65 68 
Transaction costs— — (7,484)(7,484)
Goodwill and intangible asset impairment— — (140,785)(140,785)
Total other income (expense)3 — (148,204)(148,201)
Net loss before income taxes(3,256)— (189,031)(192,287)
Income tax benefit (expense)— — — — 
Net loss$(3,256)$— $(189,031)$(192,287)
Period from July 1, 2025 to September 11, 2025 (Predecessor)
Asset ManagementMedical DeviceBitcoin OperationsTotal Consolidated
Revenues:
Investment advisory fees$1,283 $— $— $1,283 
Other revenue— — 5 5 
Total revenues1,283 — 5 1,288 
Operating expenses:
Fund management and administration1,251 — — 1,251 
Employee compensation and benefits1,550 — 1,601 3,151 
General and administrative expense252 — 619 871 
Marketing and advertising10 — 58 68 
Depreciation and amortization— — 43 43 
Total operating expenses3,063 — 2,321 5,384 
Net operating loss(1,780)— (2,316)(4,096)
Other income (expense):
Other income15 — (5)10 
Transaction costs— — (10,280)(10,280)
Total other income (expense)15 — (10,285)(10,270)
Net loss before income taxes(1,765)— (12,601)(14,366)
Income tax benefit (expense)— — — — 
Net loss$(1,765)$— $(12,601)$(14,366)
The following summarizes the information reviewed by the CODM to evaluate the net income (loss) of the Company's Asset Management, Medical Device, and Bitcoin Operations segments for the nine months ended September 30, 2026, the period from September 12, 2025 to September 30, 2025, and the period from January 1, 2025 to September 11, 2025 (amounts in thousands):
Nine Months Ended September 30, 2026 (Successor)
Asset ManagementMedical DeviceBitcoin OperationsTotal Consolidated
Revenues:
Investment advisory fees$4,418 $— $— $4,418 
Medical device revenues— 3,891 — 3,891 
Other revenue— — 88 88 
Total revenues4,418 3,891 88 8,397 
Operating expenses:
Fund management and administration4,496 — — 4,496 
Employee compensation and benefits4,452 12,447 28,101 45,000 
General and administrative expense1,614 7,869 9,552 19,035 
Impairment of medical device research and development intangible asset— 14,650 — 14,650 
Marketing and advertising14 6 261 281 
Depreciation and amortization— 86 168 254 
Total operating expenses10,576 35,058 38,082 83,716 
Investment gains (losses):
Net unrealized gain on digital assets, at fair value— — 9,888 9,888 
Net unrealized gain on investments in preferred equity, at fair value— — 3,361 3,361 
Other investment loss— — (1,304)(1,304)
Total investment gains— — 11,945 11,945 
Net operating loss(6,158)(31,167)(26,049)(63,374)
Other income (expense):
Other income11 327 2,151 2,489 
Interest expense on long-term notes payable, at fair value— — (282)(282)
Change in fair value on long-term notes payable, at fair value— — (2,464)(2,464)
Loss on extinguishment of debt— — (8,431)(8,431)
Loss on change in fair value of bitcoin held as collateral under Coinbase Loan— — (2,594)(2,594)
Transaction costs— — (6,525)(6,525)
Bargain purchase gain— — 66,704 66,704 
Total other income11 327 48,559 48,897 
Net income (loss) before income taxes(6,147)(30,840)22,510 (14,477)
Income tax benefit (expense)— — — — 
Net income (loss)$(6,147)$(30,840)$22,510 $(14,477)
Period from September 12, 2025 to September 30, 2025 (Successor)
Asset ManagementMedical DeviceBitcoin OperationsTotal Consolidated
Revenues:
Investment advisory fees$246 $— $— $246 
Other revenue— — 9 9 
Total revenues246 — 9 255 
Operating expenses:
Fund management and administration282 — — 282 
Employee compensation and benefits3,129 — 15,591 18,720 
General and administrative expense91 — 354 445 
Marketing and advertising3 — 15 18 
Depreciation and amortization— — 12 12 
Total operating expenses3,505 — 15,972 19,477 
Investment losses:
Net unrealized loss on digital assets, at fair value— — (10,133)(10,133)
Other derivative loss— — (14,731)(14,731)
Total investment losses— — (24,864)(24,864)
Net operating loss(3,259)— (40,827)(44,086)
Other income (expense):
Other income3 — 65 68 
Transaction costs— — (7,484)(7,484)
Goodwill and intangible asset impairment— — (140,785)(140,785)
Total other income (expense)3 — (148,204)(148,201)
Net loss before income taxes(3,256)— (189,031)(192,287)
Income tax benefit (expense)— — — — 
Net loss$(3,256)$— $(189,031)$(192,287)
Period from January 1, 2025 to September 11, 2025 (Predecessor)
Asset ManagementMedical DeviceBitcoin OperationsTotal Consolidated
Revenues:
Investment advisory fees$4,187 $— $— $4,187 
Other revenue7 — 28 35 
Total revenues4,194 — 28 4,222 
Operating expenses:
Fund management and administration4,250 — — 4,250 
Employee compensation and benefits4,861 — 2,361 7,222 
General and administrative expense2,672 — 1,557 4,229 
Marketing and advertising88 — 143 231 
Depreciation and amortization52 — 97 149 
Total operating expenses11,923 — 4,158 16,081 
Net operating loss(7,729)— (4,130)(11,859)
Other income (expense):
Other income360 — 226 586 
Transaction costs— — (15,717)(15,717)
Total other income (expense)360 — (15,491)(15,131)
Net loss before income taxes(7,369)— (19,621)(26,990)
Income tax benefit (expense)— — — — 
Net loss$(7,369)$— $(19,621)$(26,990)
Schedule of Reconciliation of Assets from Segment to Consolidated
The total assets of the Company's operating segments are summarized as follows (in thousands):
September 30,
2026		December 31,
2025
Asset Management$1,275 $1,279 
Medical Device2,667 — 
Bitcoin Operations2,680,228 744,248 
Total$2,684,170 $745,527 
v3.26.3
Summary of Significant Accounting Policies (Details)
Feb. 06, 2026
Sep. 30, 2026
vote
class
Class of Stock [Line Items]    
Stock split ratio 0.05  
Number of classes of common stock | class   2
Class A Common Stock    
Class of Stock [Line Items]    
Number of votes per share   1
Class B Common Stock    
Class of Stock [Line Items]    
Number of votes per share   10
Conversion ratio of Class B common stock to Class A common stock   1
v3.26.3
Digital Assets, at Fair Value - Investment of Digital Assets (Details) - Bitcoin
$ in Thousands
Sep. 30, 2026
USD ($)
bitcoin
$ / bitcoin
Jun. 30, 2026
USD ($)
Dec. 31, 2025
USD ($)
bitcoin
$ / bitcoin
Sep. 30, 2025
USD ($)
Sep. 11, 2025
USD ($)
Crypto Asset, Holding [Line Items]          
Approximate number of bitcoin held (in bitcoins) | bitcoin 28,000   7,627    
Aggregate bitcoin cost basis (in thousands) | $ $ 2,524,811   $ 862,994    
Aggregate bitcoin fair value (in thousands) | $ $ 2,340,192 $ 1,164,639 $ 668,486 $ 672,913 $ 0
Weighted average acquisition cost (in USD per bitcoin) | $ / bitcoin 90,170   113,153    
Fair value per bitcoin (in USD per bitcoin) | $ / bitcoin 83,577   87,650    
v3.26.3
Digital Assets, at Fair Value - Changes in Digital Assets (Details) - USD ($)
$ in Thousands
 1 Months Ended 2 Months Ended 3 Months Ended 8 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 11, 2025
Sep. 30, 2026
Sep. 11, 2025
Sep. 30, 2026
Crypto Asset [Roll Forward]          
Change in fair value $ (10,133) $ 0 $ 533,697 $ 0 $ 9,888
Bitcoin          
Crypto Asset [Roll Forward]          
Balance, beginning of period 0   1,164,639   668,486
Acquisitions 683,046   641,856   1,626,441
Release of bitcoin held as collateral upon extinguishment of Coinbase Loan 0   0   35,377
Sales 0   0   0
Change in fair value (10,133)   533,697   9,888
Balance, end of period $ 672,913 $ 0 $ 2,340,192 $ 0 $ 2,340,192
v3.26.3
Business Combination - Narrative (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 2 Months Ended 3 Months Ended 8 Months Ended 9 Months Ended
Jan. 22, 2026
USD ($)
shares
Jan. 16, 2026
USD ($)
bitcoin
$ / shares
shares
Sep. 12, 2025
USD ($)
shares
Sep. 30, 2025
USD ($)
Sep. 11, 2025
USD ($)
Sep. 30, 2026
USD ($)
Sep. 11, 2025
USD ($)
Sep. 30, 2026
USD ($)
Business Combination [Line Items]                
Bargain purchase gain       $ 0     $ 0 $ 66,704
Impairment of medical device research and development intangible asset       0 $ 0 $ 14,650 0 14,650
Transaction costs       7,484 10,280 0 15,717 6,525
Loss on change in fair value of bitcoin held as collateral under Coinbase Loan       0     0 2,594
Loss on extinguishment of debt       0     0 8,431
Goodwill and intangible asset impairment       140,785 0 0 0 0
Semler Convertible Notes | Convertible Debt                
Business Combination [Line Items]                
Extinguishment of debt, amount $ 90,000              
Loss on extinguishment of debt           0   8,400
Variable Rate Series A Perpetual Preferred Stock | Semler Convertible Notes | Convertible Debt                
Business Combination [Line Items]                
Debt conversion, shares issued (in shares) | shares 929,999              
Semler Scientific, Inc.                
Business Combination [Line Items]                
Business Combination, Price Per Share | $ / shares   $ 21.05            
Equity interest issued (in shares) | shares   16,090,786            
Total consideration transferred   $ 311,183            
Bargain purchase gain   $ 66,704            
Impairment of medical device research and development intangible asset           14,700   14,700
Transaction costs       1,800 0   0 6,500
Number of bitcoin release from collateral upon extinguishment of debt (in bitcoin) | bitcoin   398            
Loss on change in fair value of bitcoin held as collateral under Coinbase Loan               2,600
Semler Scientific, Inc. | Semler Convertible Notes | Convertible Debt                
Business Combination [Line Items]                
Debt assumed   $ 100,000            
Debt interest rate   4.25%            
Semler Scientific, Inc. | Coinbase Loan                
Business Combination [Line Items]                
Debt assumed   $ 20,000            
Loss on extinguishment of debt           $ 0   $ 300
Asset Entities, Inc.                
Business Combination [Line Items]                
Equity interest issued (in shares) | shares     831,219          
Total consideration transferred     $ 141,100          
Transaction costs       5,600 $ 10,300   $ 15,700  
Post-combination common equity interests     5.80%          
Goodwill acquired deductive for tax purposes     $ 0          
Goodwill and intangible asset impairment       $ 140,800        
v3.26.3
Business Combination - Schedule of Consideration Transferred and Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
 1 Months Ended 8 Months Ended 9 Months Ended
Jan. 16, 2026
Sep. 12, 2025
Sep. 30, 2025
Sep. 11, 2025
Sep. 30, 2026
Assets acquired and liabilities assumed:          
Bargain purchase gain     $ 0 $ 0 $ (66,704)
Semler Scientific, Inc.          
Consideration transferred:          
Strive, Inc. Class A common stock and fair value of assumed options $ 311,183        
Assets acquired and liabilities assumed:          
Cash and cash equivalents 3,513        
Prepaid expenses 599        
Other current assets 1,831        
Digital assets 444,029        
Receivable for bitcoin collateral 37,971        
Intangible assets 14,650        
Property and equipment 175        
Other non-current assets 1        
Accounts payable and other liabilities (13,029)        
Compensation and benefits payable (2,358)        
Long-term notes payable (89,495)        
Coinbase Loan (20,000)        
Total identifiable net assets 377,887        
Bargain purchase gain (66,704)        
Total $ 311,183        
Asset Entities, Inc.          
Consideration transferred:          
Strive, Inc. Class A common stock and fair value of assumed options   $ 141,140      
Assets acquired and liabilities assumed:          
Cash and cash equivalents   400      
Prepaid expenses   27      
Intangible assets   746      
Other non-current assets   57      
Accounts payable and other liabilities   (129)      
Total identifiable net assets   1,101      
Goodwill   140,039      
Total   141,100      
Total   $ 141,140      
v3.26.3
Business Combination - Pro Forma Information (Details) - Semler Scientific, Inc. - USD ($)
$ in Thousands
 1 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2026
Business Combination, Pro Forma Information [Line Items]    
Total revenues $ 1,753 $ 8,786
Net loss before income taxes $ (206,116) $ (15,610)
v3.26.3
Investments in Preferred Equity, at Fair Value - Narrative (Details) - Preferred Stock - STRC Stock
$ in Millions
Sep. 30, 2026
USD ($)
shares
Debt and Equity Securities, FV-NI [Line Items]  
Investment shares held (in shares) | shares 505,000
Notional amount | $ $ 50.5
v3.26.3
Investments in Preferred Equity, at Fair Value - Schedule of Preferred Equity at Fair Value (Details) - USD ($)
$ in Thousands
 1 Months Ended 2 Months Ended 3 Months Ended 8 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 11, 2025
Sep. 30, 2026
Sep. 11, 2025
Sep. 30, 2026
Equity Securities, FV-NI [Roll Forward]          
Acquisitions $ 0     $ 0 $ 50,499
Return of capital dividends 0     0 3,688
Change in fair value $ 0 $ 0 $ 8,833 $ 0 3,361
Preferred Stock          
Equity Securities, FV-NI [Roll Forward]          
Balance, beginning of period     42,854   0
Acquisitions     0   50,499
Return of capital dividends     (1,515)   (3,688)
Sales     0   0
Change in fair value     8,833   3,361
Balance, end of period     $ 50,172   $ 50,172
v3.26.3
Long-Term Notes Payable, at Fair Value (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 8 Months Ended 9 Months Ended
Jan. 22, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 11, 2025
Sep. 30, 2026
Jan. 16, 2026
Debt Instrument [Line Items]            
Loss on extinguishment of debt   $ 0   $ 0 $ 8,431  
Change in fair value on long-term notes payable, at fair value   $ 0   $ 0 (2,464)  
Semler Convertible Notes | Convertible Debt            
Debt Instrument [Line Items]            
Extinguishment of debt, amount $ 90,000          
Loss on extinguishment of debt     $ 0   8,400  
Change in fair value on long-term notes payable, at fair value     $ 0   $ (2,500)  
Semler Convertible Notes | Convertible Debt | Variable Rate Series A Perpetual Preferred Stock            
Debt Instrument [Line Items]            
Debt conversion, shares issued (in shares) 929,999          
Semler Scientific, Inc. | Semler Convertible Notes | Convertible Debt            
Debt Instrument [Line Items]            
Debt assumed           $ 100,000
Debt interest rate           4.25%
v3.26.3
Revenue (Details) - USD ($)
$ in Thousands
 1 Months Ended 2 Months Ended 3 Months Ended 8 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 11, 2025
Sep. 30, 2026
Sep. 11, 2025
Sep. 30, 2026
Disaggregation of Revenue [Line Items]          
Total revenue $ 255 $ 1,288 $ 2,696 $ 4,222 $ 8,397
Investment advisory fees          
Disaggregation of Revenue [Line Items]          
Total revenue 246 1,283 1,559 4,187 4,418
Medical device revenues          
Disaggregation of Revenue [Line Items]          
Total revenue 0 0 1,133 0 3,891
Other revenue          
Disaggregation of Revenue [Line Items]          
Total revenue $ 9 $ 5 $ 4 $ 35 $ 88
v3.26.3
Fair Value Measurements (Details) - Level 1 - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Assets:    
Investments in preferred equity, at fair value $ 50,172 $ 0
Digital assets, at fair value $ 2,340,192 $ 668,486
v3.26.3
Share-Based Compensation - Narrative (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 9 Months Ended 12 Months Ended
Jan. 16, 2026
Sep. 30, 2026
Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Options outstanding (in shares)   0.8  
Weighted average exercise price (in dollars per share)   $ 37.06  
Unrecognized compensation expense, options   $ 1.4  
Compensation expense, recognition period   2 years 2 months 12 days 2 years 6 months
Employee Stock Option      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Compensation expense, recognition period   2 years 3 months 18 days  
Semler Scientific, Inc. 2014 Stock Option And Incentive Plan      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Options assumed (in shares) 0.4    
Semler Scientific, Inc. 2024 Stock Option And Incentive Plan      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Options assumed (in shares) 0.6    
v3.26.3
Share-Based Compensation - Incentive Stock Option (Details) - Incentive Stock Options
shares in Millions
 9 Months Ended
Sep. 30, 2026
shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Percentage of purchase price of common stock 100.00%
Shares authorized for issuance (in shares) 5.5
Remaining shares available for future awards (in shares) 5.5
v3.26.3
Share-Based Compensation - Restricted Stock, Restricted Stock Units and Performance Awards (Details) - USD ($)
shares in Thousands, $ in Millions
 1 Months Ended 2 Months Ended 3 Months Ended 8 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 11, 2025
Sep. 30, 2026
Sep. 11, 2025
Sep. 30, 2026
Dec. 31, 2025
Apr. 12, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]              
Unrecognized compensation expense, nonvested awards     $ 47.8   $ 47.8 $ 43.8  
Compensation expense, recognition period         2 years 2 months 12 days 2 years 6 months  
RSAs | 2022 Plan              
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]              
Remaining shares available for future awards (in shares)     0   0    
RSAs | 2026 Plan              
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]              
Remaining shares available for future awards (in shares)     3,700   3,700    
Shares authorized for issuance (in shares)             5,900
RSUs              
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]              
Share granted during the period (in shares) 231 1,200 0 3,000 900    
Fair value of awards granted $ 39.3 $ 0.8   $ 2.1 $ 9.5    
Share granted during the period, before effect of exchange ratio (in shares)   16   43      
RSUs | Prior To Split-Adjusted Basis              
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]              
Share granted during the period (in shares)   58   152      
PSUs              
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]              
Performance period         3 years    
Share granted during the period (in shares)     700   700    
Fair value of awards granted     $ 12.7   $ 12.7    
Minimum | RSAs              
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]              
Share-based compensation, vesting period         1 year    
Minimum | RSUs              
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]              
Share-based compensation, vesting period         1 year    
Minimum | PSUs              
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]              
Target award percentage         0.00%    
Maximum | RSAs              
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]              
Share-based compensation, vesting period         5 years    
Maximum | RSUs              
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]              
Share-based compensation, vesting period         5 years    
Maximum | PSUs              
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]              
Target award percentage         200.00%    
v3.26.3
Stockholders' Equity - Common Stock (Details)
Sep. 30, 2026
vote
$ / shares
shares
Dec. 31, 2025
$ / shares
shares
Class A Common Stock    
Class of Stock [Line Items]    
Common stock, shares authorized (in shares) | shares 22,200,000,000 22,200,000,000
Common stock, par value (in USD per share) | $ / shares $ 0.001 $ 0.001
Number of votes per share | vote 1  
Class B Common Stock    
Class of Stock [Line Items]    
Common stock, shares authorized (in shares) | shares 1,050,000,000 1,050,000,000
Common stock, par value (in USD per share) | $ / shares $ 0.001 $ 0.001
Number of votes per share | vote 10  
v3.26.3
Stockholders' Equity - PIPE Financing (Details) - $ / shares
 1 Months Ended 3 Months Ended 9 Months Ended
Oct. 30, 2026
Sep. 30, 2026
Sep. 30, 2026
May 26, 2025
PIPE Transactions | Subsequent Event        
Class of Stock [Line Items]        
Warrants exercised (in shares) 471,369,982      
Class A Common Stock | PIPE Transactions | Subsequent Event        
Class of Stock [Line Items]        
Exercise of warrants (in shares) 23,568,510      
PIPE Pre-Funded Warrants | Prior To Split-Adjusted Basis        
Class of Stock [Line Items]        
Warrants exercised (in shares)   0 1,072,289  
PIPE Pre-Funded Warrants | Class A Common Stock        
Class of Stock [Line Items]        
Number of shares each right can purchase (in shares)   0.05 0.05  
PIPE Pre-Funded Warrants | Class A Common Stock | PIPE Transactions        
Class of Stock [Line Items]        
Purchase price of warrants (in USD per share)       $ 26.9980
Number of shares each right can purchase (in shares)       0.05
Exercise price of warrants (in USD per share)       $ 0.0020
PIPE Pre-Funded Warrants | Class A Common Stock | PIPE Transactions | Prior To Split-Adjusted Basis        
Class of Stock [Line Items]        
Purchase price of warrants (in USD per share)       $ 1.3499
Number of shares each right can purchase (in shares)       1
Exercise price of warrants (in USD per share)       $ 0.0001
PIPE Traditional Warrants | Prior To Split-Adjusted Basis        
Class of Stock [Line Items]        
Warrants exercised (in shares)   28,926,075 28,926,075  
PIPE Traditional Warrants | Class A Common Stock        
Class of Stock [Line Items]        
Number of shares each right can purchase (in shares)   0.05 0.05  
PIPE Traditional Warrants | Class A Common Stock | PIPE Transactions        
Class of Stock [Line Items]        
Number of shares each right can purchase (in shares)       0.05
Exercise price of warrants (in USD per share)       $ 27.00
PIPE Traditional Warrants | Class A Common Stock | PIPE Transactions | Prior To Split-Adjusted Basis        
Class of Stock [Line Items]        
Number of shares each right can purchase (in shares)       1
Exercise price of warrants (in USD per share)       $ 1.35
v3.26.3
Stockholders' Equity - Schedule of PIPE Warrant Activity (Details)
 3 Months Ended 9 Months Ended
Sep. 30, 2026
shares
Sep. 30, 2026
shares
PIPE Traditional Warrants | Class A Common Stock    
Warrant [Roll Forward]    
Number of shares each right can purchase (in shares) 0.05 0.05
PIPE Traditional Warrants | Prior To Split-Adjusted Basis    
Warrant [Roll Forward]    
PIPE warrants outstanding, beginning of period (in shares) 531,888,702 531,888,702
Issued (in shares) 0 0
Exercised (in shares) (28,926,075) (28,926,075)
Expired (in shares) 0 0
PIPE warrants outstanding, end of period (in shares) 502,962,627 502,962,627
PIPE Pre-Funded Warrants | Class A Common Stock    
Warrant [Roll Forward]    
Number of shares each right can purchase (in shares) 0.05 0.05
PIPE Pre-Funded Warrants | Prior To Split-Adjusted Basis    
Warrant [Roll Forward]    
PIPE warrants outstanding, beginning of period (in shares) 0 1,072,289
Issued (in shares) 0 0
Exercised (in shares) 0 (1,072,289)
Expired (in shares) 0 0
PIPE warrants outstanding, end of period (in shares) 0 0
v3.26.3
Stockholders' Equity - At-the-Market Common Equity Program (Details) - USD ($)
$ in Thousands, shares in Millions
 1 Months Ended 3 Months Ended 8 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2026
Sep. 11, 2025
Sep. 30, 2026
Jun. 05, 2026
Sep. 15, 2025
Class of Stock [Line Items]            
Proceeds from issuance of Class A common stock $ 525,610   $ 0 $ 577,867    
Class A Common Stock | ASST Sales Agreement            
Class of Stock [Line Items]            
Sale of stock, authorized aggregate sales price         $ 2,550,000 $ 450,000
Shares issued (in shares) 0.5 14.4   35.3    
Proceeds from issuance of Class A common stock $ 59,200 $ 271,600   $ 577,900    
Proceeds available to raise through issuance of stock   $ 1,900,000   $ 1,900,000    
v3.26.3
Stockholders' Equity - 351 Exchange (Details)
$ / shares in Units, $ in Thousands, shares in Millions
 1 Months Ended 2 Months Ended 3 Months Ended 8 Months Ended 9 Months Ended
Sep. 12, 2025
bitcoin
$ / shares
shares
Sep. 30, 2025
USD ($)
Sep. 11, 2025
USD ($)
Sep. 30, 2026
USD ($)
Sep. 11, 2025
USD ($)
Sep. 30, 2026
USD ($)
Class of Stock [Line Items]            
Other derivative loss   $ (14,731) $ 0 $ 0 $ 0 $ 0
351 Exchange            
Class of Stock [Line Items]            
Other derivative loss   $ (14,700)        
351 Exchange | Bitcoin            
Class of Stock [Line Items]            
Bitcoin received in exchange (in bitcoin) | bitcoin 69          
Class A Common Stock | 351 Exchange            
Class of Stock [Line Items]            
Shares issued (in shares) | shares 2.7          
Sale of stock, price per share (in USD per share) | $ / shares $ 3.00          
v3.26.3
Stockholders' Equity - Share Repurchase Program (Details) - Class A Common Stock - USD ($)
shares in Millions, $ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Oct. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2026
Sep. 15, 2025
Class of Stock [Line Items]          
Share repurchase program, authorized amount         $ 500.0
Shares repurchased (in shares)   0.0 0.0 0.0  
Share repurchase program, remaining authorized amount     $ 500.0 $ 500.0  
Subsequent Event          
Class of Stock [Line Items]          
Shares repurchased (in shares) 0.0        
Share repurchase program, remaining authorized amount $ 500.0        
v3.26.3
Redeemable Preferred Stock - Authorized Capital (Details)
shares in Billions
Sep. 30, 2026
$ / shares
shares
Equity [Abstract]  
Preferred stock, shares authorized (in shares) | shares 21.0
Preferred stock, par value (in USD per share) | $ / shares $ 0.001
v3.26.3
Redeemable Preferred Stock - Variable Rate Series A Perpetual Preferred Stock (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 8 Months Ended 9 Months Ended 12 Months Ended
Oct. 30, 2026
USD ($)
Jan. 27, 2026
USD ($)
shares
Jan. 22, 2026
USD ($)
shares
Nov. 10, 2025
USD ($)
day
$ / shares
shares
Oct. 30, 2026
USD ($)
shares
Sep. 30, 2025
USD ($)
Sep. 30, 2026
USD ($)
$ / shares
shares
Jun. 30, 2026
USD ($)
Mar. 31, 2026
USD ($)
Sep. 11, 2025
USD ($)
Sep. 30, 2026
USD ($)
$ / shares
shares
Dec. 31, 2025
$ / shares
Oct. 12, 2026
$ / shares
Oct. 03, 2026
USD ($)
Jun. 05, 2026
USD ($)
shares
Jun. 04, 2026
shares
Dec. 09, 2025
USD ($)
Class of Stock [Line Items]                                  
Preferred stock, shares authorized (in shares) | shares             21,000,000,000.0       21,000,000,000.0            
Preferred stock dividends declared             $ 34,231 $ 26,209 $ 13,454                
Proceeds from issuance of preferred stock           $ 0       $ 0 $ 986,621            
Semler Convertible Notes | Convertible Debt                                  
Class of Stock [Line Items]                                  
Extinguishment of debt, amount     $ 90,000                            
Variable Rate Series A Perpetual Preferred Stock                                  
Class of Stock [Line Items]                                  
Preferred stock, dividend rate per share (in dollars per share) | $ / shares       $ 100                          
Preferred stock, maximum reduction of dividend rate       0.25%                          
Preferred stock, dividend rate initial term       3 months                          
Preferred stock, threshold consecutive trading days, dividend rate adjustment | day       20                          
Preferred stock, threshold value per share to reduce dividend rate (in USD per share) | $ / shares       $ 100                          
Preferred stock, threshold value per share during preceding dividend period to reduce dividend rate (in USD per share) | $ / shares       99                          
Liquidation preference (in USD per share) | $ / shares       $ 100     $ 100.01       $ 100.01 $ 100.00          
Preferred stock, threshold consecutive trading days, liquidation preference adjustment | day       10                          
Redemption price per share | $ / shares       $ 110                          
Stock minimum outstanding amount for partial redemption       $ 50,000                          
Stock clean up redemption threshold (in percent)       0.25                          
Required dividend payment term       60 days                          
Threshold consecutive dividend payment days | day       12                          
Threshold consecutive dividend payment days to elect director | day       24                          
Preferred stock, shares authorized (in shares) | shares                             40,000,000 20,000,000  
Preferred stock dividends declared             $ 34,200       $ 73,900            
Preferred stock, dividends declared (in USD per share) | $ / shares             $ 3.2508       $ 10.1690            
Preferred stock, dividend rate                     13.00% 12.25%          
Shares repurchased (in shares) | shares             0       0            
Variable Rate Series A Perpetual Preferred Stock | Subsequent Event                                  
Class of Stock [Line Items]                                  
Preferred stock minimum sales price (in USD per share) | $ / shares                         $ 100.00        
Preferred stock, dividend rate 13.00%                                
Share repurchase program, authorized amount                           $ 500,000      
Share repurchase program, remaining authorized amount $ 500,000       $ 500,000                        
Variable Rate Series A Perpetual Preferred Stock | Minimum                                  
Class of Stock [Line Items]                                  
Preferred stock, intended stated value (in USD per share) | $ / shares       $ 99                          
Variable Rate Series A Perpetual Preferred Stock | Maximum                                  
Class of Stock [Line Items]                                  
Preferred stock, intended stated value (in USD per share) | $ / shares       $ 101                          
Variable Rate Series A Perpetual Preferred Stock | Semler Convertible Notes | Convertible Debt                                  
Class of Stock [Line Items]                                  
Debt conversion, shares issued (in shares) | shares     929,999                            
Variable Rate Series A Perpetual Preferred Stock | Public Stock Offering                                  
Class of Stock [Line Items]                                  
Shares issued (in shares) | shares   1,320,000   2,000,000                          
Net proceeds from sale of stock   $ 109,300                              
Variable Rate Series A Perpetual Preferred Stock | SATA Sales Agreement                                  
Class of Stock [Line Items]                                  
Shares issued (in shares) | shares             5,100,000       8,700,000            
Sale of stock, authorized aggregate sales price                             $ 2,600,000   $ 500,000
Proceeds from issuance of preferred stock             $ 511,200       $ 867,800            
Proceeds available to raise through issuance of stock             $ 1,700,000       $ 1,700,000            
Variable Rate Series A Perpetual Preferred Stock | SATA Sales Agreement | Subsequent Event                                  
Class of Stock [Line Items]                                  
Shares issued (in shares) | shares         1,089,555                        
Proceeds from issuance of preferred stock         $ 109,000                        
Proceeds available to raise through issuance of stock $ 1,620,000       $ 1,620,000                        
v3.26.3
Redeemable Preferred Stock - 15.00% Series A Perpetual SATS Preferred Stock (Details)
$ / shares in Units, $ in Millions
 1 Months Ended
Oct. 20, 2026
USD ($)
day
$ / shares
shares
Oct. 30, 2026
$ / shares
shares
Oct. 26, 2026
USD ($)
Sep. 30, 2026
$ / shares
Dec. 31, 2025
$ / shares
Class of Stock [Line Items]          
Preferred stock, par value (in USD per share)       $ 0.001  
15.00% Series A Perpetual SATS Preferred Stock, $0.001 par value per share | Subsequent Event          
Class of Stock [Line Items]          
Preferred stock, dividend rate 15.00%        
Preferred stock, dividend rate per share (in dollars per share) $ 100        
Preferred stock, par value (in USD per share) 0.001        
Liquidation preference (in USD per share) $ 100        
Preferred stock, threshold trading days, liquidation preference adjustment | day 10        
Preferred stock, threshold consecutive trading days, liquidation preference adjustment | day 10        
Stock clean up redemption threshold (in percent) 0.25        
Preferred stock, dividends declared (in USD per share)   $ 0.8710      
Daily dividend declared (in USD per share)   $ 0.0658      
15.00% Series A Perpetual SATS Preferred Stock, $0.001 par value per share | Subsequent Event | Public Stock Offering          
Class of Stock [Line Items]          
Preferred stock, dividend rate 15.00%        
Shares issued (in shares) | shares 7,000,000        
Net proceeds from sale of stock | $ $ 609.0        
15.00% Series A Perpetual SATS Preferred Stock, $0.001 par value per share | Subsequent Event | SATS Sales Agreement          
Class of Stock [Line Items]          
Shares issued (in shares) | shares   3,418      
Sale of stock, authorized aggregate sales price | $     $ 1,000.0    
Class A Common Stock          
Class of Stock [Line Items]          
Common stock, par value (in USD per share)       0.001 $ 0.001
Class A Common Stock | Subsequent Event          
Class of Stock [Line Items]          
Common stock, par value (in USD per share) $ 0.001        
Class B Common Stock          
Class of Stock [Line Items]          
Common stock, par value (in USD per share)       $ 0.001 $ 0.001
Class B Common Stock | Subsequent Event          
Class of Stock [Line Items]          
Common stock, par value (in USD per share) $ 0.001        
v3.26.3
Basic and Diluted Earnings (Loss) per Common Share - Schedule of Basic and Diluted Earnings (Loss) Per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 2 Months Ended 3 Months Ended 8 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 11, 2025
Sep. 30, 2026
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Sep. 11, 2025
Sep. 30, 2026
Numerator:                  
Net income (loss) $ (192,287) $ (14,366) $ 509,032 $ (257,603) $ (265,906) $ (8,875) $ (3,749) $ (26,990) $ (14,477)
Dividends on preferred stock 0 0 (34,231)         0 (73,894)
Net income (loss) attributable to common stockholders $ (192,287) $ (14,366) $ 474,801         $ (26,990) $ (88,371)
Denominator:                  
Basic weighted average shares of common stock outstanding (in shares) [1] 43,617,459 2,325,783 89,080,303         2,299,243 75,429,254
Effect of dilutive shares (in shares) 0 0 1,454,495            
Diluted weighted average shares of common stock outstanding (in shares) [1] 43,617,459 2,325,783 90,534,798         2,299,243 75,429,254
Income (loss) per common share:                  
Basic income (loss) per common share (in USD per share) [1] $ (4.41) $ (6.18) $ 5.33         $ (11.74) $ (1.17)
Diluted income (loss) per common share (in USD per share) [1] $ (4.41) $ (6.18) $ 5.24         $ (11.74) $ (1.17)
[1] Basic and diluted earnings per common share for Class A and Class B common stock are the same.
v3.26.3
Basic and Diluted Earnings (Loss) per Common Share - Narrative (Details) - shares
shares in Millions
 1 Months Ended 2 Months Ended 3 Months Ended 8 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 11, 2025
Sep. 30, 2026
Sep. 11, 2025
Sep. 30, 2026
Earnings Per Share [Abstract]          
Weighted-average shares of potential common stock excluded from computation of diluted earnings (loss) per common share as their impact would have been anti-dilutive (in shares) 16.5 1.2 27.0 1.2 28.4
v3.26.3
Income Taxes (Details) - USD ($)
$ in Thousands
 1 Months Ended 2 Months Ended 3 Months Ended 8 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 11, 2025
Sep. 30, 2026
Sep. 11, 2025
Sep. 30, 2026
Dec. 31, 2025
Income Tax Disclosure [Abstract]            
Income tax expense (benefit) $ 0 $ 0 $ 0 $ 0 $ 0  
Effective income tax rate, percent 0.00% 0.00% 0.00% 0.00% 0.00%  
Deferred tax assets, net     $ 0   $ 0 $ 0
v3.26.3
Segment Information - Narrative (Details) - segment
 4 Months Ended 9 Months Ended
Apr. 30, 2025
Sep. 30, 2026
Segment Reporting [Abstract]    
Number of reportable segments 1 3
Number of operating segments 1 3
v3.26.3
Segment Information - Schedule of Segment Reporting Information (Details) - USD ($)
$ in Thousands
 1 Months Ended 2 Months Ended 3 Months Ended 8 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 11, 2025
Sep. 30, 2026
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Sep. 11, 2025
Sep. 30, 2026
Revenues:                  
Total revenues $ 255 $ 1,288 $ 2,696         $ 4,222 $ 8,397
Operating expenses:                  
Fund management and administration 282 1,251 1,583         4,250 4,496
Employee compensation and benefits 18,720 3,151 15,633         7,222 45,000
General and administrative expense 445 871 6,669         4,229 19,035
Impairment of medical device research and development intangible asset 0 0 14,650         0 14,650
Marketing and advertising 18 68 86         231 281
Depreciation and amortization 12 43 78         149 254
Total operating expenses 19,477 5,384 38,699         16,081 83,716
Investment gains (losses):                  
Net unrealized gain (loss) on digital assets, at fair value (10,133) 0 533,697         0 9,888
Net unrealized gain on investments in preferred equity, at fair value 0 0 8,833         0 3,361
Other investment gain (loss) 0 0 1,497         0 (1,304)
Other derivative loss (14,731) 0 0         0 0
Total investment gains (losses) (24,864) 0 544,027         0 11,945
Net operating income (loss) (44,086) (4,096) 508,024         (11,859) (63,374)
Other income (expense):                  
Other income 68 10 1,008         586 2,489
Interest expense on long-term notes payable, at fair value 0             0 (282)
Change in fair value on long-term notes payable, at fair value 0             0 (2,464)
Gain (loss) on extinguishment of debt 0             0 (8,431)
Loss on change in fair value of bitcoin held as collateral under Coinbase Loan 0             0 (2,594)
Transaction costs (7,484) (10,280) 0         (15,717) (6,525)
Goodwill and intangible asset impairment (140,785) 0 0         0 0
Bargain purchase gain 0             0 66,704
Total other income (expense) (148,201) (10,270) 1,008         (15,131) 48,897
Net income (loss) before income taxes (192,287) (14,366) 509,032         (26,990) (14,477)
Income tax benefit (expense) 0 0 0         0 0
Net income (loss) (192,287) (14,366) 509,032 $ (257,603) $ (265,906) $ (8,875) $ (3,749) (26,990) (14,477)
Investment advisory fees                  
Revenues:                  
Total revenues 246 1,283 1,559         4,187 4,418
Medical device revenues                  
Revenues:                  
Total revenues 0 0 1,133         0 3,891
Other revenue                  
Revenues:                  
Total revenues 9 5 4         35 88
Asset Management                  
Revenues:                  
Total revenues 246 1,283 1,559         4,194 4,418
Operating expenses:                  
Fund management and administration 282 1,251 1,583         4,250 4,496
Employee compensation and benefits 3,129 1,550 1,626         4,861 4,452
General and administrative expense 91 252 338         2,672 1,614
Impairment of medical device research and development intangible asset     0           0
Marketing and advertising 3 10 3         88 14
Depreciation and amortization 0 0 0         52 0
Total operating expenses 3,505 3,063 3,550         11,923 10,576
Investment gains (losses):                  
Net unrealized gain (loss) on digital assets, at fair value 0   0           0
Net unrealized gain on investments in preferred equity, at fair value     0           0
Other investment gain (loss)     0           0
Other derivative loss 0                
Total investment gains (losses) 0   0           0
Net operating income (loss) (3,259) (1,780) (1,991)         (7,729) (6,158)
Other income (expense):                  
Other income 3 15 0         360 11
Interest expense on long-term notes payable, at fair value                 0
Change in fair value on long-term notes payable, at fair value                 0
Gain (loss) on extinguishment of debt                 0
Loss on change in fair value of bitcoin held as collateral under Coinbase Loan                 0
Transaction costs 0 0           0 0
Goodwill and intangible asset impairment 0                
Bargain purchase gain                 0
Total other income (expense) 3 15 0         360 11
Net income (loss) before income taxes (3,256) (1,765) (1,991)         (7,369) (6,147)
Income tax benefit (expense) 0 0 0         0 0
Net income (loss) (3,256) (1,765) (1,991)         (7,369) (6,147)
Asset Management | Investment advisory fees                  
Revenues:                  
Total revenues 246 1,283 1,559         4,187 4,418
Asset Management | Medical device revenues                  
Revenues:                  
Total revenues     0           0
Asset Management | Other revenue                  
Revenues:                  
Total revenues 0 0 0         7 0
Medical Device                  
Revenues:                  
Total revenues 0 0 1,133         0 3,891
Operating expenses:                  
Fund management and administration 0 0 0         0 0
Employee compensation and benefits 0 0 3,598         0 12,447
General and administrative expense 0 0 2,700         0 7,869
Impairment of medical device research and development intangible asset     14,650           14,650
Marketing and advertising 0 0 3         0 6
Depreciation and amortization 0 0 23         0 86
Total operating expenses 0 0 20,974         0 35,058
Investment gains (losses):                  
Net unrealized gain (loss) on digital assets, at fair value 0   0           0
Net unrealized gain on investments in preferred equity, at fair value     0           0
Other investment gain (loss)     0           0
Other derivative loss 0                
Total investment gains (losses) 0   0           0
Net operating income (loss) 0 0 (19,841)         0 (31,167)
Other income (expense):                  
Other income 0 0 (148)         0 327
Interest expense on long-term notes payable, at fair value                 0
Change in fair value on long-term notes payable, at fair value                 0
Gain (loss) on extinguishment of debt                 0
Loss on change in fair value of bitcoin held as collateral under Coinbase Loan                 0
Transaction costs 0 0           0 0
Goodwill and intangible asset impairment 0                
Bargain purchase gain                 0
Total other income (expense) 0 0 (148)         0 327
Net income (loss) before income taxes 0 0 (19,989)         0 (30,840)
Income tax benefit (expense) 0 0 0         0 0
Net income (loss) 0 0 (19,989)         0 (30,840)
Medical Device | Investment advisory fees                  
Revenues:                  
Total revenues 0 0 0         0 0
Medical Device | Medical device revenues                  
Revenues:                  
Total revenues     1,133           3,891
Medical Device | Other revenue                  
Revenues:                  
Total revenues 0 0 0         0 0
Bitcoin Operations                  
Revenues:                  
Total revenues 9 5 4         28 88
Operating expenses:                  
Fund management and administration 0 0 0         0 0
Employee compensation and benefits 15,591 1,601 10,409         2,361 28,101
General and administrative expense 354 619 3,631         1,557 9,552
Impairment of medical device research and development intangible asset     0           0
Marketing and advertising 15 58 80         143 261
Depreciation and amortization 12 43 55         97 168
Total operating expenses 15,972 2,321 14,175         4,158 38,082
Investment gains (losses):                  
Net unrealized gain (loss) on digital assets, at fair value (10,133)   533,697           9,888
Net unrealized gain on investments in preferred equity, at fair value     8,833           3,361
Other investment gain (loss)     1,497           (1,304)
Other derivative loss (14,731)                
Total investment gains (losses) (24,864)   544,027           11,945
Net operating income (loss) (40,827) (2,316) 529,856         (4,130) (26,049)
Other income (expense):                  
Other income 65 (5) 1,156         226 2,151
Interest expense on long-term notes payable, at fair value                 (282)
Change in fair value on long-term notes payable, at fair value                 (2,464)
Gain (loss) on extinguishment of debt                 (8,431)
Loss on change in fair value of bitcoin held as collateral under Coinbase Loan                 (2,594)
Transaction costs (7,484) (10,280)           (15,717) (6,525)
Goodwill and intangible asset impairment (140,785)                
Bargain purchase gain                 66,704
Total other income (expense) (148,204) (10,285) 1,156         (15,491) 48,559
Net income (loss) before income taxes (189,031) (12,601) 531,012         (19,621) 22,510
Income tax benefit (expense) 0 0 0         0 0
Net income (loss) (189,031) (12,601) 531,012         (19,621) 22,510
Bitcoin Operations | Investment advisory fees                  
Revenues:                  
Total revenues 0 0 0         0 0
Bitcoin Operations | Medical device revenues                  
Revenues:                  
Total revenues     0           0
Bitcoin Operations | Other revenue                  
Revenues:                  
Total revenues $ 9 $ 5 $ 4         $ 28 $ 88
v3.26.3
Segment Information - Schedule of Asset by Segment (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Segment Reporting [Line Items]    
Assets $ 2,684,170 $ 745,527
Asset Management    
Segment Reporting [Line Items]    
Assets 1,275 1,279
Medical Device    
Segment Reporting [Line Items]    
Assets 2,667 0
Bitcoin Operations    
Segment Reporting [Line Items]    
Assets $ 2,680,228 $ 744,248
v3.26.3
Subsequent Events (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 8 Months Ended 9 Months Ended 12 Months Ended
Oct. 30, 2026
USD ($)
bitcoin
shares
Oct. 20, 2026
Oct. 30, 2026
USD ($)
bitcoin
$ / bitcoin
shares
Sep. 30, 2025
USD ($)
shares
Sep. 30, 2026
USD ($)
bitcoin
shares
Sep. 11, 2025
USD ($)
Sep. 30, 2026
USD ($)
bitcoin
shares
Dec. 31, 2025
USD ($)
bitcoin
shares
Subsequent Event [Line Items]                
Cash and cash equivalents         $ 285,405   $ 285,405 $ 67,499
Proceeds from issuance of Class A common stock       $ 525,610   $ 0 577,867  
Proceeds from issuance of preferred stock       $ 0   $ 0 $ 986,621  
Class A Common Stock                
Subsequent Event [Line Items]                
Common stock, shares, outstanding (in shares) | shares         88,814,706   88,814,706 34,936,745
Class A Common Stock | ASST Sales Agreement                
Subsequent Event [Line Items]                
Shares issued (in shares) | shares       500,000 14,400,000   35,300,000  
Proceeds from issuance of Class A common stock       $ 59,200 $ 271,600   $ 577,900  
Proceeds available to raise through issuance of stock         $ 1,900,000   $ 1,900,000  
Class B Common Stock                
Subsequent Event [Line Items]                
Common stock, shares, outstanding (in shares) | shares         9,198,036   9,198,036 9,776,540
Variable Rate Series A Perpetual Preferred Stock                
Subsequent Event [Line Items]                
Preferred stock, dividend rate             13.00% 12.25%
Variable Rate Series A Perpetual Preferred Stock | SATA Sales Agreement                
Subsequent Event [Line Items]                
Shares issued (in shares) | shares         5,100,000   8,700,000  
Proceeds available to raise through issuance of stock         $ 1,700,000   $ 1,700,000  
Proceeds from issuance of preferred stock         $ 511,200   $ 867,800  
Bitcoin                
Subsequent Event [Line Items]                
Approximate number of bitcoin held (in bitcoins) | bitcoin         28,000   28,000 7,627
Subsequent Event                
Subsequent Event [Line Items]                
Cash and cash equivalents $ 490,400   $ 490,400          
Subsequent Event | Class A Common Stock                
Subsequent Event [Line Items]                
Common stock, shares, outstanding (in shares) | shares 118,117,620   118,117,620          
Subsequent Event | Class A Common Stock | ASST Sales Agreement                
Subsequent Event [Line Items]                
Shares issued (in shares) | shares     5,330,150          
Proceeds from issuance of Class A common stock     $ 157,500          
Proceeds available to raise through issuance of stock $ 1,740,000   $ 1,740,000          
Subsequent Event | Class B Common Stock                
Subsequent Event [Line Items]                
Common stock, shares, outstanding (in shares) | shares 9,213,489   9,213,489          
Subsequent Event | Variable Rate Series A Perpetual Preferred Stock                
Subsequent Event [Line Items]                
Preferred stock, shares outstanding (in shares) | shares 14,030,176   14,030,176          
Preferred stock, dividend rate 13.00%              
Subsequent Event | Variable Rate Series A Perpetual Preferred Stock | SATA Sales Agreement                
Subsequent Event [Line Items]                
Shares issued (in shares) | shares     1,089,555          
Proceeds available to raise through issuance of stock $ 1,620,000   $ 1,620,000          
Proceeds from issuance of preferred stock     $ 109,000          
Subsequent Event | 15.00% Series A Perpetual SATS Preferred Stock, $0.001 par value per share                
Subsequent Event [Line Items]                
Preferred stock, shares outstanding (in shares) | shares 7,003,418   7,003,418          
Preferred stock, dividend rate   15.00%            
Subsequent Event | 15.00% Series A Perpetual SATS Preferred Stock, $0.001 par value per share | SATS Sales Agreement                
Subsequent Event [Line Items]                
Shares issued (in shares) | shares     3,418          
Proceeds available to raise through issuance of stock $ 999,700   $ 999,700          
Proceeds from issuance of preferred stock     300          
Subsequent Event | STRC Stock                
Subsequent Event [Line Items]                
Investments in preferred equity, at fair value $ 50,100   $ 50,100          
Subsequent Event | Bitcoin                
Subsequent Event [Line Items]                
Approximate number of bitcoins purchased (in bitcoins) | bitcoin     15,124          
Average purchase price of bitcoin (in USD per bitcoin) | $ / bitcoin     83,310          
Approximate number of bitcoin held (in bitcoins) | bitcoin 43,124   43,124