Strive Asset Management (ASST) investor relations material

Executive summary

• Q3 GAAP net income was $509.032M, driven by a $533.697M unrealized bitcoin gain; 28,000 bitcoin were held at quarter-end, valued at $2.340B.

• Managed AUM exceeded $2.9B, supporting recurring investment advisory fee revenue.

• Bitcoin holdings increased by 8,136 BTC in Q3 and 20,373 BTC through September; a further 15,124 BTC was acquired through October 30.

• Capital raising through common and preferred share programs funded bitcoin purchases and expanded financing flexibility.

Financial highlights

• Q3 revenue was $2.696M, up 74.7% against combined 2025 comparison periods; advisory fees were $1.559M and medical device revenue was $1.133M.

• Q3 net income attributable to common stockholders was $474.801M after $34.231M in preferred dividends; basic EPS was $5.33 and diluted EPS was $5.24.

• Adjusted net income attributable to common stockholders was $494.6M; adjusted Q3 diluted EPS was $5.46 versus GAAP diluted EPS of $5.24.

• Nine-month revenue was $8.397M and GAAP net loss was $14.477M; adjusted net loss was $26.223M, or $1.33 per diluted share.

• Total assets were $2.684B at September 30, including $2.340B of bitcoin, $285.405M of cash and $50.172M of preferred equity investments.

Outlook and guidance

• Management expected liquidity to support strategic initiatives and working capital needs for at least the next 12 months.

• Capital raising capacity under common and SATA sales agreements was $3.6B at September 30 and $4.4B across common, SATA and SATS programs at October 30.

• Balance-sheet opportunities under evaluation include banking, brokerage, decentralized finance, reinsurance, structured ABS and tokenization, subject to market, tax and regulatory considerations.

• SATS issuance and year-to-date Bitcoin Yield support the goal of generating long-term common-equity returns exceeding Bitcoin; outcomes are not assured.