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Strive Asset Management (ASST) investor relations material
Strive Asset Management Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Completed reverse acquisition of Asset Entities Inc., becoming a public bitcoin treasury asset management firm and raising $762.6M via PIPE financing and warrant exercises, with potential for an additional $736.6M from remaining warrants.
Acquired 5,886 bitcoin at a cost of $683.0M and fair value of $672.9M as of September 30, 2025; holdings increased to 7,525 bitcoin by November 7, 2025.
Entered into a merger agreement to acquire Semler Scientific, Inc. in an all-stock transaction, pending customary closing conditions and shareholder approval.
Completed a $149.3M public offering of 2,000,000 shares of Variable Rate Series A Perpetual Preferred Stock.
Reported GAAP net loss of $192.3M ($0.22 per diluted share) for Q3 2025, with 93.2% attributable to non-recurring and non-cash items; non-GAAP adjusted net loss was $13.0M ($0.01 per diluted share).
Financial highlights
Q3 2025 revenue was $1.5M, up 60.9% year-over-year, driven by higher AUM; revenue for September 12–30, 2025, was $255K.
Total current assets of $114.2M and digital assets at fair value of $672.9M as of September 30, 2025.
Total assets reached $792.6M, with total stockholders' equity of $779.4M.
Employee compensation and benefits rose to $21.9M, mainly due to a $16.3M one-time stock compensation expense.
Goodwill and intangible asset impairment charge of $140.8M recorded in Q3 2025.
Outlook and guidance
Asset management segment expected to operate near breakeven in 2026, with forecasts ranging from a single-digit million-dollar loss to a single-digit million-dollar income, or $0.01 net loss to $0.01 net income per diluted share.
Bitcoin treasury strategy to continue, with further acquisitions funded by capital raises and operating cash flow.
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