Strive, Inc.

For the period ended Sep 30, 2025. Filed Nov 14, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 14, 2025

ASST$21.55+0.4%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 1. Consolidated Financial Statements

Item 1. Financial Statements

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

	September 30, 2025	December 31, 2024
	(Successor)	(Predecessor)
	(unaudited)	(audited)
Assets:
Current assets:
Cash and cash equivalents	$109,069	$6,155
Short-term investments	—	16,755
Prepaid expenses	3,533	351
Other current assets	1,601	500
Total current assets	114,203	23,761
Digital assets, at fair value	672,913	—
Property and equipment, net	816	951
Intangible assets, net	361	187
Right-of-use lease assets	4,141	1,786
Other non-current assets	142	1,512
Total assets	$792,576	$28,197
Liabilities:
Current liabilities:
Compensation and benefits payable	$357	$1,112
Accounts payable and other liabilities	9,186	2,227
Total current liabilities	9,543	3,339
Operating lease liabilities	3,604	1,516
Total liabilities	13,147	4,855
Stockholders’ equity:
Predecessor preferred stock, $0.00001 par value; 0 and 1,161,650 shares authorized, 0 and 1,158,802 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively	—	72,488
Predecessor Class A common stock, $0.00001 par value; 0 and 2,000,000 shares authorized, 0 and 2,000,000 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively	—	—
Predecessor Class B common stock, $0.00001 par value; 0 and 2,339,765 shares authorized, 0 and 400,970 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively	—	—
Successor Class A common stock, $0.001 par value; 444,000,000,000 and 0 shares authorized, 448,817,597 and 0 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively	449	—
Successor Class B common stock, $0.001 par value; 21,000,000,000 and 0 shares authorized, 218,035,473 and 0 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively	218	—
Additional paid-in capital	1,047,185	—
Accumulated deficit	(268,423)	(49,146)
Total stockholders’ equity	779,429	23,342
Total liabilities and stockholders' equity	$792,576	$28,197

CONSOLIDATED STATEMENTS OF OPERATIONS

Successor · Predecessor
	Period from September 12, 2025 to September 30, 2025	Period from July 1, 2025 to September 11, 2025	Three Months Ended September 30, 2024
Revenues:
Investment advisory fees	$246	$1,283	$950
Other revenue	9	5	34
Total revenues	255	1,288	984
Operating expenses:
Fund management and administration	282	1,251	1,272
Employee compensation and benefits	18,720	3,151	2,182
General and administrative expense	445	871	4,404
Marketing and advertising	18	68	89
Depreciation and amortization	12	43	47
Total operating expenses	19,477	5,384	7,994
Investment gains/(losses):
Net unrealized loss on digital assets	(10,133)	—	—
Other derivative loss	(14,731)	—	—
Net investment gains/(losses)	(24,864)	—	—
Net operating loss	(44,086)	(4,096)	(7,010)
Other income/(expense):
Other income	68	10	208
Transaction costs	(7,484)	(10,280)	—
Goodwill and intangible asset impairment	(140,785)	—	—
Total other income/(expense)	(148,201)	(10,270)	208
Net loss before income taxes	(192,287)	(14,366)	(6,802)
Income tax benefit/(expense)	—	—	—
Net loss	$(192,287)	$(14,366)	$(6,802)
Weighted average number of common shares outstanding:
Basic (1)	872,349,183	2,325,783	2,225,816
Diluted (1)	872,349,183	2,325,783	2,225,816
Net loss per common share:
Basic (1)	$(0.22)	$(6.18)	$(3.06)
Diluted (1)	$(0.22)	$(6.18)	$(3.06)
(1) Basic and diluted earnings per common share for Class A and Class B common stock are the same.

CONSOLIDATED STATEMENTS OF OPERATIONS

Successor · Predecessor
	Period from September 12, 2025 to September 30, 2025	Period from January 1, 2025 to September 11, 2025	Nine Months Ended September 30, 2024
Revenues:
Investment advisory fees	$246	$4,187	$2,560
Other revenue	9	35	55
Total revenues	255	4,222	2,615
Operating expenses:
Fund management and administration	282	4,250	3,488
Employee compensation and benefits	18,720	7,222	6,465
General and administrative expense	445	4,229	10,040
Marketing and advertising	18	231	443
Depreciation and amortization	12	149	141
Total operating expenses	19,477	16,081	20,577
Investment gains/(losses):
Net unrealized loss on digital assets	(10,133)	—	—
Other derivative loss	(14,731)	—	—
Net investment gains/(losses)	(24,864)	—	—
Net operating loss	(44,086)	(11,859)	(17,962)
Other income/(expense):
Other income	68	586	500
Transaction costs	(7,484)	(15,717)	—
Goodwill and intangible asset impairment	(140,785)	—	—
Total other income/(expense)	(148,201)	(15,131)	500
Net loss before income taxes	(192,287)	(26,990)	(17,462)
Income tax benefit/(expense)	—	—	—
Net loss	$(192,287)	$(26,990)	$(17,462)
Weighted average number of common shares outstanding:
Basic (1)	872,349,183	2,299,243	2,200,848
Diluted (1)	872,349,183	2,299,243	2,200,848
Net loss per common share:
Basic (1)	$(0.22)	$(11.74)	$(7.93)
Diluted (1)	$(0.22)	$(11.74)	$(7.93)
(1) Basic and diluted earnings per common share for Class A and Class B common stock are the same.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(in thousands, except share data)

Predecessor
	Stockholders' Equity
Predecessor · Predecessor Class A · Predecessor Class B · Successor Class A · Successor Class B · Additional · RetainedEarnings/ · Total
Preferred Stock · Common Stock · Common Stock · Common Stock · Common Stock · Paid-in · (Accumulated · Stockholders'
	Shares	Amount	Shares	Par Value	Shares	Par Value	Shares	Par Value	Shares	Par Value	Capital	Deficit)	Equity
Balance at December 31, 2023	787,598	$43,624	2,000,000	$—	400,970	$—	—	$—	—	$—	$—	$(27,566)	$16,058
Net loss	—	—	—	—	—	—	—	—	—	—	—	(4,791)	(4,791)
Balance at March 31, 2024	787,598	$43,624	2,000,000	$—	400,970	$—	—	$—	—	$—	$—	$(32,357)	$11,267
Net loss	—	—	—	—	—	—	—	—	—	—	—	(5,869)	(5,869)
Balance at June 30, 2024	787,598	$43,624	2,000,000	$—	400,970	$—	—	$—	—	$—	$—	$(38,226)	$5,398
Net proceeds from sale of preferred stock	372,257	28,949	—	—	—	—	—	—	—	—	—	—	28,949
Redemption of preferred stock	(1,053)	(85)	—	—	—	—	—	—	—	—	—	—	(85)
Net loss	—	—	—	—	—	—	—	—	—	—	—	(6,802)	(6,802)
Balance at September 30, 2024	1,158,802	$72,488	2,000,000	$—	400,970	$—	—	$—	—	$—	$—	$(45,028)	$27,460
Net loss	—	—	—	—	—	—	—	—	—	—	—	(4,118)	(4,118)
Balance at December 31, 2024	1,158,802	$72,488	2,000,000	$—	400,970	$—	—	$—	—	$—	$—	$(49,146)	$23,342
Net loss	—	—	—	—	—	—	—	—	—	—	—	(3,749)	(3,749)
Balance at March 31, 2025	1,158,802	$72,488	2,000,000	$—	400,970	$—	—	$—	—	$—	$—	$(52,895)	$19,593
Net loss	—	—	—	—	—	—	—	—	—	—	—	(8,875)	(8,875)
Balance at June 30, 2025	1,158,802	$72,488	2,000,000	$—	400,970	$—	—	$—	—	$—	$—	$(61,770)	$10,718
Redemption of preferred stock	(1,238)	(500)	—	—	—	—	—	—	—	—	—	—	(500)
Net loss	—	—	—	—	—	—	—	—	—	—	—	(14,366)	(14,366)
Balance at September 11, 2025	1,157,564	$71,988	2,000,000	$—	400,970	$—	—	$—	—	$—	$—	$(76,136)	$(4,148)
Successor
	Stockholders' Equity
Predecessor · Predecessor Class A · Predecessor Class B · Successor Class A · Successor Class B · Additional · RetainedEarnings/ · Total
Preferred Stock · Common Stock · Common Stock · Common Stock · Common Stock · Paid-in · (Accumulated · Stockholders'
	Shares	Amount	Shares	Par Value	Shares	Par Value	Shares	Par Value	Shares	Par Value	Capital	Deficit)	Equity
Balance at September 12, 2025	1,157,564	$71,988	2,000,000	$—	400,970	$—	—	$—	—	$—	$—	$(76,136)	$(4,148)
Conversion of Predecessor shares for Strive, Inc. Class B common stock	(1,157,564)	(71,988)	(2,000,000)	—	(400,970)	—	—	—	248,911,564	249	71,739	—	—
Business combination with Asset Entities Inc.	—	—	—	—	—	—	16,624,395	17	—	—	141,123	—	141,140
Share-based compensation expense	—	—	—	—	—	—	—	—	—	—	16,294	—	16,294
Issuance of Class A common stock	—	—	—	—	—	—	359,162,900	359	—	—	548,020	—	548,379
Issuance of pre-funded warrants	—	—	—	—	—	—	—	—	—	—	283,170	—	283,170
Exercise of warrants	—	—	—	—	—	—	42,154,211	42	—	—	12,958	—	13,000
Conversions of Class B common stock to Class A common stock	—	—	—	—	—	—	30,876,091	31	(30,876,091)	(31)	—	—	—
Share-based transaction costs	—	—	—	—	—	—	—	—	—	—	2,936	—	2,936

Issuance costs	—	—	—	—	—	—	—	—	—	—	(29,055)	—	(29,055)
Net loss	—	—	—	—	—	—	—	—	—	—	—	(192,287)	(192,287)
Balance at September 30, 2025	—	$—	—	$—	—	$—	448,817,597	$449	218,035,473	$218	$1,047,185	$(268,423)	$779,429

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

Successor · Predecessor
	Period from September 12, 2025 to September 30, 2025	Period from January 1, 2025 to September 11, 2025	Nine Months Ended September 30, 2024
Cash flows from operating activities:
Net loss	$(192,287)	$(26,990)	$(17,462)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	12	149	141
Accretion of discount on investments, net	—	155	11
Reduction in carrying amount of right-of-use assets	5	91	59
Net unrealized loss on digital assets	10,133	—	—
Other derivative loss	14,731	—	—
Share-based compensation expense	16,294	—	—
Goodwill and intangible asset impairment	140,785	—	—
Non-cash transaction expenses	2,936	2,150	—
Changes in operating assets and liabilities:
Prepaid expenses	(2,928)	(227)	(157)
Other current assets	1,461	(1,589)	(388)
Other non-current assets	—	(723)	—
Compensation and benefits payable	263	(1,018)	932
Accounts payable and other liabilities	(5,360)	9,793	1,342
Net cash used in operating activities	(13,955)	(18,209)	(15,522)
Cash flows from investing activities:
Purchases of digital assets	(675,008)	—	—
Purchases of intangible assets	(75)	(123)	—
Purchases of property and equipment	—	—	(200)
Cash acquired through business combination	400	—	—
Purchases of short-term investments	—	(4,271)	(32,202)
Proceeds from short-term investments	—	20,871	20,738
Net cash provided by (used in) investing activities	(674,683)	16,477	(11,664)
Cash flows from financing activities:
Proceeds from issuance of Class A common stock	525,610	—	—
Proceeds from issuance of pre-funded warrants	283,170	—	—
Proceeds from warrant exercises	13,000	—	—
Payment of issuance costs	(27,996)	—	—
Proceeds from issuance of preferred stock	—	—	28,949
Redemption of preferred stock	—	(500)	(85)
Net cash provided by (used in) financing activities	793,784	(500)	28,864
Net increase (decrease) in cash and cash equivalents	105,146	(2,232)	1,678
Cash and cash equivalents, beginning of period	3,923	6,155	2,086
Cash and cash equivalents, end of period	$109,069	$3,923	$3,764
Non-cash investing and financing activities:
Accrued but unpaid financing transaction costs	1,262	770	—
Class A common stock exchanged for digital assets	8,038	—	—
Class A common stock issued as part of business combination	141,140	—	—

Assets and liabilities resulting from business combination:
Prepaid expenses	27	—	—
Goodwill	140,039	—	—
Intangible assets	746	—	—
Other non-current assets	57	—	—
Accounts payable and other liabilities	129	—	—

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.