Strive, Inc., the corporate treasury firm founded by Vivek Ramaswamy, reported that it amassed 13,628 bitcoin as of March 17, 2026, placing the company among the top 10 corporate holders globally.
The accumulation came in the roughly six months following Strive’s September 2025 public listing, even as the company posted a GAAP net loss of $393.6 million for the period ending December 31, 2025.
The bulk of Strive’s bitcoin holdings came from multiple sources. Initial private investment proceeds and stock exchange activity contributed 5,886 bitcoin, while the acquisition of Semler Scientific, Inc. added approximately 5,048 bitcoin, the company said.
Semler Scientific had built its own digital asset reserve prior to the acquisition. An additional 2,694 bitcoin came from capital markets activity, including public offerings of Strive’s Variable Rate Series A Perpetual Preferred Stock (“SATA”), follow-on offerings, and at-the-market issuances.
Strive’s losses
Strive’s financial statements highlighted the tension between aggressive asset accumulation and market volatility. The firm’s GAAP net loss largely stemmed from non-cash items. Unrealized losses on bitcoin holdings accounted for $194.5 million, or nearly 50 percent of the total GAAP deficit.
Impairment of goodwill and intangible assets tied to the Semler acquisition added $140.8 million, and transaction-related expenses contributed $12.4 million. Adjusted for these items, the company’s non-GAAP loss attributable to common shareholders narrowed to $208.2 million, or $4.73 per diluted share.
Management introduced a proprietary metric, “Bitcoin Yield,” to measure the performance of its digital asset portfolio. By that measure, Strive reported a 22.2 percent yield in Q4 2025 and 13.8 percent quarter-to-date through mid-March 2026, equating to bitcoin gains of 1,305 and 1,050 coins, respectively. In dollar terms, these gains translated to $114.3 million and $78.2 million over the same periods.
The company financed its bitcoin strategy largely through structured finance products. Strive raised $148.4 million in net proceeds from its initial SATA preferred stock offering in November 2025, priced at $80 per share.
A follow-on offering in January 2026 generated $109.2 million at $90 per share. Proceeds were used to retire a $20 million loan from Coinbase Credit Inc., assumed as part of the Semler acquisition, and to exchange preferred shares for $90 million of Semler’s convertible debt.
Strive’s acquisition of Semler Scientific also included an operating business now held under a wholly-owned subsidiary, Clinivanta, focused on preventative healthcare.
The company appointed Michelle Fox, formerly Chief Medical Officer of Teleflex, as CEO of Clinivanta in February 2026, signaling an intent to develop the business alongside its primary focus on bitcoin accumulation.
Chairman and CEO Matthew Cole framed the results as a validation of Strive’s structured finance approach. “The most important success in our first six months as a public company was cementing our foundation as a structured finance company laser-focused on digital credit,”
Cole said. He emphasized that the SATA instrument provides a liquid, scalable solution for investors seeking double-digit yield with minimal volatility, aligning with Strive’s strategy of balancing bitcoin accumulation with broader financial operations.
As of March 17, 2026, Strive held $83.7 million in cash and $50.4 million in fair value of STRC preferred stock.
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