TLDR:
- Strive’s Q3 shows strong Bitcoin growth despite a 6% stock decline.
- Strive acquires Semler Scientific, diversifying its portfolio.
- $762M raised for Bitcoin investments, with more to come.
- Strive’s Bitcoin holdings grow to 7,525 BTC by Nov 2025.
- $149M raised through public offering to strengthen strategy.
Strive Asset Management (ASST) closed at $1.08 on November 15, 2025, marking a 6.09% decline.
Strive, Inc., ASST
The company reported strong financial results for the third quarter ended September 30, 2025. Strive’s Bitcoin strategy continued to make headway, and the company entered a significant agreement to acquire Semler Scientific, Inc. in an all-stock merger. The financial results suggest promising future growth potential, although investor sentiment remains cautious following the stock’s decline.
Strive’s Q3 Financial Performance: Bitcoin Holdings and PIPE Financing
Strive Asset Management achieved significant milestones in the third quarter, including the completion of a reverse acquisition of Asset Entities Inc. This acquisition enabled Strive to become the first publicly traded Bitcoin treasury asset management firm. Concurrently, Strive raised $762.6 million through a PIPE financing transaction and warrant exercises, with the opportunity to raise an additional $736.6 million through remaining warrants. The company deployed much of the net proceeds into Bitcoin investments, further enhancing its holdings.
As of September 30, 2025, Strive accumulated 5,886 Bitcoin, with a cost basis of $683 million and a fair market value of $672.9 million. By November 7, 2025, the company’s Bitcoin holdings increased to 7,525 BTC, following the completion of its perpetual preferred equity issuance. Despite these achievements, Strive reported a GAAP net loss of $192.3 million, primarily due to non-recurring and non-cash items, which accounted for 93.2% of the loss.
Semler Scientific Acquisition Plans and Potential Future Synergies
Strive announced plans to acquire Semler Scientific, Inc., a company specializing in medical devices. The acquisition is structured as an all-stock transaction and is expected to make Semler a wholly owned subsidiary of Strive. The deal, still subject to approval by Semler’s stockholders and other customary closing conditions, reflects Strive’s intention to diversify its business operations.
Strive aims to bring in new executive leadership to Semler, potentially creating a synergy between Semler’s medical device business and Strive’s expertise in financial and asset management. The company envisions the buildout of Semler’s operations to mirror Strive’s organizational model, which was successfully used by Strive co-founder Vivek Ramaswamy at Roivant Sciences. This strategy could lead to increased shareholder value and provide a path for monetizing Semler’s business in alignment with Strive’s core Bitcoin strategy.
Strive’s Stock Offering and Investor Updates
On November 10, 2025, Strive completed a registered public offering of 2 million shares of its Variable Rate Series A Perpetual Preferred Stock (SATA Stock). The shares, priced at $80 per share, raised net proceeds of approximately $149.3 million. Strive intends to use the proceeds to continue strengthening its Bitcoin strategy and operational goals.
The company also launched a dashboard providing investors with ongoing information, including Bitcoin holdings, security market prices, and other financial data. This move aims to increase transparency and provide better insights into Strive’s business operations. Furthermore, Strive released an investor update on both ASST common stock and SATA stock, giving detailed management commentary during a November 10 presentation.
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