10-K 0001628280-26-019879 (2026-03-19) vs 10-K 0001213900-25-026431 (2025-03-31)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 30,210 |
98.7% |
| MD&A | Item 7 | 6,504 |
96.6% |
| Legal Proceedings | Item 3 | 387 |
not compared |
| Accounting Policies | 10-K text (note not found) | 0 |
not compared |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 190 words changed in this paragraph; it is 30% similar to last year's version.
On September 27, 2024, 15, 2025, the Company entered into the ATM ASST Sales Agreement with the ASST Sales Agent. Under Agent, pursuant to which the terms of the ATM Sales Agreement, the Company may, Company, from time to time, in transactions that are deemed to be “at the market offerings” as defined in Rule 415 under the Securities Act, issue at its option, may offer and sell shares of its Class A Common Stock to or through or to the ASST Sales Agent, initially acting as the principal and/or the sole agent, having an aggregate sales price of up to $450.0 million. During the period from September 12, 2025 to December 31, 2025, the Company issued 26.4 million shares (1.3 million on a maximum aggregate amount split-adjusted basis) of $2,271,487 of shares of the Company’s Class B A Common Stock (the “ATM Shares”). The for aggregate gross proceeds of $78.7 million. As of December 31, 2025, the Company has the availability to raise approximately $371.3 million through the issuance and sale of the ATM Shares to or through the Sales Agent from time to time will be effected its Class A Common Stock pursuant to the Shelf Registration Statement and the prospectus supplements filed by the Company with the SEC on September 30, 2024 and November 18, 2024 relating to the offering of the ATM Shares and the accompanying base prospectus. ASST Sales Agreement.
Source: Item 7, 10-K 0001628280-26-019879 vs Item 7, 10-K 0001213900-25-026431
Risk Factors 151 words changed in this paragraph; it is 35% similar to last year's version.
The trading market for our Class B Common Stock will depend in part on securities may be influenced by the research and reports that securities or industry analysts publish about us or our business. business, market or competitors. We will not have any control over these analysts. If research securities and industry analysts do not establish and maintain adequate research cover our company, cease coverage of our company, downgrade our securities, or if one or more of the analysts who covers us downgrades our Class B Common Stock or publishes publish inaccurate or unfavorable research about our business, the market price for our Class B Common Stock would likely decline. If one or more of these analysts cease coverage of our company or fail to publish reports on us regularly, we could lose visibility in the financial markets, which, in turn, could cause the market price or and trading volume for our Class B Common Stock securities may be negatively affected. In light of the unpredictability inherent in our anticipated businesses, our financial outlook commentary may differ from analysts’ expectations, which could cause volatility to decline. the price of our securities.
Source: Item 1A, 10-K 0001628280-26-019879 vs Item 1A, 10-K 0001213900-25-026431
Every change, by type
Sentences and paragraphs of ASST's Risk Factors and MD&A, 10-K 2026-03-19 against 10-K 2025-03-31.
Each links to the text at sec.gov.
AddedRisk Factors
Any investment in our securities involves a high degree of risk. Investors should carefully consider the risks described below before making an investment decision. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impact us, our business, or bitcoin holdings, or our securities.
Read it in 10-K 2026-03-19 at sec.gov ↗
AddedRisk Factors
On February 6, 2026, we completed a 1-for-20 reverse stock split of our Class A Common Stock and Class B Common Stock (the "Reverse Stock Split"). See Note 2, Summary of Significant Accounting Policies – Reverse Stock Split, to the Consolidated Financial Statements, for further information. As a result of the Reverse Stock Split, all applicable share and per share information presented within this Item 1A. Risk Factors has been retroactively adjusted to reflect the Reverse Stock Split for all periods presented.
Read it in 10-K 2026-03-19 at sec.gov ↗
AddedRisk Factors
We were formed in 2022 and started formulating and executing on our business plan at that time. In addition, we announced our plan to launch a bitcoin treasury strategy in May 2025, and our management team has a limited operating history of investing in and holding bitcoin. We have since implemented this strategy, holding approximately 7,627 bitcoin as of December 31, 2025. We cannot provide assurances that we will be able to operate our business successfully or implement our operating policies and strategies, including with respect to our bitcoin treasury strategy, as described elsewhere herein. We may encounter risks and challenges frequently experienced by growing companies in rapidly developing industries, including risks related to our ability to:
Read it in 10-K 2026-03-19 at sec.gov ↗
AddedRisk Factors
•maintain a bitcoin treasury strategy, including with respect to the financing, acquisition and custody of bitcoin;
Read it in 10-K 2026-03-19 at sec.gov ↗
AddedRisk Factors
•identify and successfully implement alpha-generating strategies, such as the identification and acquisition of bitcoin-related products, including junior tranches of bitcoin-backed credit structures or the acquisition of target companies at a purchase price discount to their book value or cash assets;
Read it in 10-K 2026-03-19 at sec.gov ↗
AddedRisk Factors
•improve our current operational infrastructure and non-platform technology to support our growth, including our bitcoin treasury strategy, and to respond to the evolution of our market and competitors’ developments;
Read it in 10-K 2026-03-19 at sec.gov ↗
AddedRisk Factors
•further trust with future investors and partners with respect to our bitcoin treasury business;
Read it in 10-K 2026-03-19 at sec.gov ↗
AddedRisk Factors
•distinguish ourselves from competitors in the bitcoin treasury business and our other businesses and navigate political issues;
Read it in 10-K 2026-03-19 at sec.gov ↗
AddedRisk Factors
•respond appropriately to changes in the price of bitcoin, the price of which has been, and will likely continue to be, highly volatile;
Read it in 10-K 2026-03-19 at sec.gov ↗
AddedRisk Factors
•respond to complex, evolving, stringent, contradictory industry standards and government regulation on an international scale that impact our businesses, including our bitcoin treasury strategy;
Read it in 10-K 2026-03-19 at sec.gov ↗
AddedRisk Factors
•prevent, detect, respond to, or mitigate failures or breaches of privacy and security, including with respect to our bitcoin and our custodial partners;
Read it in 10-K 2026-03-19 at sec.gov ↗
AddedRisk Factors
If we are unable to do so, our business may suffer, our revenue and operating results may decline and we may not be able to achieve further growth or sustain profitability.
Read it in 10-K 2026-03-19 at sec.gov ↗
AddedMD&A
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and notes to those consolidated financial statements included in Item 15 of this Annual Report. References to "we", "us", "our", or "the Company" refer to Strive, Inc. and its consolidated subsidiaries unless specifically stated otherwise. In addition to historical financial information, this discussion and analysis contains forward-looking statements that are based upon our current expectations, beliefs, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond our control. See the section of this Annual Report entitled “Forward Looking Information and Risk Factor Summary.” Actual results and timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under “Part I. Item 1A. Risk Factors” or elsewhere in this Annual Report.
Read it in 10-K 2026-03-19 at sec.gov ↗
AddedMD&A
References to "we", "us", "our", or "the Company" refer to Strive, Inc. and its consolidated subsidiaries unless specifically stated otherwise.
Read it in 10-K 2026-03-19 at sec.gov ↗
AddedMD&A
On February 6, 2026, we completed a 1:20 reverse stock split of our Class A and Class B Common Stock (the "Reverse Stock Split"). As a result of the Reverse Stock Split, all applicable share and per share information of the Successor presented within this “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” has been retroactively adjusted to reflect the Reverse Stock Split for all periods presented. Concurrent with the effectiveness of the Reverse Stock Split, the number of shares of Class A Common Stock available to purchase and the related exercise price of outstanding warrants were adjusted pro-rata to give effect to the Reverse Stock Split.
Read it in 10-K 2026-03-19 at sec.gov ↗
AddedMD&A
Strive is a structured finance company and institutional asset manager focused on disciplined capital allocation and long term value creation. We have strategically adopted bitcoin as our hurdle rate for capital deployment because of our fiduciary duty to maximize long-term value for stockholders, and compounding purchasing power over time. Relative to a traditional depreciating fiat-denominated benchmark, implementing a bitcoin hurdle rate establishes a higher level of accountability and strategic investment discipline, since our decisions are measured against an asset we believe will appreciate over time.
Read it in 10-K 2026-03-19 at sec.gov ↗
AddedMD&A
Strive’s operating business generates stockholder value through disciplined balance sheet management and the growth of our bitcoin holdings. Our SATA Stock exemplifies this approach, a publicly traded security that aims to provide investors with consistent cash flows and minimal volatility, while enabling Strive to capture the spread between SATA Stock’s financing cost and the potential long term return of bitcoin.
Read it in 10-K 2026-03-19 at sec.gov ↗
AddedMD&A
Beyond balance sheet strategy, Strive is focused on advancing innovation within the capital markets by modernizing established financing structures. The Company has developed our SATA Stock, our perpetual preferred equity instrument, that incorporates an at‑the‑market (“ATM”) program, creating a flexible and continuous capital formation mechanism. This approach transforms a historically static capital structure into a dynamic and adaptive capital funding platform. Through
Read it in 10-K 2026-03-19 at sec.gov ↗
AddedMD&A
these innovations, Strive seeks to combine legacy market frameworks with modern assets, positioning the Company at the intersection of institutional finance and a bitcoin‑based reserve strategy.
Read it in 10-K 2026-03-19 at sec.gov ↗
AddedMD&A
Following the completion of Strive Enterprises, Inc.'s reverse acquisition of Asset Entities Inc. in September 2025, Strive began operating as a publicly traded company and began deploying capital to execute on its bitcoin treasury strategy, becoming the first U.S. publicly traded bitcoin treasury asset management firm.
Read it in 10-K 2026-03-19 at sec.gov ↗
AddedMD&A
As of December 31, 2025, the Company manages over $2.4 billion in AUM. These activities provide recurring, fee-based revenue streams which increase with AUM. Beginning in fiscal year 2026, we plan to operate our asset-management segment within a single-digit-million dollar operating loss to single-digit-million dollar operating profit range.
Read it in 10-K 2026-03-19 at sec.gov ↗
AddedMD&A
On September 22, 2025, Strive, Inc. entered into the Semler Scientific Merger Agreement with Semler Scientific. On January 16, 2026, pursuant to the Semler Scientific Merger Agreement, Strive Merger Sub, Inc., a wholly owned subsidiary of Strive merged with and into Semler Scientific, with Semler Scientific continuing as the surviving corporation and a wholly owned subsidiary of Strive. Through the acquisition of Semler Scientific, Strive acquired Semler Scientific's existing bitcoin reserve as well as Semler Scientific's operating business, which develops and markets technology products and services that assist customers in evaluating and treating chronic diseases. The patented and FDA cleared product, QuantaFlo, measures arterial blood flow in the extremities to aid in the diagnosis of PAD. QuantaFlo, which is intended to enable expanded labeling as an aid in the diagnosis of other cardiovascular diseases, is currently pursuing a 510(k) clearance from the FDA.
Read it in 10-K 2026-03-19 at sec.gov ↗
AddedMD&A
Our bitcoin strategy generally involves, from time to time, subject to market conditions and the need for cash and cash equivalents to meet short-term working capital requirements, (i) acquiring bitcoin through open market purchases using available cash, which may be raised from our operating activities as well as capital raising initiatives, such as issuing equity and fixed income offerings, among other capital raise strategies (collectively, "beta" initiatives) and (ii) acquiring bitcoin through alpha strategies, such as acquiring bitcoin through strategic M&A activity or other transactions, resulting in the acquisition of bitcoin at a discount relative to market value, which are intended to deliver returns above and beyond what beta initiatives may deliver alone.
Read it in 10-K 2026-03-19 at sec.gov ↗
AddedMD&A
In 2025, we acquired a total of approximately 7,627 bitcoin at an aggregate acquisition cost of approximately $863.0 million, or $113,153 per bitcoin, including fees and expenses. During the period from January 1, 2026 to March 17, 2026, we acquired approximately 5,048 bitcoin through our acquisition of Semler Scientific and purchased an additional 953 bitcoin at an average price of approximately $81,092 per bitcoin, inclusive of fees and expenses. In addition, in March 2026, we made an initial investment of $50.0 million in the Variable Rate Series A Perpetual Stretch Preferred Stock (the "STRC Stock") of Strategy Inc.
Read it in 10-K 2026-03-19 at sec.gov ↗
