Strive

What Strive does

Strive is a publicly traded Bitcoin treasury company and institutional asset manager that combines structured finance instruments with active asset management. Founded in 2022 by Vivek Ramaswamy and Anson Frericks as an anti-ESG, shareholder-first investment firm, Strive completed a reverse merger with Asset Entities in September 2025 to list on NASDAQ under ticker ASST. The company's core product is SATA (Variable Rate Series A Perpetual Preferred Stock), a preferred equity instrument paying a 13% APR dividend that transitioned from monthly to daily payments (~250 per year) on June 16, 2026, with dividends classified as Return of Capital for tax deferral. Strive holds approximately 19,864 BTC (~$1.25 billion) as treasury assets, ranking among the top 10 public Bitcoin treasury companies globally, and uses Bitcoin as its hurdle rate for capital allocation decisions.

Strive generates revenue through multiple streams: management fees on a suite of ETFs (including Strive 500 ETF/STRV at 0.05% expense ratio on $1 billion AUM, Strive U.S. Energy ETF/DRLL, and Strive Enhanced Income Short Maturity ETF/BUXX) and model portfolios totaling over $2 billion in AUM; recurring fees on 401(k) Pooled Employer Plans distributed through partners Traphagen, Ameritas, and American TCS; direct indexing services on Fidelity and Schwab platforms; and ongoing capital raised through SATA preferred stock issuances managed by Cantor Fitzgerald and Barclays. Disclosed TTM revenue as of April 2026 was approximately $5.7 million against substantial GAAP losses driven by Bitcoin fair market value decreases.

The company serves institutional investors, high-net-worth individuals, retail investors, and 401(k) plan sponsors seeking Bitcoin exposure and yield-generating digital credit instruments. Distribution occurs through all major US brokerage platforms, while customer education is driven by the True North media platform (acquired September 2025), The Hurdle Rate Podcast, and active executive media presence. CEO Matt Cole, formerly of CalPERS, leads a management team that has overseen three major transactions in nine months (Asset Entities merger, True North acquisition, Semler Scientific all-stock acquisition) and rapid scaling of the Bitcoin treasury from initial accumulation to 7th-9th largest globally.

Name

Strive

Legal name

Strive Asset Management LLC

Website

https://strive.com

Company type

Public

Founded year

2022

Operating status

Operating

Headcount range

11–50 employees

Short description

Strive is a publicly traded Bitcoin treasury company and asset manager (NASDAQ: ASST) that issues SATA preferred stock paying a 13% APR daily dividend, manages $2 billion+ in ETFs and model portfolios, and holds approximately 19,864 BTC using Bitcoin as its capital allocation hurdle rate to serve institutional and retail investors.

Ownership category

akta.pro rank

Product category

Bitcoin Treasury & Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910), Investment Banking and Securities Intermediation (523150)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Multi-Asset & Allocation ETFs (Balanced, Target Risk) (FSAAAFAF)

akta.pro secondary industries

Style/Factor Equity ETFs (Value, Growth, Quality, Low Vol, Momentum) (FSAAAFAB), Thematic & Megatrend ETFs (FSAAAFAI)

Keywords

• Bitcoin treasury management
• Preferred equity securities
• Asset management services
• Digital credit instruments
• Exchange-traded funds

Headquarters

HQ city

Columbus

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Management Fees on ETFs and Asset Management: Strive manages ETFs including the Strive 500 ETF (STRV), Strive U.S. Energy ETF (DRLL), Strive Enhanced Income Short Maturity ETF (BUXX), and direct indexing/separate accounts. Revenue is generated through management fees charged on assets under management. The company surpassed $2 billion in AUM. True North media platform is also operated as part of the asset management business.
2. Bitcoin Treasury Appreciation: Strive's primary value driver is the appreciation of its Bitcoin holdings, which serve as treasury assets. As Bitcoin's price increases, the company's NAV and market capitalization grow. Holdings reached approximately 19,864 BTC (~$1.25 billion) by June 2026. The company also earns yield on its Bitcoin treasury by issuing preferred equity.
3. SATA Preferred Stock Issuance: Strive raises capital by issuing SATA Variable Rate Series A Perpetual Preferred Stock, paying a 13% APR dividend. Proceeds are used to acquire Bitcoin and fund operations. The company expanded its issuance program by $4.2 billion. SATA raised enough in its first week of daily dividends to purchase over 603 BTC.
4. 401(k) and Retirement Plan Services: Strive offers 401(k) pooled employer plans (PEP), target date and risk-based models, and bespoke ETF options through its retirement solutions platform. Revenue is generated through fees charged to plan sponsors and participating employers. Partners include Traphagen, Ameritas, and American TCS.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels10 records

Core offering

Strive is a structured finance company and institutional asset manager that operates as a Bitcoin treasury company. Its core offering is SATA Variable Rate Series A Perpetual Preferred Stock, a publicly traded preferred equity instrument paying a 13% APR dividend (transitioning from monthly to daily payments beginning June 16, 2026) to fund Bitcoin acquisitions. The company also manages ETFs including the Strive 500 ETF (STRV), Strive U.S. Energy ETF (DRLL), and Strive Enhanced Income Short Maturity ETF (BUXX); offers 401(k) Pooled Employer Plans; provides direct indexing services on Fidelity and Schwab; and operates the True North media platform. As of June 2026, Strive held approximately 19,864 BTC (~$1.25 billion) in its treasury.

Product overview

Strive is a structured finance company and institutional asset manager that operates as a Bitcoin treasury company with a portfolio of financial products. The core offering is SATA (Variable Rate Series A Perpetual Preferred Stock), a publicly traded preferred equity instrument with a 13% dividend that is transitioning to daily payments. Complementing SATA are True North (a Bitcoin and digital credit media platform), a suite of ETFs (including STRV, BUXX, and DRLL), 401(k) Pooled Employer Plans, and direct indexing services. The company also holds over 15,009 Bitcoin as treasury assets. In September 2025, Strive completed its merger with Asset Entities (NASDAQ: ASST) to become the first publicly traded asset management Bitcoin treasury company.

Differentiator

Problem solved

Functional benefit

Brands

• SATA: Variable Rate Series A Perpetual Preferred Stock - a publicly traded preferred equity instrument offering approximately 13% APR dividend, transitioning from monthly to daily payments in June 2026
• True North
• The Daily Dividend Company

Products and services

• SATA Variable Rate Series A Perpetual Preferred Stock Publicly traded, liquid preferred equity instrument paying a 13% APR variable dividend, designed to trade with minimal volatility in a $99–$101 range while Strive underwrites Bitcoin risk. Dividends are classified as Return of Capital and are tax-deferred for U.S. investors. Targeted to institutional and retail investors seeking income plus Bitcoin exposure.
• Strive 500 ETF (STRV) Large-cap U.S. equity ETF tracking the 500 largest U.S. companies with a value-maximization, shareholder-first approach to voting and engagement. Charges a 0.05% expense ratio and returned 12.6% over the trailing year vs 11.8% for SPY.
• Strive U.S. Energy ETF (DRLL) U.S. energy sector ETF offering investors shareholder-first corporate governance and engagement.
• Strive Enhanced Income Short Maturity ETF (BUXX) Short-maturity, enhanced-income ETF providing yield-focused exposure managed under Strive's shareholder-first philosophy.
• Strive 401(k) Pooled Employer Plan (PEP) Retirement plan solution for small-to-large businesses offering target-date and risk-based models, reduced fiduciary responsibility, and access to shareholder-first investment options. Distributed through PEP partners Traphagen, Ameritas, and American TCS.
• Direct Indexing Customized individual stock portfolio management service for affluent investors, available through Fidelity and Schwab platforms, offering shareholder-first investment selection and tax-loss harvesting.
• True North Media Platform Strive's independent media branch and decentralized collective of investors, analysts, and capital structure experts producing original research, podcasts (including The Hurdle Rate Podcast), and analysis on Bitcoin, digital credit, collateralized finance, and macroeconomics.

Quantifiable outcome

• 19,864 BTC accumulated through preferred stock issuances, representing the 7th-largest public Bitcoin treasury company globally
• +6 more outcomes

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered minor and core.

• T-Strive Digital Credit ETF (Empowered Funds)minorStrategic or Co-development Partner · 30 March 2026Strive's subsidiary serves as sub-adviser for the T-Strive Digital Credit ETF filed with the SEC, targeting preferred securities from Bitcoin treasury companies with indirect Bitcoin exposure. Empowered Funds LLC is the ETF sponsor. The ETF may use leverage and aims to invest in STRC, SATA, and similar instruments.
• Strategy (STRC Investment)minorStrategic or Co-development Partner · 11 March 2026Strive allocated $50 million of its corporate treasury (over one-third of its treasury) to Strategy's Series A preferred stock (STRC), representing growing institutional adoption of STRC as a treasury management tool. Prevalon Energy, Anchorage Digital, and OranjeBTC had previously made similar allocations. This creates a 'nesting doll' structure between the two largest Bitcoin treasury companies.
• Semler ScientificcoreStrategic or Co-development Partner · 13 January 2026Strive completed an all-stock acquisition of Semler Scientific in January 2026, merging two publicly traded Bitcoin treasuries. The combined entity holds nearly 11,000 BTC following Strive's simultaneous $675 million purchase of 5,885 coins. Semler's Executive Chairman Eric Semler joined Strive's Board. Strive plans to monetize Semler's operating business within 12 months and retire its $100 million convertible note and $20 million Coinbase loan.
• True North (MSTR True North Inc.)coreStrategic or Co-development PartnerStrive acquired True North in September 2025, adding a media platform focused on Bitcoin treasury strategy, digital credit, and macro analysis. True North's CEO Jeff Walton was appointed Chief Risk Officer of Strive and CEO of True North. True North operates as Strive's independent media branch and publishes original research, podcasts, and analysis.
• Traphagen, Ameritas, American TCSminorChannel Partner/ Reseller/ DistributorPEP (Pooled Employer Plan) partners with over 150 years of combined experience administering retirement plans. These partners help distribute Strive's 401(k) PEP product to small- and mid-sized businesses, handling plan administration, fiduciary oversight, and compliance while Strive provides the investment philosophy and fund options.

Scale indicators12 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Strategy (formerly MicroStrategy): The largest publicly traded Bitcoin treasury company and the category pioneer. Strategy holds multiples more BTC than Strive and issues its own digital-credit preferred stock (STRC), making it the most direct competitive analog for Strive's treasury-plus-preferred-equity model.
• Semler Scientific: Pre-acquisition Bitcoin treasury peer with a similar operating-plus-treasury structure; now a wholly-owned Strive subsidiary after the January 2026 all-stock acquisition. Serves as a direct historical reference point for the BTC-per-share accumulation model Strive scaled.
• Nakamoto Holdings: Public Bitcoin treasury company co-founded by David Bailey, pursuing a roll-up strategy of BTC holders and covered-call yield strategies. Directly comparable as a competing Bitcoin treasury vehicle and a potential M&A counterpart for Strive.
• SharpLink Gaming: Public company that pivoted to a Bitcoin corporate treasury strategy, holding a meaningful BTC balance sheet and pursuing ETH-treasury initiatives. Directly comparable as a competing Bitcoin treasury operator pursuing the same institutional capital narrative.

Broad incumbents

• Galaxy Digital: Diversified digital asset and crypto-asset manager offering investment management, trading, and advisory services across BTC and digital credit. Comparable as a broader institutional crypto-asset manager, though with a much wider product and service footprint than Strive.
• Coinbase Global: Largest US-listed crypto exchange and custody platform, providing distribution and infrastructure for Bitcoin-linked products. Comparable as a broad incumbent in the Bitcoin ecosystem that benefits from — but does not directly compete in — Strive's preferred-stock treasury category.
• State Street Global Advisors (SPDR): Operator of the SPY S&P 500 ETF, the most direct benchmark against Strive's STRV fund. Comparable as the incumbent large-cap US equity ETF competitor that Strive's flagship STRV explicitly undercuts on expense ratio (0.05% vs SPY) and shareholder-engagement positioning.

Emerging players

• Marathon Digital Holdings (MARA): Bitcoin mining company with a substantial corporate BTC treasury that transitioned to a digital-asset treasury focus. Comparable as a public BTC holder leveraging capital markets activity, though with mining exposure Strive does not have.
• Riot Platforms: Bitcoin mining operator with one of the largest public BTC treasuries and ongoing capital-markets activity to fund expansion. Comparable as a BTC-balance-sheet-heavy public peer, though structurally different due to its mining operations and power infrastructure.
• Hut 8: Public Bitcoin mining and digital-asset infrastructure company with material BTC treasury holdings and growing managed-services operations. Comparable as a public BTC holder pursuing diversified digital-asset strategy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/StriveFunds
• LinkedInlinkedin.com/company/striveassetmanagement
• Facebookfacebook.com/Strive-Funds-113550057996531

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries3 records

Funding overview

Funding rounds5 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Strive