Vivek Ramaswamy's Strive adds 317 BTC, enters top 10 public treasury holders as Q4 results show bitcoin-driven losses
Vivek Ramaswamy-founded Strive (Nasdaq: ASST) increased its bitcoin (BTC) holdings by 317 BTC over the past week, lifting its total haul to 13,627.9 BTC as of March 17 and pushing the company into the top 10 public bitcoin treasury holders.
The latest increase builds on the firm's previously disclosed 13,310.9 BTC position on March 11, lifting it above CleanSpark to claim the 10th spot, according to Bitcoin Treasuries data.
The update came alongside Strive's fourth-quarter financial results, which highlighted the company’s efforts to expand its bitcoin reserves while navigating earnings volatility tied to bitcoin's price movements.
Since going public in September 2025, Strive has accumulated bitcoin through multiple channels, including 5,886 BTC from initial PIPE proceeds, 5,048 BTC from its acquisition of Semler Scientific, and 2,694 BTC from other capital markets activity such as its IPO, at-the-market programs, and follow-on offerings.
Capital markets strategy underpins bitcoin accumulation
Strive has relied on structured finance instruments to fund its bitcoin strategy, particularly its Variable Rate Series A Perpetual Preferred Stock, or SATA. The company raised approximately $148.4 million through a public offering of SATA stock in November and an additional $109.2 million in a January follow-on offering, using part of the proceeds to retire a $20 million loan tied to the Semler Scientific acquisition and to restructure convertible debt.
Earlier this month, Strive also purchased $50 million of Strategy's STRC preferred stock, extending its exposure to bitcoin-linked yield products. The company has positioned SATA as a high-yield, bitcoin-backed instrument modeled on STRC, recently increasing its dividend to 12.75% and narrowing its targeted trading range.
Operationally, Strive reported a "Bitcoin Yield" of 22.2% in the fourth quarter of 2025 and 13.8% quarter-to-date, alongside a "Bitcoin Gain" of 1,305 BTC in the fourth quarter and 1,050 BTC so far in 2026. These internally defined metrics are designed to track changes in bitcoin per share and the impact of capital deployment on holdings, though the company noted that they are not equivalent to traditional financial performance measures.
Strive posts $393.6 million net loss in Q4
Despite the increase in bitcoin holdings, Strive reported a GAAP net loss of $393.6 million for the period from Sept. 12 to Dec. 31, 2025. On a non-GAAP basis, adjusted net loss attributable to common stockholders totaled $208.2 million. The company said $194.5 million of that adjusted loss, or about 93%, was attributable to declines in the fair value of its bitcoin holdings.
As of March 17, Strive reported $83.7 million in cash and cash equivalents and a $50.4 million fair value for its STRC position. The current market value of its bitcoin holdings stands at around $944.3 million.
CEO Matthew Cole said the company remains focused on scaling its digital credit strategy alongside bitcoin accumulation.
"We're focused on building a track record of success for SATA by maintaining a stable trading range and keeping a strong balance sheet, which we believe will generate attractive long-term returns to our common equity stockholders vs our bitcoin hurdle rate," he said.
Strive's stock is currently down 4.6% in early market trading on Thursday, per TradingView.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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