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Strive, Inc. focuses on acquiring and holding bitcoin with its own capital. It raises money by issuing securities, including SATA Stock, its perpetual preferred stock, and seeks bitcoin returns above its financing costs. Most of its assets are concentrated in bitcoin or related products. Bitcoin pays no interest, so this strategy depends on bitcoin’s value and continued access to investor funding rather than a regular income stream from the holdings.
Through its acquisition of Semler Scientific, Strive also owns QuantaFlo, an in-office blood-flow test used to evaluate peripheral artery disease. Health plans and healthcare providers pay primarily to rent or license the product, with some fees based on the number of tests performed. Strive expects QuantaFlo to account for the vast majority of revenue. Changes to Medicare Advantage payments have weakened customers’ incentives to use it, and usage is declining. Strive has stopped marketing QuantaFlo for heart dysfunction and is seeking FDA clearance for expanded use.
Strive also manages investment funds and earns recurring advisory fees that rise with assets under management. These fees provide operating revenue, but Strive does not expect operating cash flows to fund its capital-intensive bitcoin strategy.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Strategy and Strive both finance bitcoin holdings alongside operating businesses, so bitcoin prices and financing costs matter to both. Strategy sells analytics software to businesses through subscriptions and licenses; watch the interest expense on debt used mainly to buy bitcoin as a measure of its funding burden.
Twenty One Capital, Inc. and Strive both raise money through public-company financing to accumulate bitcoin, leaving both balance sheets exposed to bitcoin prices and access to capital. Unlike Strive's fee-earning asset management, Twenty One's educational subscriptions, enterprise licenses and sponsorships are planned revenue sources; watch its debt and equity funding for bitcoin purchases.
Empery Digital Inc. and Strive both raised capital to build bitcoin reserves and seek shareholder value by managing those holdings. Empery also retains its Brat E-Bike business; watch its share sales or repurchases aimed at increasing net asset value and the cash it generates from derivatives and operations to cover expenses.
Nakamoto Inc. and Strive both hold bitcoin alongside healthcare businesses, so bitcoin valuation affects both balance sheets. Their healthcare activities differ: Nakamoto provides patient care intended to reduce opioid use, while Strive primarily licenses QuantaFlo to health plans and healthcare providers; the shared exposure is bitcoin, not the same healthcare revenue.
Coinbase Global, Inc. and Strive respond to crypto demand and regulation through different channels: Coinbase charges customers for trading, while Strive holds bitcoin whose value those conditions can affect. Watch Coinbase's consumer transaction-fee revenue for a read on trading demand, rather than treating it as a direct measure of Strive's bitcoin gains or losses.
Defi Technologies, Inc. connects to Strive through digital-asset prices and investment demand: it offers investment products and trading services, while Strive holds bitcoin and earns asset-management fees. Its Valour products let investors gain digital-asset exposure through exchange-traded securities; watch demand for its fee-charging products separately from its zero-management-fee Bitcoin and Ethereum products.
Coinbase Global, Inc. earningsCOIN
Coinbase Global’s report will show how consumer trading-fee revenue is changing, offering a read on digital-asset trading demand but not directly measuring Strive’s bitcoin gains or losses.
Look at Coinbase Global’s consumer transaction-fee revenue. An increase would indicate more customer trading on its platform and potentially stronger trading demand; a decline would point to softer activity. Strive holds bitcoin, whose price affects the value of its holdings, but Coinbase’s fee revenue does not measure bitcoin’s price moves. Treat it as a signal about trading demand, not as a substitute for Strive’s own results.
Strategy Inc earningsMSTR
Strategy’s report will show the interest burden from debt used mainly to buy bitcoin, providing a read on financing costs for bitcoin-treasury companies.
Look at interest expense on Strategy’s debt. If it stays contained, the cost of financing its bitcoin purchases is not rising; if it grows, that funding burden is getting heavier. Strategy also sells analytics software through subscriptions and licenses, so read the interest cost in the context of its operating business. This gives Strive’s readers a signal about financing pressure at a bitcoin-treasury peer, not a measure of Strive’s own funding cost.
Strive, Inc. earningsThis company
Strive’s report will show whether its fee-based asset management and acquired healthcare business can support operations beyond its bitcoin holdings.
Read Asset Management revenue alongside that segment’s operating loss: rising revenue with a narrower loss would show fee income is supporting the business, while flat revenue and a persistent loss would show the engine has not yet gained traction. Then look at healthcare revenue and QuantaFlo usage: if both stabilize, pressure on that business may be easing; if they keep falling, operating progress will be harder. Bitcoin fair-value changes are a separate path, not evidence of operating growth. The conclusion is whether the businesses are improving or results remain dominated by bitcoin valuations and healthcare weakness.
Defi Technologies, Inc. earningsDEFT
Defi Technologies’ report will show demand for its fee-charging Valour products versus its zero-management-fee products, offering a market signal for Strive’s fee-based asset-management business.
Separate demand for Valour products that charge fees from demand for the zero-management-fee bitcoin and Ethereum products. If demand for the fee-charging products holds up, investors are still willing to pay for digital-asset products, a supportive market signal for Strive’s fee-based asset management. If demand is concentrated in the zero-fee products, investors may be prioritizing low cost, increasing price pressure on businesses that earn management fees. The products are not the same, so this shows acceptance of fee-based offerings, not Strive’s own customer demand.
