Strive Increases Holdings of 317 Bitcoin, Surpassing CleanSpark to Rank in Global Top Ten

Founded by Vivek Ramaswamy, Strive (ASST) announced on Thursday that as of March 17, the company’s total Bitcoin holdings increased to 13,627.9 coins, up 317 coins from the 13,310.9 disclosed on March 11. This surpasses CleanSpark to become one of the top ten publicly held Bitcoin treasury holders worldwide, with an estimated market value of approximately $944.3 million.

Holding Update: Surpassing CleanSpark to Secure 10th Place Globally

Strive’s recent increase is based on the 13,310.9 coins disclosed on March 11. According to Bitcoin treasury tracking data, the addition of 317 coins secures its position as the 10th largest publicly held Bitcoin holder globally. As of March 17, the company’s cash and cash equivalents totaled $83.7 million, and the fair value of its STRC preferred stock under Strategy is approximately $50.4 million.

Since going public in September 2025, Strive has accumulated its current holdings through three main channels:

PIPE Initial Public Offering (IPO): Acquired 5,886 Bitcoin

Acquisition of Semler Scientific: Acquired 5,048 Bitcoin

Other Capital Market Activities (Market Price Offerings, Follow-on Offerings, etc.): Acquired 2,694 Bitcoin

Q4 Financial Results: Book Losses Due to Fair Value Adjustments, Non-Cash Expenses

Strive reported a GAAP net loss of $393.6 million in Q4. On a non-GAAP basis, net loss attributable to common shareholders was $208.2 million, with approximately $194.5 million (about 93%) due to declines in Bitcoin fair value. The company explained that under current accounting standards, Bitcoin price fluctuations must be directly recognized in earnings. These unrealized losses are non-cash and differ fundamentally from actual cash losses, and should not be equated with traditional financial performance metrics.

In terms of Bitcoin derivatives, Q4 Bitcoin yield was 22.2%, currently at 13.8%; Bitcoin income for Q4 was 1,305 coins, currently at 1,050 coins. CEO Matthew Cole stated that the company will continue expanding its digital credit strategy and accumulating Bitcoin, aiming to provide ordinary shareholders with “attractive long-term returns relative to Bitcoin’s minimum yield.”

SATA Preferred Stock: Core Capital Tool Supporting Bitcoin Accumulation

Strive primarily finances its Bitcoin strategy through floating-rate Series A perpetual preferred stock (SATA). In November last year, it raised approximately $148.4 million through an initial public offering, and in January this year, a follow-on offering raised about $109.2 million. Some of these funds were used to repay a $20 million loan related to the Semler Scientific acquisition and to restructure convertible debt. The SATA dividend rate was recently increased to 12.75%. The company positions it as a high-yield, Bitcoin-backed financial instrument, similar to the STRC preferred stock under Strategy.

Earlier this month, Strive also purchased $50 million worth of STRC preferred stock, further expanding its holdings in Bitcoin-linked income products.

Frequently Asked Questions

Q: What is Strive, and why is it continuously increasing its Bitcoin holdings?
Strive (ASST), founded by Vivek Ramaswamy, went public on Nasdaq in September 2025. It employs a Bitcoin-centric corporate reserve strategy similar to Strategy (formerly MicroStrategy), continuously accumulating Bitcoin as its primary asset on the balance sheet through capital market financing.

Q: Does Strive’s GAAP loss in Q4 indicate problems with its Bitcoin strategy?
Under current GAAP standards, fluctuations in the fair value of Bitcoin holdings must be recognized directly in earnings. When BTC prices fall, unrealized losses occur. Strive explicitly states that 93% of its $393.6 million loss in Q4 is due to fair value adjustments, which are non-cash and should be evaluated separately from the company’s operational performance and cash flow.

Q: How does the SATA preferred stock work?
SATA is Strive’s Series A perpetual preferred stock with a 12.75% dividend rate. The company raises funds through public issuance, mainly used for increasing Bitcoin holdings and managing related debt. It is positioned as a high-yield, Bitcoin-backed fixed income instrument.