Strive, Inc., the corporate treasury firm founded by Vivek Ramaswamy, disclosed that it held 13,628 bitcoin as of March 17, 2026, enough to place the company among the top 10 corporate bitcoin holders globally. The position was built in roughly six months following the company’s September 2025 public listing. That rapid accumulation came alongside a difficult earnings profile: for the period ended December 31, 2025, Strive reported a GAAP net loss of $393.6 million.
The company’s treasury expansion did not come from a single transaction. According to Strive, 5,886 BTC came from initial private investment proceeds and stock exchange activity. Another roughly 5,048 BTC was added through the acquisition of Semler Scientific, Inc., which had already assembled its own digital asset reserve before the deal closed. A further 2,694 BTC came from capital markets activity, including public offerings of the company’s Variable Rate Series A Perpetual Preferred Stock, or SATA, follow-on offerings, and at-the-market issuance. In other words, Strive used a multi-channel balance-sheet strategy rather than relying only on spot market treasury purchases.
Where Strive’s reported losses came from
Strive’s financial results highlighted the trade-off that often emerges when a public company aggressively accumulates bitcoin while also pursuing acquisitions. The company said a substantial share of its GAAP net loss was driven by non-cash accounting items. Of the total deficit, $194.5 million came from unrealized losses on bitcoin holdings, representing nearly 50% of the GAAP shortfall. That means a major portion of the reported loss reflected mark-to-market pressure rather than direct operating cash burn.
The second major contributor was the accounting impact of the Semler acquisition. Strive recorded $140.8 million in impairment tied to goodwill and intangible assets associated with that transaction. It also booked $12.4 million in deal-related expenses. After adjusting for these items, the company said its non-GAAP loss attributable to common shareholders narrowed to $208.2 million, or $4.73 per diluted share. This gap between GAAP and adjusted results is important because it shows how acquisition accounting and bitcoin price volatility can dominate the income statement in the early stage of a treasury-heavy public company model.
For investors, that creates a familiar tension. A larger bitcoin treasury can increase upside exposure if BTC appreciates, but it also introduces more pronounced swings in reported earnings. In Strive’s case, the financial statements illustrate that balance very clearly: the company expanded its bitcoin position aggressively, but doing so amplified the accounting volatility visible in quarterly and year-end reporting.
How management framed performance with “Bitcoin Yield”
To present its digital asset strategy in a more operational light, Strive introduced a proprietary performance measure called “Bitcoin Yield”. Using that metric, the company reported a 22.2% Bitcoin Yield in Q4 2025 and a 13.8% quarter-to-date figure through mid-March 2026. Management used the metric to argue that the treasury strategy should not be judged only by GAAP losses or headline accounting deficits.
Strive translated those percentages into asset-level gains. The company said the reported yields were equivalent to gains of 1,305 bitcoin and 1,050 bitcoin, respectively. In dollar terms, those gains came to about $114.3 million and $78.2 million over the same periods. The message was clear: although standard accounting results looked weak, management believed the bitcoin treasury itself was compounding in a way that investors should track separately.
Still, this type of internally defined metric should be read carefully. Bitcoin Yield may help explain how the company evaluates its treasury execution, but it does not replace standard measures such as GAAP net income, adjusted earnings, financing costs, dilution, or liquidity. For market participants, the metric is most useful when viewed alongside the rest of the balance sheet and capital structure rather than on its own.
Structured finance as the engine of bitcoin accumulation
Strive said its bitcoin strategy was financed largely through structured finance products. In November 2025, the company raised $148.4 million in net proceeds from its initial SATA preferred stock offering, priced at $80 per share. It followed that with another deal in January 2026, generating $109.2 million in net proceeds at $90 per share. These offerings gave the firm a dedicated funding channel for balance-sheet expansion.
The proceeds were not used solely to add to bitcoin exposure. Strive also deployed capital to reshape the liabilities it inherited through the Semler acquisition. It retired a $20 million loan from Coinbase Credit Inc., a debt obligation assumed as part of the transaction. The company also exchanged preferred shares for $90 million of Semler’s convertible debt. This shows that the strategy was not simply about buying BTC; it also involved refinancing, recapitalization, and managing the acquired company’s legacy obligations.
Chairman and CEO Matthew Cole described the first six months as validation of Strive’s model as a structured finance company focused on digital credit. In his view, the SATA instrument provides a liquid and scalable solution for investors seeking double-digit yield with minimal volatility. That framing aligns with Strive’s broader narrative: use structured finance to attract capital, maintain flexibility in the liability stack, and continue building a corporate bitcoin treasury without abandoning wider financial operations.
The Semler acquisition, Clinivanta, and Strive’s broader corporate profile
The Semler Scientific deal brought more than bitcoin onto Strive’s balance sheet. It also added an operating business that is now housed under the wholly owned subsidiary Clinivanta, which focuses on preventive healthcare. That detail matters because it suggests Strive is not merely a passive bitcoin holding vehicle. Instead, it is trying to combine an active treasury strategy with an ongoing operating business inherited through acquisition.
In February 2026, the company appointed Michelle Fox, formerly Chief Medical Officer of Teleflex, as CEO of Clinivanta. The appointment signaled that Strive intends to actively develop the healthcare unit rather than treat it as a dormant side asset. For investors, this creates a more complex story: Strive is simultaneously a corporate bitcoin accumulator, a structured finance platform, and the owner of a preventive healthcare subsidiary.
As of March 17, 2026, Strive reported holding $83.7 million in cash and $50.4 million in fair value of STRC preferred stock. Those figures indicate that the company retained some liquidity cushion even while expanding its BTC treasury and managing post-acquisition restructuring. Taken together, Strive’s first half-year as a public company presents a sharp contrast: it built a 13,628-BTC treasury at remarkable speed, yet it also absorbed a $393.6 million GAAP loss, significant impairment charges, and the pressures that come with financing, integration, and bitcoin-linked market volatility.