Strive Asset Management (ASST) Q3 2025 earnings summary

Executive summary

• Completed reverse acquisition of Asset Entities Inc., becoming a public bitcoin treasury asset management firm and raising $762.6M via PIPE financing and warrant exercises, with potential for an additional $736.6M from remaining warrants.

• Acquired 5,886 bitcoin at a cost of $683.0M and fair value of $672.9M as of September 30, 2025; holdings increased to 7,525 bitcoin by November 7, 2025.

• Entered into a merger agreement to acquire Semler Scientific, Inc. in an all-stock transaction, pending customary closing conditions and shareholder approval.

• Completed a $149.3M public offering of 2,000,000 shares of Variable Rate Series A Perpetual Preferred Stock.

• Reported GAAP net loss of $192.3M ($0.22 per diluted share) for Q3 2025, with 93.2% attributable to non-recurring and non-cash items; non-GAAP adjusted net loss was $13.0M ($0.01 per diluted share).

Financial highlights

• Q3 2025 revenue was $1.5M, up 60.9% year-over-year, driven by higher AUM; revenue for September 12–30, 2025, was $255K.

• Total current assets of $114.2M and digital assets at fair value of $672.9M as of September 30, 2025.

• Total assets reached $792.6M, with total stockholders' equity of $779.4M.

• Employee compensation and benefits rose to $21.9M, mainly due to a $16.3M one-time stock compensation expense.

• Goodwill and intangible asset impairment charge of $140.8M recorded in Q3 2025.

Outlook and guidance

• Asset management segment expected to operate near breakeven in 2026, with forecasts ranging from a single-digit million-dollar loss to a single-digit million-dollar income, or $0.01 net loss to $0.01 net income per diluted share.

• Bitcoin treasury strategy to continue, with further acquisitions funded by capital raises and operating cash flow.