Strive Stock (ASST): Strategy and Capital Structure Explained

Short answer: Strive stock (ASST) is a share in a US company with 43’153 bitcoin. Strive buys bitcoin mainly with money from two preferred stocks, SATA and SATS, and has no debt. But these preferred stocks, worth $2.1 billion, rank ahead of shareholders. Net, only about a third of the bitcoin belongs to you, and the stock acts as strong leverage on bitcoin (as of Nov 12, 2026).

Strive has only been listed since September 2025 and collected more than 43’000 bitcoin in one year. The stock rose 51% in 2026, even though bitcoin lost 19%. That sounds like a better way to hold bitcoin. Whether it is depends on the capital structure: who is paid before you and how much bitcoin really belongs to you in the end.

What is Strive?

Strive, Inc. is a US company from Dallas, Texas. It started in 2022 as an asset manager, founded by Vivek Ramaswamy, and today manages about $2.9 billion of client money. CEO and chairman is Matt Cole.

Strive came to the stock market through a merger: in September 2025, Strive took over the small Nasdaq company Asset Entities, which then renamed itself Strive. Since then, bitcoin has been the core business. How this type of company works in general is explained in the overview Bitcoin treasury companies.

Source: Strive's SEC filings (10-Q for Sep 30, 2026, 8-K of Nov 2 and Nov 9, 2026). Share prices after the reverse split.

With these holdings, Strive ranks roughly level with Metaplanet and Twenty One Capital among listed companies after Strategy. Holdings and mNAV are shown live in the treasury profile of Strive.

The strategy: bitcoin as the yardstick

Strive describes itself as a structured finance company. Every investment must measure up against bitcoin: if it returns less than bitcoin, it isn't worth it. Strive calls this bitcoin as the "hurdle rate".

The business model is a bet on an interest spread:

1. Strive sells preferred stock paying 13% to 15% a year in dividends.
2. Strive buys bitcoin with the money. No new common stock is created in the process.
3. If bitcoin rises faster than 13% to 15% a year over the long term, the surplus belongs to the common shareholders.

Strive also sells new common stock, but only when the market pays well for it. All three securities have ongoing at-the-market sales programs. At the end of October 2026, Strive could still raise up to $4.4 billion through them.

Strive deliberately does not use loans. Strive had paid off the debt that came with Semler by May 2026, exchanging part of it for SATA. The 398 bitcoin pledged at Coinbase as collateral for a loan have also been back since January 2026. All of Strive's bitcoin are unencumbered.

Rule of thumb: Strategy finances bitcoin with stock, bonds and preferred stock. Strive relies almost entirely on preferred stock. That avoids maturities but costs high dividends that fall due every day.

Strive's capital structure

The capital structure shows who gets money in what order when Strive pays out, or if it is wound up in an emergency. At Strive it is short:

As of Nov 6, 2026 per Strive's announcement of Nov 9, 2026. Preferred stock at stated amount: 14.03 million SATA and 7.04 million SATS at $100 each. On Nov 12, 2026, Strive raised the SATA rate from 13.00% to 13.25% from Dec 1, 2026.

The stock you buy on the exchange is Class A. Class B has the same rights to profits but ten times the voting rights. That is why 44% of the votes sit with only 7% of the shares.

How SATA and SATS work, how safe their dividend is and at what bitcoin price they are no longer covered is explained in the article Strive SATA and SATS. The ranking of all issuers side by side is shown by the capital structure on the Digital Credit page.

How much bitcoin is in one Strive share?

Strive has 127.3 million shares (Class A and B together) and 43’153 BTC. Each share therefore stands for 33’890 sats of bitcoin. On Nov 12, 2026, one share cost $22.25 (€20.11 or CHF 18.57). That equals 31’420 sats. Gross, you get the bitcoin at a 7% discount; the mNAV is 0.93×.

Net, it looks different. Ahead of you stand SATA and SATS with a combined stated amount of $2.11 billion. That is 69% of the bitcoin value. Deduct them, and about 10’530 sats remain per share. Net, you pay about three times the bitcoin that is left for you.

Strive's net mNAV jumps around a lot because only a thin cushion lies between bitcoin value and preferred stock. On Nov 11, 2026 it was about 2.7×, a day later 3.0×: bitcoin fell a little over 4%, the cushion by 12%. What the three versions of mNAV mean and when a premium is too high is explained in the article mNAV explained.

Bitcoin per share: doubled gross, barely changed net

Strive measures its success by bitcoin per share. Gross, it almost doubled in 2026. Strive itself reports a "BTC Yield" of 63% for January to September and another 19% for October.

Sources: Strive 10-Q for Sep 30, 2026 and 8-K of Nov 9, 2026, closing prices from Yahoo Finance. mNAV on Nov 6, 2026 at prices of Nov 12, 2026. Shares after the 1-for-20 reverse split.

The figure has a catch. A large part of the new bitcoin was paid for with SATA and SATS, and they rank ahead of you. Deduct them, and bitcoin per share at today's price has barely grown: from about 10’700 sats at the end of 2025 to 10’530 sats. Count the cash too, and it is 29% more.

That doesn't mean Strive has managed badly. It means the gain for shareholders only arises once bitcoin rises faster than the preferred stock costs. Until then, the gross gain is a promise about the future.

What happens to ASST if bitcoin falls?

The preferred stock stays the same size wherever bitcoin stands. Every price move therefore hits the small remainder that belongs to shareholders, amplified many times over.

Excluding cash, preferred stock at stated amount, as of Nov 12, 2026. The cash of about €0.49 billion would be added in every row, but it shrinks with every dividend.

For comparison: at Strategy, shareholders' net bitcoin only reaches zero below about €21’100, 67% below today's price. At Strive, 31% is enough. So Strive's leverage is considerably stronger, even though it has no debt. The comparison with Strategy is worked through in the profile Strategy stock (MSTR).

According to the Power Law model, bitcoin was at 0.65 times the trend on Nov 12, 2026, just above the floor of €60’571 (CHF 55’919). On the floor, Strive's shareholders would still have €0.71 billion net. The critical threshold of €44’132 lies 27% below the floor. The floor is a model value, not a guarantee; the calculation behind it is in the methodology.

A price decline alone does not force Strive to sell. There are no loans with bitcoin as collateral and no bond falling due. Things get tight if bitcoin stays low for a long time and the money for the dividends runs out.

Where does the money for the dividends come from?

From December 2026, SATA and SATS cost Strive about $291 million a year; at the price of Nov 12, 2026, that is a little over 4’100 bitcoin. Strive's own business covers almost none of it:

Sources: Strive 10-Q for Sep 30, 2026, 8-K of Nov 9 and Nov 12, 2026, our own projection.

The cash covers about 20 months of dividends. After that, Strive must sell new securities or give up bitcoin. New common stock dilutes shareholders as long as the mNAV is below 1×. New preferred stock increases the leverage. How new SATS lower coverage is worked through in the article The risks of bitcoin preferred stock.

In the long run, the numbers only work if bitcoin rises faster than the roughly 14% the preferred stock costs on average. According to the Power Law, the trend is growing about 29% a year today and about 22% in 2035. But the actual price deviates from the trend for years at a time: so far in 2026 bitcoin has fallen 19%, and Strive still paid dividends every day.

Worked example: €10’000 or CHF 10’000 in ASST

Where bitcoin stands relative to the floor right now, and how far it would have to fall below it, you can work out with the floor calculator:

Strive and Strategy compared

As of Nov 12, 2026, Strive holdings of Nov 6, 2026, Strategy holdings of Nov 1, 2026. Sources: both companies' SEC filings, our own calculation.

Strategy is bigger, older and has more buffer. Strive is smaller, debt-free and much more leveraged. On a simple calculation both stocks trade below the value of their bitcoin; net, both above it. How the other treasury stocks are valued is shown in the treasury overview.

The risks of Strive stock

On top of that come the risks of any stock: you hold a share in a company, not the bitcoin themselves, and you depend on management, the stock market and US law. Strive is also exploring new businesses such as banking, reinsurance and securitized credit. Whether these bring income or new risks is open.

Strive stock, preferred stock or bitcoin directly?

The three routes carry very different risks:

• Bitcoin directly: no counterparty, no premium, no leverage. How to hold bitcoin yourself is shown in the guide How to store bitcoin safely.
• SATA or SATS: running income in dollars, ahead of shareholders in line, but capped on the upside. Their price fluctuates too, but their claims are only at risk if bitcoin falls sharply and for a long time.
• ASST: at the back of the line, no dividend, strong leverage. If bitcoin rises faster than 14% a year, you gain disproportionately. If it falls, you lose disproportionately.

Strive stock only suits you if you deliberately want this leverage and can stomach losing your entire stake. It is no substitute for bitcoin.