Core Insights - Strive, Inc. reported its financial results for Q4 2025, highlighting significant achievements since its public listing in September 2025, particularly in structured finance focused on digital credit [1][2][3] Financial Performance - The company accumulated a total of 13,628 bitcoin as of March 17, 2026, with various sources contributing to this total, including 5,048 bitcoin from the acquisition of Semler Scientific, Inc. [3] - Strive achieved a Bitcoin Yield of 22.2% in Q4 2025 and 13.8% quarter-to-date (QTD) as of March 17, 2026 [3] - The company generated a Bitcoin Gain of ₿1,305 BTC in Q4 2025 and ₿1,050 QTD as of March 17, 2026, translating to a Bitcoin $ Gain of $114.3 million in Q4 2025 and $78.2 million QTD [3] - As of March 17, 2026, Strive's cash and cash equivalents totaled $83.7 million, with a fair value of $50.4 million in STRC Stock [3] Stock and Equity - Strive completed a registered public offering of 2,000,000 shares of its Variable Rate Series A Perpetual Preferred Stock (SATA Stock) at $80.00 per share, resulting in net proceeds of approximately $148.4 million [3] - The company also executed a follow-on registered public offering of 1,320,000 shares of SATA Stock at $90.00 per share, yielding net proceeds of approximately $109.2 million [3] - Strive's total assets reached $745.5 million as of December 31, 2025, compared to $28.2 million in the previous year [5] Losses and Adjustments - Strive reported a GAAP net loss of $393.6 million for the period from September 12, 2025, to December 31, 2025, with a significant portion attributed to the fair market value decrease in bitcoin holdings [3][9] - The non-GAAP adjusted net loss attributable to common stockholders was $208.2 million, or $4.73 per diluted common share, reflecting adjustments for non-recurring and non-cash items [3][12] Strategic Focus - The company aims to build a track record of success for its digital credit product, SATA, targeting double-digit yields with minimal volatility [4] - Strive is focused on maximizing value for stockholders, accumulating bitcoin, and outperforming bitcoin over the long run [27]

Performance Overview - In May 2025, Volta Finance's net performance increased by +3.3%, bringing the cumulative performance from August 2024 to +10.7% [4][5] - The positive macroeconomic environment contributed to the recovery of investments in CLO Debt and CLO Equity, which had previously experienced volatility [4][5] Macroeconomic Context - The macroeconomic environment improved, with a 90-day tariff rollback from the U.S. towards China, leading to a sharp rise in both European and U.S. equity markets [5] - U.S. inflation rates decreased to 2.3% year-on-year, while euro-area inflation remained stable at 2.2% [6] - The U.S. Q1 GDP contracted by an annualized 0.3% due to pre-tariff stockpiling, while the Eurozone experienced a growth of +0.3% quarter-on-quarter [6] Credit Market Performance - Credit markets showed strong performance in May, with the European High Yield index tightening by around 50bps and closing at 300bps [7] - U.S. BBs returned +3% for the month, while U.S. High Yield returned +1.7% and Euro High Yield decreased by +1.3% [7] Loan Fundamentals - Default rates in the U.S. remained steady at 4.4%, but there was an increase in downgrades, with 12% of B- exposures downgraded to CCC by S&P [8] Cash Position and Investments - Volta Finance maintained a cash position of approximately 10% of its NAV at the end of May, having deployed €10.7 million into CLO debt tranches and two warehouses [9] - The cash flow generation remained stable at €28.1 million over the last six months, representing close to 21% of May's NAV on an annualized basis [9] Asset Class Performance - CLO Equity tranches returned +5.9% while CLO Debt tranches returned +2.8% during May [10] - The dollar reached a six-week low against the Euro at $1.15, with minimal impact on long dollar exposure [10] NAV and Share Information - As of the end of May 2025, Volta's NAV was €271.8 million, equating to €7.43 per share [11]