Strive

Bull case

• Strive is favorably viewed because its 2Q26 results showed that a preferred-equity-funded Bitcoin treasury can expand accretive BTC-per-share growth without adding debt risk, as it acquired 6,236 BTC for $463.3M, ended with 19,864 BTC, and generated a 23.9% quarterly BTC Yield alongside a $191M BTC gain.
• Its balance sheet strength improved materially with over $200M of liquidity, retirement of all outstanding short- and long-term debt, and SATA recovering near par while delivering 44 consecutive business-days of dividends, which supports a more durable and less dilutive funding engine.
• The outlook is further reinforced by the Asset Management segment’s recurring fee base and the potential for daily SATA dividends to broaden demand, improve liquidity, and increase preferred issuance capacity, helping drive faster Bitcoin accumulation per fully diluted share.

Bear case

Strive is under pressure because its core economics are weak: 2Q26 revenues were only $2.9M, while operating expenses rose to $24.4M and the company posted a net operating loss of -$258.2M, largely from a -$236.8M unrealized mark-to-market loss on Bitcoin holdings. Its 2026 treasury strategy also looks more constrained, with expected Bitcoin accumulation trimmed to 16,402 BTC from 16,662 BTC and incremental capital raised cut to $465M from $525M, including a lower SATA preferred issuance of $115M. The outlook is further weakened by heavy dependence on Bitcoin appreciation, capital-market access on accretive terms, and dilution risk from equity sales, all while most revenue still comes from the Asset Management segment rather than a durable treasury profit engine.