| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 |
|---|---|---|---|
| Net loss | -265,906 | -201,311 | -192,287 |
| Depreciation and amortization | 90 | 59 | 12 |
| Accretion of discount on investments, net | 0 | 0 | 0 |
| Reduction in carrying amount of right-of-use assets | 14 | 17 | 5 |
| Gain on lease remeasurement | NaN | 0 | NaN |
| Net unrealized loss on digital assets, at fair value | -295,778 | -184,375 | -10,133 |
| Loss on change in fair value of bitcoin held as collateral under coinbase loan | -2,594 | NaN | NaN |
| Net unrealized gain on investments in preferred equity, at fair value | 490 | NaN | NaN |
| Change in fair value on long-term notes payable, at fair value | -2,165 | NaN | NaN |
| Other derivative loss | NaN | 0 | -14,731 |
| Loss on extinguishment of debt | -8,461 | NaN | NaN |
| Share-based compensation expense | 6,529 | 5,416 | 16,294 |
| Goodwill and intangible asset impairment | NaN | 0 | 140,785 |
| Non-cash transaction expenses | NaN | 0 | 2,936 |
| Bargain purchase gain | 66,704 | NaN | NaN |
| Prepaid expenses | -717 | -825 | 2,928 |
| Other current assets | -613 | 941 | -1,461 |
| Other non-current assets | 0 | -47 | 0 |
| Compensation and benefits payable | 1,145 | -193 | 263 |
| Accounts payable and other liabilities | -15,995 | 685 | -5,360 |
| Net cash used in operating activities | -30,989 | -11,021 | -13,955 |
| Purchases of digital assets, at fair value | 77,282 | 179,948 | 675,008 |
| Purchases of intangible assets | NaN | 5 | 75 |
| Purchases of property and equipment | 0 | 12 | 0 |
| Cash acquired through business combination | 3,513 | 0 | 400 |
| Purchases of investments in preferred equity, at fair value | 50,499 | NaN | NaN |
| Proceeds from return of capital dividends | -479 | NaN | NaN |
| Purchases of short-term investments | 0 | 0 | 0 |
| Proceeds from short-term investments | 0 | 0 | 0 |
| Net cash provided by (used in) investing activities | -123,789 | -179,965 | -674,683 |
| Proceeds from issuance of class a common stock | 94,953 | 19,533 | 525,610 |
| Proceeds from issuance of pre-funded warrants | NaN | 0 | 283,170 |
| Proceeds from issuance of preferred stock | 129,797 | 161,212 | 0 |
| Proceeds from warrant exercises | NaN | 18,550 | 13,000 |
| Preferred stock dividends paid | 10,861 | 2,267 | NaN |
| Payment of issuance costs | 10,820 | 13,990 | 27,996 |
| Payment of withholding tax on vesting of restricted stock | 388 | 33,622 | NaN |
| Redemption of preferred stock | NaN | 0 | 0 |
| Extinguishment of coinbase loan | 20,310 | NaN | NaN |
| Net cash provided by financing activities | 182,371 | 149,416 | 793,784 |
| Net increase in cash and cash equivalents | 27,593 | -41,570 | 105,146 |
| Cash and cash equivalents, beginning of period | 67,499 | 109,069 | 3,923 |
| Cash and cash equivalents, end of period | 95,092 | 67,499 | 109,069 |
Strive, Inc. (SATA)
Strive, Inc. (SATA)