Strive, Inc.ASST
Strive, Inc. Segments Disclosure
Segment Information
Beginning in 2025, the Company's management directs operations as two reportable operating segments, the “Asset Management” segment, which provides investment advisory services and the "Corporate & Other" segment, which includes the Company's bitcoin treasury operations. Prior to 2025, the Company's management evaluated performance and allocated resources in consideration of only one operating segment, the Asset Management segment, as the Company's sole operations were related to its asset management business, with no consideration of a potential bitcoin treasury strategy. As a result, prior to 2025, all revenues and expenses were related to the Company's Asset Management segment. Beginning in 2025, costs that are not directly allocable to a specific operating segment, including, but not limited to, employee-related costs, general and administrative expenses, such as rent expense, and depreciation and amortization, are allocated using a reasonable allocation methodology, which is primarily represented by the relative percentage of resources used by each segment.
The Company's CODM is its Chief Executive Officer, who utilizes key financial metrics, including net income (loss), to assess performance and make decisions regarding allocation of resources, such as capital allocation, determining compensation, and managing costs. The CODM also evaluates significant revenues and expenses by reportable segment to evaluate key operating decisions.
The following summarizes the information reviewed by the CODM to evaluate the net income (loss) of the Company's Asset Management and Corporate & Other for the period from September 12, 2025 to December 31, 2025, the period from January 1, 2025 to September 11, 2025, and the year ended December 31, 2024 (amounts in thousands):
Period from September 12, 2025 to December 31, 2025 (Successor) | |||||||||||||||||
| Asset Management | Corporate & Other | Total Consolidated | |||||||||||||||
| Revenues: | |||||||||||||||||
| Investment advisory fees | $ | 1,495 | $ | — | $ | 1,495 | |||||||||||
| Other revenue | — | 17 | 17 | ||||||||||||||
| Total revenues | 1,495 | 17 | 1,512 | ||||||||||||||
| Operating expenses: | |||||||||||||||||
| Fund management and administration | 1,867 | — | 1,867 | ||||||||||||||
| Employee compensation and benefits | 4,932 | 22,707 | 27,639 | ||||||||||||||
| General and administrative expense | 631 | 3,050 | 3,681 | ||||||||||||||
| Marketing and advertising | 19 | 132 | 151 | ||||||||||||||
| Depreciation and amortization | — | 71 | 71 | ||||||||||||||
| Total operating expenses | 7,449 | 25,960 | 33,409 | ||||||||||||||
| Investment gains/(losses): | |||||||||||||||||
| Net unrealized loss on digital assets, at fair value | — | (194,508) | (194,508) | ||||||||||||||
| Other derivative loss | — | (14,731) | (14,731) | ||||||||||||||
| Net investment gains/(losses) | — | (209,239) | (209,239) | ||||||||||||||
| Net operating loss | (5,954) | (235,182) | (241,136) | ||||||||||||||
| Other income/(expense): | |||||||||||||||||
| Other income | 15 | 708 | 723 | ||||||||||||||
| Transaction costs | — | (12,400) | (12,400) | ||||||||||||||
| Goodwill and intangible asset impairment | — | (140,785) | (140,785) | ||||||||||||||
| Total other income/(expense) | 15 | (152,477) | (152,462) | ||||||||||||||
| Net loss before income taxes | (5,939) | (387,659) | (393,598) | ||||||||||||||
| Income tax benefit/(expense) | — | — | — | ||||||||||||||
| Net loss | $ | (5,939) | $ | (387,659) | $ | (393,598) | |||||||||||
Period from January 1, 2025 to September 11, 2025 (Predecessor) | |||||||||||||||||
| Asset Management | Corporate & Other | Total Consolidated | |||||||||||||||
| Revenues: | |||||||||||||||||
| Investment advisory fees | $ | 4,187 | $ | — | $ | 4,187 | |||||||||||
| Other revenue | 7 | 28 | 35 | ||||||||||||||
| Total revenues | 4,194 | 28 | 4,222 | ||||||||||||||
| Operating expenses: | |||||||||||||||||
| Fund management and administration | 4,250 | — | 4,250 | ||||||||||||||
| Employee compensation and benefits | 4,861 | 2,361 | 7,222 | ||||||||||||||
| General and administrative expense | 2,672 | 1,557 | 4,229 | ||||||||||||||
| Marketing and advertising | 88 | 143 | 231 | ||||||||||||||
| Depreciation and amortization | 52 | 97 | 149 | ||||||||||||||
| Total operating expenses | 11,923 | 4,158 | 16,081 | ||||||||||||||
| Investment gains/(losses): | |||||||||||||||||
| Net unrealized loss on digital assets, at fair value | — | — | — | ||||||||||||||
| Other derivative loss | — | — | — | ||||||||||||||
| Net investment gains/(losses) | — | — | — | ||||||||||||||
| Net operating loss | (7,729) | (4,130) | (11,859) | ||||||||||||||
| Other income/(expense): | |||||||||||||||||
| Other income | 360 | 226 | 586 | ||||||||||||||
| Transaction costs | — | (15,717) | (15,717) | ||||||||||||||
| Goodwill and intangible asset impairment | — | — | — | ||||||||||||||
| Total other income/(expense) | 360 | (15,491) | (15,131) | ||||||||||||||
| Net loss before income taxes | (7,369) | (19,621) | (26,990) | ||||||||||||||
| Income tax benefit/(expense) | — | — | — | ||||||||||||||
| Net loss | $ | (7,369) | $ | (19,621) | $ | (26,990) | |||||||||||
Year Ended December 31, 2024 (Predecessor) | |||||||||||||||||
| Asset Management | Corporate & Other | Total Consolidated | |||||||||||||||
| Revenues: | |||||||||||||||||
| Investment advisory fees | $ | 3,592 | $ | — | $ | 3,592 | |||||||||||
| Other revenue | 58 | — | 58 | ||||||||||||||
| Total revenues | 3,650 | — | 3,650 | ||||||||||||||
| Operating expenses: | |||||||||||||||||
| Fund management and administration | 4,867 | — | 4,867 | ||||||||||||||
| Employee compensation and benefits | 9,135 | — | 9,135 | ||||||||||||||
| General and administrative expense | 11,248 | — | 11,248 | ||||||||||||||
| Marketing and advertising | 862 | — | 862 | ||||||||||||||
| Depreciation and amortization | 192 | — | 192 | ||||||||||||||
| Total operating expenses | 26,304 | — | 26,304 | ||||||||||||||
| Investment gains/(losses): | |||||||||||||||||
| Net unrealized loss on digital assets, at fair value | — | — | — | ||||||||||||||
| Other derivative loss | — | — | — | ||||||||||||||
| Net investment gains/(losses) | — | — | — | ||||||||||||||
| Net operating loss | (22,654) | — | (22,654) | ||||||||||||||
| Other income/(expense): | |||||||||||||||||
| Other income | 795 | — | 795 | ||||||||||||||
| Transaction costs | — | — | — | ||||||||||||||
| Gain on lease remeasurement | 279 | — | 279 | ||||||||||||||
| Goodwill and intangible asset impairment | — | — | — | ||||||||||||||
| Total other income/(expense) | 1,074 | — | 1,074 | ||||||||||||||
| Net loss before income taxes | (21,580) | — | (21,580) | ||||||||||||||
| Income tax benefit/(expense) | — | — | — | ||||||||||||||
| Net loss | $ | (21,580) | $ | — | $ | (21,580) | |||||||||||
The total assets of the Company's operating segments are summarized as follows (in thousands):
| December 31, 2025 | December 31, 2024 | ||||||||||
| (Successor) | (Predecessor) | ||||||||||
| Asset Management | $ | 1,279 | $ | 28,197 | |||||||
| Corporate & Other | 744,248 | — | |||||||||
| Total | $ | 745,527 | $ | 28,197 | |||||||
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.