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Here are 1-3 brief analogies to describe Strive:

• The anti-ESG BlackRock.
• A Vanguard for investors focused solely on maximizing financial returns, without regard for ESG.

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Strive (symbol: ASST), as an asset management firm, offers the following major Exchange Traded Funds (ETFs) as its primary investment products, falling under the category of Investment Management / Financial Products:

• Strive US Energy ETF (DRLL): An exchange-traded fund focused on maximizing long-term shareholder value within the U.S. energy sector.
• Strive 500 ETF (STRV): An exchange-traded fund designed to track the performance of the S&P 500 index while prioritizing shareholder returns.
• Strive US Semiconductor ETF (SHOC): An exchange-traded fund providing focused exposure to companies operating within the U.S. semiconductor industry.
• Strive Small-Cap ETF (STXE): An exchange-traded fund offering diversified exposure to U.S. small-capitalization companies.
• Strive Total Return Bond ETF (STRR): An exchange-traded fund providing broad exposure to the U.S. investment-grade fixed income market.
• Strive International Developed Markets ex-US ETF (STXI): An exchange-traded fund offering exposure to developed market equities outside the United States.

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Upon reviewing publicly available financial data, I was unable to find a public company named "Strive" with the stock symbol "ASST". It is possible that the company name or stock symbol provided is incorrect, or that it is a privately held company, or a hypothetical entity for which real-world data is not available.

As such, I cannot identify its major customers or categorize them as requested, as the company itself cannot be identified from the provided information.

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Matthew Ryan Cole, Chief Executive Officer and Chairman of the Board

Matthew Ryan Cole was appointed CEO of Strive in September 2025 and also serves as Chairman of the Board. Previously, he managed a significant portfolio of U.S. Treasuries, a role during which direct engagement with the Federal Reserve and Treasury led him to believe Bitcoin was the solution to the debt crisis. His compensation package includes an annual base salary of $800,000, a target annual performance-based bonus of 200% of his base salary, and a $2 million transaction bonus tied to the merger. He is also expected to receive a restricted stock unit grant valued at $17 million.

Benjamin Pham, Chief Financial Officer and Director

Benjamin Pham has served as Strive's Chief Financial Officer and a member of its Board of Directors since July 2024. He was the company's first executive officer and employee upon its founding in early 2022, later being promoted to Chief Operating Officer in November 2022. Mr. Pham possesses extensive experience in corporate finance and strategy, gained through various roles at Roivant Sciences, a publicly traded biopharmaceutical company, and as Chief of Staff to Strive co-founder Vivek Ramaswamy. Earlier in his career, he worked as an investment banker at Citigroup, specializing in equity and equity-linked financing for healthcare companies. His compensation package includes an annual base salary of $500,000 and a target annual performance bonus of 100% of his base salary.

Brian Logan Beirne, Chief Legal Officer and Director

Brian Logan Beirne was appointed Chief Legal Officer and Director in September 2025. His compensation package includes an annual base salary of $500,000 and a target annual performance bonus of 100% of his base salary.

Arshia Sarkhani, Chief Marketing Officer and Director

Arshia Sarkhani serves as Chief Marketing Officer and Director, a position she was appointed to in September 2025. She previously held the position of CEO of Asset Entities before its merger with Strive. Her compensation package includes an annual base salary of $350,000 and a target annual performance bonus of 100% of her base salary.

Ben Werkman, Chief Investment Officer

Ben Werkman was appointed Chief Investment Officer of Strive, effective October 6, 2025. He joined Strive from Swan Bitcoin and is also the founder of NumerisX. Mr. Werkman brings expertise in Bitcoin treasury strategy, capital allocation, equity and derivatives trading, and risk management, and is responsible for overseeing Strive's investment strategy and capital deployment.

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1. High Dependency on Bitcoin Volatility and Related Profitability Challenges: Strive's primary objective is to accumulate Bitcoin and aim to outperform its investment performance, directly tying the company's financial success to the notoriously volatile cryptocurrency market. The company has experienced substantial net losses, negative profitability margins, and heavy operating losses, with forecasts indicating unprofitability for the next three years. This aggressive Bitcoin acquisition strategy has reportedly backfired, contributing to significant stock drops and exposing operational fragility.
2. Share Dilution and Capital Raising Challenges: Strive has undertaken substantial capital-raising efforts, including the issuance of preferred stock with a high annual dividend, specifically to fund Bitcoin acquisitions and operational expansion. There are significant concerns among investors regarding substantial share dilution due to SEC filings allowing insiders to sell a large number of shares. The company's ability to manage these considerable dividend obligations while continuing its Bitcoin acquisition strategy and navigating negative cash flow and net income presents a delicate financial balancing act.
3. Leadership Shifts and Strategic Uncertainties: Recent leadership changes, while intended to strengthen the company's Bitcoin-focused strategy, have also raised governance concerns and introduced strategic uncertainties. These ongoing transitions in leadership and capital structure contribute to investor skepticism about the firm's long-term viability and the effective execution of its strategy.

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One clear emerging threat for Strive Asset Management (ASST) is the increasing likelihood of larger, more established asset management firms either explicitly or implicitly entering the "anti-ESG" or "excellence-first" investment space. Strive has successfully carved out a unique market position by overtly rejecting Environmental, Social, and Governance (ESG) mandates in favor of a focus on maximizing shareholder value.

However, as Strive demonstrates the demand for such investment products, it creates an incentive for incumbent players—who possess significantly greater distribution channels, marketing budgets, and brand recognition—to launch competing funds. These larger firms could either directly mimic Strive's anti-ESG positioning or quietly pivot existing "core" or "value" funds to appeal to the same investor base without explicitly using the "anti-ESG" label, thereby capturing market share that Strive currently targets. This mirrors historical instances where pioneers in a new market segment eventually faced intense competition from larger, adapting incumbents once the viability of the new segment was proven.

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Strive (ASST) operates in several key markets within the financial services industry. The addressable markets for its main products and services are as follows:

• Bitcoin Treasury Management/Crypto Asset Management: The global crypto asset management market size was estimated at USD 1.00 billion in 2023 and is projected to reach USD 4.59 billion by 2030, growing at a compound annual growth rate (CAGR) of 24.6% from 2024 to 2030. North America accounted for the largest market share in this sector in 2023.
• Exchange Traded Funds (ETFs): The global ETF market held $13.74 trillion of assets under management as of June 2025. Approximately 70% of these global ETF assets under management are located in the U.S.
• 401(k) Plans: In the U.S., 401(k) plans held $9.3 trillion in assets as of June 30, 2025.
• Direct Indexing/Separately Managed Accounts (SMAs): Direct indexing assets in the U.S. reached $864.3 billion by the end of 2024. This market is projected to grow to $1.1 trillion by the end of 2028.

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• Expansion of Bitcoin Holdings and Treasury Management: Strive's core strategy involves accumulating Bitcoin and actively managing its Bitcoin treasury with the objective of increasing Bitcoin per-share and outperforming Bitcoin over the long term. The company recently completed an IPO to fund further Bitcoin acquisitions and significantly boosted its holdings through the acquisition of Semler Scientific. This strategic focus on expanding its Bitcoin assets is expected to drive revenue growth through the appreciation of its digital assets and related management strategies.
• Strategic Partnerships and Market Reach Expansion: Strive anticipates revenue growth through the establishment of strategic partnerships that broaden its market reach. The company's subsidiary, Strive Asset Management, LLC, currently manages over $2 billion in assets across various investment vehicles. Expanding these partnerships is likely to increase its assets under management (AUM), directly contributing to higher management fees and overall revenue.
• Acquisitions of Complementary Businesses, Assets, or Technologies: Strive plans to utilize proceeds from its public offerings for general corporate purposes, including the acquisition of businesses, assets, or technologies that complement its existing operations. The recent acquisition of Semler Scientific exemplifies this strategy, aiming to enhance its market position and increase its Bitcoin treasury. These strategic acquisitions are expected to generate new revenue streams and expand the company's offerings.
• Advancements in AI Technologies and Product Offerings: Strive aims to elevate its product offerings and enhance consumer engagement through advancements in AI technologies. This focus on innovation and product development is expected to attract new clients and drive increased adoption of its services, thereby contributing to revenue growth.

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