Slide 1: Introducing SATS
OCTOBER 2026 Introducing SATS
Slide 2: Disclaimer
Disclaimer This presentation is neither an offer to sell nor a solicitation of an offer to buy any securities of Strive, Inc. (“Strive”, th e “Company”, “we”, “us” or “our”), and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such of fer, solicitation, or sale is u
Slide 3: The Roadmap
The Roadmap 3 1 Executive Summary 2 Performance and Liquidity 3 4 SATS Improves SATA 5 Dividend and Balance Sheet Strength Bitcoin Thesis 6 Amplification and Risk
Slide 4: Executive Summary
STRIVE Executive Summary
Slide 5: 15% fixed rate. Paid every business day. Junior to SATA.
5 15% fixed rate. Paid every business day. Junior to SATA. Cumulative. Perpetual. Source: SATS terms.
Slide 6: SATS summary
SATS summary SECURITY DETAILS A cumulative fixed - rate perpetual preferred stock, junior to SATA and senior to ASST common, paying a 15 % dividend every business day BENEFITS FOR ASST Increases the common equity amplification ratio to Bitcoin today and gives Strive an additional tool to maintain a
Slide 7: SATS indicative preferred term sheet
SATS indicative preferred term sheet Strive, Inc. (or the “Issuer”) Issuer 15.00% Series A Perpetual SATS Preferred Stock Security Senior to dividend and liquidation junior stock, including Class A and Class B common stock. Junior to liquidation and divide nd senior stock, including SATA perpetual p
Slide 8: SATS pays a 15% APR dividend every business day
SATS pays a 15% APR dividend every business day Illustrative; dates may shift slightly. SATS terms proposed. The calculation assumes pricing on Thu, Oct 15 and a closing dat e o f October 19, 2026 (T+2). No dividend is due on the closing date. Dividends accrue each business day from the day after cl
Slide 9: SATS would sit between SATA and common
SATS would sit between SATA and common DEBT $0 None SATA $1.40B Senior preferred · variable 13% · not issued below $100 SATS $50 0M Junior preferred · fixed 15 % · no target trading range 1 ASST Common Common equity · amplified Bitcoin exposure Junior to SATA, senior to ASST common An extra layer of
Slide 10: SATA targets price stability, SATS targets income stability
SATA targets price stability, SATS targets income stability SATA rate variable, not guaranteed; its target range is an objective, not a floor. Unlike SATA, SATS will not have a target t rad ing range. Source: Strive 8 - Ks filed Mar 11, 2026 (SATA enhancements, $99 – $101 target range) and Sept 15,
Slide 11: Fixed rate is 93% of the dollar bond market
Fixed rate is 93% of the dollar bond market US Treasuries $29.5T plus developed - market US dollar corporate bonds $12.9T, Aug 2025. Fixed rate includes Treasury bills. Exclu des other government, emerging - market and securitized debt. A proxy for income demand; the preferred market split may diffe
Slide 12: SATA and STRC traded at $100 or more < 25% of days
SATA and STRC traded at $100 or more < 25% of days Days with an intraday high at or above $100, the stated amount (par) and the lowest price at which an at - the - market (ATM) sale i s intended to occur per company guidance, from each IPO close through Oct 9, 2026: SATA 55 of 230 trading days, STRC
Slide 13: A record of firsts, with deep liquidity
A record of firsts, with deep liquidity 1st Listed security to pay cash dividends every business day SATA, since June 16, 2026 1st Acquisition of a public Bitcoin treasury company Semler Scientific, closed Jan 16, 2026 1st Bitcoin treasury amplified only with preferred equity Debt - free since May 1
Slide 14: Consistent and seasoned leadership
Consistent and seasoned leadership Executive officers as of Sept 30, 2026. Cole joined Strive in May 2022 and became CEO in early 2023; Pham was Strive’s first emp loyee in early 2022 and became CFO in July 2024; Beirne advised Strive before joining; Walton, Werkman and Roy were proposed as independ
Slide 15: A track record of success for SATA
A track record of success for SATA SATA outstanding at stated amount ($100 a share): 2.0M shares at the IPO; $1,403M as of Oct 9, 2026. Bitcoin held as of Nov 1 0, 2025 and Oct 9, 2026. Source: Strive press releases Nov 10, 2025 (IPO close, upsized from 1.25M shares), Jan 16, 2026, Jan 28, 2026 (SAT
Slide 16: Our objective: amplification above 60%
Our objective: amplification above 60% 16 1 . Oct 9, 2026 balance sheet before the 11.3M traditional warrants exercised since Sept 11, 2026 (26.6M outstanding then, 15.3 M o n Oct 9), assuming the $306M of proceeds bought 3,711 BTC at $82,500. Amplification = (preferred equity + debt) ÷ Bitcoin valu
Slide 17: SATS Improves SATA
STRIVE SATS Improves SATA
Slide 18: SATS deepens SATA's asset coverage
2.18x 2.54x 1.87x SATA Today SATA With $500M SATS SATS (junior to SATA) SATS deepens SATA's asset coverage Assets per $1 of notional Assets = Bitcoin + cash + STRC, at $82,500 Bitcoin on Oct 9, 2026 holdings. SATA today: $3,064M ÷ $1,403M of SATA = 2.18 × . SATA with SATS: pro forma $3,564M ÷ $1,403
Slide 19: SATS increases downside protection for SATA
SATS increases downside protection for SATA Bitcoin decline before assets fall to notional outstanding, from $82,500, with $500M of SATS Break - even = (notional − cash and STRC) ÷ Bitcoin held. Oct 9, 2026 holdings. With $500M of SATS: 37,470 BTC and $473M of cash and STRC; SATA notional $1,403M, S
Slide 20: Dividend and Balance Sheet Strength
Dividend and Balance Sheet Strength 20
Slide 21: No debt. No encumbered Bitcoin.
No debt. No encumbered Bitcoin. Pro forma at $82,500 on Oct 9, 2026 holdings plus $500M of SATS: $387.5M of SATS buys about 4,697 BTC; Calculation is illustr ati ve and doesn’t take into account any potential fees or discounts associated with the SATS IPO Offering. Source: Strive 8 - K filed Oct 13,
Slide 22: Scenario: Bitcoin at $66,000
Scenario: Bitcoin at $66,000, Oct 9, 2026 holdings as of Strive 8 - K filed Oct 13, 2026. $500M of SATS, no new capital. $257.4M a year of dividends (SATA $1,403.0M at 13%, SATS $500M at 15%); 37,470 BTC plus $473M of cash and STRC, including the SATS reserve . Calculation is illustrative and doesn’
Slide 23: Reserve adequacy, even at the 200-week average
Reserve adequacy, even at the 200 - week average 1 Bitcoin falls to its 200 - week average 2 No access to capital markets or new equity issuance 3 No yield generated from balance sheet assets 4 No Bitcoin recovery for the full coverage period 5 No refinancing, restructuring or optimization 11 years
Slide 24: Bitcoin alone covers 12 years of dividend obligations
Pro forma Oct 9, 2026 holdings at $82,500 plus $500M of SATS at 15%: $112.5M held as an 18 - month dividend reserve, $387.5M buys Bitcoin, giving $3,091M of Bitcoin against $257.4M a year of SATA and SATS dividends. Earnings coverage = Bitcoin value × annual return ÷ dividends; years of coverage = B
Slide 25: Our treasury assets grew 3.9x as Bitcoin fell 28%
Our treasury assets grew 3.9 × as Bitcoin fell 28% From $0.78B to $3.07B, while Bitcoin fell from $114k to $83k. Treasury Asset Value = Bitcoin held × Bitcoin close on each reported date, plus cash and STRC, held flat until the next report, Sept 30, 2025 to Oct 9, 2026. Dashe d lines mark the larges
Slide 26: Dividend reserve grew during material Bitcoin weakness
Dividend reserve grew from 12 to 18 months during material Bitcoin weakness Reserve shown at the stated policy level each week: 12 months of dividends committed at the SATA announcement (Nov 3, 2025) a nd funded at the IPO close (Nov 10); 18 months (cash and marketable securities) from Mar 11, 2026.
Slide 27: A balance sheet built for Bitcoin's volatility
A balance sheet built for Bitcoin's volatility 27 01 Deep liquidity 02 No forced Bitcoin sales. 03 No debt - driven liquidation risk
Slide 28: Performance and Liquidity
Performance and Liquidity 28
Slide 29: Bitcoin per share is up 70% this year
Bitcoin per share is up 70% this year Bitcoin held (left) and satoshis per fully diluted share (right) BITCOIN HELD 4 .3 × 7,627 to 32 ,773 BTC in 2026 5,886 7,627 13,628 19,864 28,000 32,773 Sep 25 Dec 25 Mar 26 Jun 26 Sep 26 Current SATOSHIS PER SHARE + 70 % 17,037 to 28,973 sats in 2026 13,946 17
Slide 30: ASST was the recent #2 performer in the Russell 2000
Price return, close to close, Jul 31 to Sept 30, 2026; unadjusted closes, excludes dividends. Russell 2000 constituents per c urr ent iShares IWM holdings; recent market cap. Source: Massive. 30 ASST was the recent #2 performer in the Russell 2000 ASST, AUGUST AND SEPTEMBER RETURN +165% Second of ab
Slide 31: Deep daily liquidity in both ASST and SATA
Deep daily liquidity in both ASST and SATA Average daily dollar volume, last 30 trading days Average daily dollar volume = daily close × shares traded, averaged over the 30 trading days from Aug 28 to Oct 9, 2026: ASST $259.7M, SATA $57.7M. Source: ASST and SATA daily prices and volume via Massive.
Slide 32: ASST leads peers in volume per Bitcoin
$7.9K $4.0K $1.7K $1.6K $1.2K $924 $712 $670 $652 $431 $320 Strive Strategy American Bitcoin Silvia Metaplanet Smarter Web OranjeBTC CapitalB DDC Nakamoto Twenty One 32 Average daily dollar volume (close × shares traded) ÷ Bitcoin held, common equity, 30 trading days to Oct 9, 2026. Source: volume v
Slide 33: SATA trades 4.4% of its size each day
SATA trades 4.4% of its size each day Average daily dollar volume ÷ notional outstanding, last 21 sessions 4.4% of SATA changes hands every trading day SATA leads in liquidity per share outstanding compared to Strategy's preferred stocks 4.4% 1.7% 0.6% 0.5% 0.5% SATA STRC STRK STRD STRF Daily dollar
Slide 34: Bitcoin Thesis
STRIVE Bitcoin Thesis
Slide 35: Base case: 50% CAGR to $458,000 by YE 2030
Base case: 50% CAGR to $458,000 by YE 2030 Bitcoin at $82,500 on Oct 9, 2026. Planning assumption based on historical performance, not a forecast or price target. Source: Bitcoin close via Massive; 50% base case per research - team thesis. 35 $82.5k ≈ $90k ≈ $136k ≈ $204k ≈ $305k ≈ $458k Today YE 20
Slide 36: Three YE 2030 outcomes, all above the hurdle
Three YE 2030 outcomes, all above the hurdle LOWER GROWTH CASE, YE 2030 ≈ $250k 30% a year Tailwinds arrive late or partially BASE CASE, YE 2030 ≈ $458k 50% a year History plus the macro thesis HIGH GROWTH CASE, YE 2030 ≈ $ 777 k 70% a year Every tailwind arrives ≈ $149k is all Bitcoin needs by YE 2
Slide 37: Bitcoin 200-week moving average entries
Bitcoin 200 - week moving average Numbered dots mark entries Weekly Bitcoin data through Oct 9, 2026, log scale. Entry rule: intraday low at or below the prior 200 - week moving average, entr y at the same - day close. Dots mark representative entries; returns are three - year episode averages. Sour
Slide 38: Annual Bitcoin return, through December 31, 2030
Annual Bitcoin return, through December 31, 2030 Bitcoin at $82,500 on Oct 9, 2026. History = average 3 - year CAGR of the prior slide's last two entries, Mar 12, 2020 (55%) and N ov 9, 2022 (88%). Planning assumption, not a forecast. Source: research - team episode study; Bitcoin closes via Bloombe
Slide 39: Bitcoin's biggest runs came as the dollar fell
Bitcoin's biggest runs came as the dollar fell Bitcoin (left, log scale) and the dollar index (right), 2014 to 2026, with the forward view to 2030. Bands: dollar peak to tr oug h Weekly closes, Jan 3, 2014 to Oct 9, 2026; bands run from a dollar index peak to its trough. Illustrative forward paths,
Slide 40: Bitcoin closed below its 200-week average on 8% of days
Bitcoin closed below its 200 - week average on 8% of days Share of daily closes by distance from the 200 - week average, Jan 1, 2015 to Oct 9, 2026 Daily Bitcoin closes; 200 - week average = mean of the last 200 Sunday closes. 4,300 days; 363 closed below the average (8.4%), 42 closed 30% or more be
Slide 41: Long term US treasury yields showing stress
Long term US treasury yields showing stress 10 - year U.S. Treasury yield, daily, July 2010 to October 9, 2026 The dotted line near 5.20% is the research team’s estimate of where Treasury - market dysfunction begins. It is a threshold, not a ceiling; yields can move higher. Source: Treasury yields v
Slide 42: Macro conditions drive bitcoin scenarios
Macro conditions drive bitcoin scenarios LOWER GROWTH BASE HIGH GROWTH Bitcoin a year 30% 50% 70% Year - end 2030 ≈ $250k ≈ $458k ≈ $ 777 k Dollar index Stays near 100 Falls toward 80 Below 80 Long yields High, late response Capped by intervention Pushed down fast Liquidity Tighter Easier Abundant B
Slide 43: Amplification and Risk
STRIVE Amplification and Risk
Slide 44: Excess risk and return over Bitcoin flow to common
Excess risk and return over Bitcoin flow to common The senior layer s get a slice of the core; the common equity gets everything else BITCOIN Volatile around the core trend THE CORE 200 - week average, ~30% a year SENIOR & JUNIOR PREFERRED Paid first COMMON Bitcoin Beta + Excess Risk & Return CORE S
Slide 45: We refine Bitcoin's volatility with structured finance
We refine Bitcoin's volatility with structured finance Daily returns since the SATA IPO: the same days, on the same scale ASST Common equity 103% annualized volatility 74% since Aug 6 BITCOIN The asset 45% annualized volatility 40% since Aug 6 SATA Preferred 25% annualized volatility 4% since Aug 6
Slide 46: Bitcoin is a duration asset
Bitcoin is a duration asset Rolling four - year return since 2015 has never been negative ROLLING FOUR - YEAR RETURN, A YEAR (LOG SCALE) 10% 20% 50% 100% 200% 400% 5% Jan ’15 Jan ’16 Jan ’17 Jan ’18 Jan ’19 Jan ’20 Jan ’21 Jan ’22 Jan ’23 Jan ’24 Jan ’25 Jan ’26 Low point 7% a year Apr 2025: still p
Slide 47: The economics of spread
The economics of spread 50% a year is the base - case planning assumption based on historical performance , not a forecast or price target. Source: Strive research - team thesis. 47 50% Bitcoin base - case return − 15% SATS fixed rate financing cost = 35% Spread on incremental capital Amplification
Slide 48: The asset grows. The obligation stays fixed.
The asset grows. The obligation stays fixed. The spread accrues to the common. Illustrative, per $100 of initial preferred issuance used to buy Bitcoin; not the terms of any Strive security. Fixed 15% div ide nd per SATS terms; Bitcoin at the 50% base case. Excludes taxes, fees, issuance costs and i
Slide 49: Target pro forma amplification with SATS launch
Target pro forma amplification with SATS launch Amplification ratio Quarter - end ratios use reported preferred equity and debt with Bitcoin at the daily close; Strive’s reported ratios use a 4 PM p rice. Source: Strive 8 - Ks filed Jul 6, Oct 5 and Oct 13, 2026 . 49 30% 47% 67% 55% 52% 60% 60% to 7
Slide 50: Amplification drives balance sheet returns
Amplification drives balance sheet returns COST OF CAPITAL 0% 10% 20% 30% 40% 50% 60% 70% 10% 5 × 6 × 7 × 8 × 10 × 13 × 19 × 35 × 13% 5 × 6 × 6 × 8 × 9 × 12 × 18 × 31 × 15% 5 × 6 × 6 × 7 × 9 × 12 × 17 × 29 × Table shows balance sheet return multiple over starting value. This is not an estimate of re
Slide 51: The cost of capital hurdle: ~$149k BTC by YE 2030
The cost of capital hurdle: ~$149k BTC by YE 2030 Bitcoin could fall well short of the base case and still outpace the cost of capital. Bitcoin at $82,500 on Oct 9, 2026. Planning assumption based on historical performance, not forecasts or price targets. Source: Bitcoin close via Massive; growth ca
Slide 52: Treasury break-even versus M2 growth
Break - even = annual dividends ÷ treasury assets: $257.4M ÷ $3,564M, after $500M of SATS, on Oct 9, 2026 holdings at $82,500 Bitcoin. M2 = compound annual growth, Jan 1970 to Aug 2026. Calculation is illustrative and doesn’t take into account any potential fees or discounts assoc iat ed with the SA
Slide 53: ASST trading liquidity far above its size
53 Daily rank among public U.S. companies by dollar volume and by market capitalization, Mar 18 to Oct 9, 2026, transcribed from da ily postings; four sessions without a posting are left blank. Average gap between the two ranks: 745 places Mar 18 – Aug 14; 1,048 places Aug 17 – Oct 9. Source: compan
Slide 54: Risk decisions are informed by rigorous scenario analysis
Risk decisions are informed by rigorous scenario analysis Balance - sheet risk stress tested on an experience and an exposure basis, looking back war d and forward actual RBB · GARCH · MERTON JUMP · GBM 52 ,400,000 simulated price paths 10,000 sims × 262 windows × 4 models × 5 seeds Every model is s
Slide 55: We track balance-sheet risk across multiple dimensions
We track balance - sheet risk across multiple dimensions Bitcoin's open ledger holds far more data than opaque traditional markets , and AI - scale compute models all of it daily BTC RISK SURFACE ON - CHAIN ANALYTICS SPREAD SURFACE Bitcoin risk across ARR × volatility, SATA and SATS Bitcoin supply,
Slide 56: Bitcoin's 200-week average has never gone down
Bitcoin's 200 - week average has never gone down It has compounded at ~ 33% a year. Closes below it are 8 % of days, the deepest 35 % BITCOIN PRICE AND ITS 200 - WEEK AVERAGE, LOG SCALE $100 $1k $10k $100k 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 −6% 19 days below −11% 6 days belo
Slide 57: Spot average trading volume hit a record in September
Spot average trading volume hit a record in September ASST + SATA average daily dollar volume, $ millions $139M $76M $117M $64M $53M $67M $114M $147M $53M $151M $317M Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep SATA ASST Dollar volume = shares traded × daily close, Nov 10, 2025 to Sept 30, 2026. Sou
Slide 58: Amplification remains under 100% at the WMA
Amplification remains under 100% at the 200 WMA Illustrative maximum: SATS issuance could take amplification up to 70% of Bitcoin value at $82,500 ($2.47B of preferred equit y a gainst 42,826 BTC, from Oct 9, 2026 holdings); amplification today is lower. Amplification = preferred equity ÷ Bitcoin va
Slide 59: No amplification ratio triggers insolvency
Amplification = (preferred equity + debt) ÷ Bitcoin value. Strategy at the Nov 2022 Bitcoin bottom; Strive at $82,500 on Oct 9, 2026. Past results are not a guide. Source: Strategy 10 - Q, Q3 2022 and 10 - K, FY2022; Strive 8 - Ks filed Mar 11 and Oct 5, 2026; Strive SATA update, May 2026; Bitcoin c
Slide 60: Strategy reached 119% amplification in 2022, with debt
Strategy reached 119% amplification in 2022, with debt 119% Peak, at the Nov 21, 2022 Bitcoin bottom ≈ 2 months Above 100%, Nov 2022 to Jan 2023 + 882 % MSTR return since the bottom, against +428% for Bitcoin Strategy debt ÷ Bitcoin value, approximate: $2.42B of debt and about 130,000 BTC held const
Slide 61: MSTR 2022 Market Stress Test (Illustrative)
MSTR 2022 Market Stress Test (Illustrative) STRATEGY, NOV 2022 119% amplification BITCOIN HELD ≈ 35% pledged Debt $2.4B Maturities 2025 to 2028 STRIVE ASSUMING $42,700 BTC 119 % amplification BITCOIN HELD None pledged Debt $0 Maturities None Strive reaches 119% amplification at a Bitcoin price of $4
Slide 62: Strive for Better Income.
62 Strive for Better Income. Exhibit B TRANSCRIPT Slide 1 – Introducing SATS Jeff Walton: Hello, everybody. We are incredibly excited to talk to you today about the proposed launch of our new product, SATS. Our team has been working incredibly hard behind the scenes, and we've experienced tremendous