Slide 1: Investor Presentation SATA November 2025
Investor Presentation SATA November 2025 Investor Presentation SATA October 202
Slide 2: Disclaimer
Disclaimer 2 This presentation is neither an offer to sell nor a solicitation of an offer to buy any securities of Strive, Inc. (“Strive”, the “Company”, “we”, “us” or “our”), and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale is u
Slide 3: Disclaimer: Additional Information and Where to Find It
Disclaimer 2 Additional Information and Where to Find it. In connection with the proposed transaction, Strive filed with the SEC a Registration Statement on Form S-4 (the “Registration Statement”) to register the Class A common stock to be issued by Strive in connection with the proposed transaction
Slide 4: SATA Term Sheet
SATA Term Sheet STRIVE
Slide 5: Indicative Preferred Term Sheet
INDICATIVE PREFERRED TERM SHEET offering, but no ATM program has been established as of this date. Issuer Strive, Inc. (or the “Issuer”) Security Variable Rate Series A Perpetual Preferred Stock (“SATA”) Ranking Senior Preferred Stock; senior to common stock, junior to any debt. Security will be mos
Slide 6: Strive Overview & Treasury Background
Strive Overview & Treasury Background 10
Slide 7: Strive Overview & Highlights
Strive (Nasdaq: ASST) is a publicly-traded Bitcoin Treasury asset management firm. The Company was founded with a focus on contrarian opportunities to maximize shareholder value. In early 2025 Strive adopted a Bitcoin Treasury Strategy as its primary focus. Four months after the initial move to adop
Slide 8: Executive Team & Board of Directors
EXECUTIVE TEAM & BOARD OF DIRECTORS Management Team BEN PHAM – Chief Financial Officer & Board Director Former finance and corporate transactions executive at Roivant; contributed to a $3B strategic alliance with Sumitomo Dainippon Pharma and ROIV’s $7.3B public listing via deSPAC Previously, invest
Slide 9: Bitcoin Treasury Execution to Date
BITCOIN TREASURY EXECUTION TO DATE 10 Results: September 2025 Publicly listed in ~4 months Acquired 5,886 BTC with zero debt First ever announced BTCTC merger Acquired True North
Slide 10: Strive's Initial Capital Plans and Credit Strategy
Raise up to $1.5B in equity capital $750M raised through the largest-ever BTCTC equity-only financing Additional $750M possible from warrant conversions Execute reverse merger for Day 1 WKSI shelf registration eligibility $450M ATM program and $500M Stock Buyback program established Launch a perpetu
Slide 11: Strive's Treasury Model
STRIVE’S TREASURY MODEL Our capital structure offers simple and effective tools to increase and decrease leverage Strive Preferred Equity (Bitcoin-Powered Yield) Common Equity (Amplified Bitcoin) Leverage toggle, senior in capital structure Common equity captures the excess risk/return 11 $125M Capi
Slide 12: SATA
SATA STRIVE
Slide 13: SATA Perpetual Preferred Equity
SATA The SATA Perpetual Preferred Equity bridges traditional finance with the digital age. Just as a SATA cable seamlessly upgrades legacy systems to faster, modern technology, this investment links traditional income structures to next-generation asset classes. 12
Slide 14: Overview of SATA
OVERVIEW OF SATA 14 Investment Highlights Initial expected 12.0% annual cash dividend at the stated amount (~10x the current S&P 500 dividend yield) Initial offering: $75-80 per share, 15-16% effective yield at launch Investor Demand Expected $125M initial offering Targeting Short-duration investors
Slide 15: SATA Accrues a Monthly Dividend
SATA ACCRUES A MONTHLY DIVIDEND 1 1 1 2 3 2 3 2 3 1 2 3 1st day of the month: Record date – holders as of this date will receive a dividend 15th day of the month: SATA dividends paid SATA Rate for next month announced Strive pays any declared dividends, and announces the next month’s SATA Rate, on t
Slide 16: Strive Intends for SATA to Trade in a Narrow Band
$90 $95 $100 $105 $110 $115 Strive Preferred Equity toolkit guidance when trading over $105 Potential decreased Preferred Equity dividend rate Potential issuance of new Preferred Equity Shares Potential Call of Preferred Equity @ $110 Target Range: Potential Dividend Rate adjustments and issuance of
Slide 17: Strive Believes SATA Is Positioned to Win
STRIVE BELIEVES SATA IS POSITIONED TO WIN Creating an optimized capital structure from day one, seeking to match long-term assets with long-term liabilities Perpetual Preferred Equity Bitcoin 18 “Someone like a Strive, with a lot of equity capital and going to sell equity and pure credit, will be la
Slide 18: SATA Risk Profile
SATA Risk Profile STRIVE
Slide 19: Pro-Forma Credit Profile
PRO-FORMA CREDIT PROFILE Initial BTC Coverage (BTC Rating): ~6.0x Initial Dividend Coverage: 50.1x Dividend Reserve: 1 year 19 $751.7M $125.0M $15.0M BTC Holdings Post Raise Notional Value of Preferred Annual Dividend Note: Assumes $125mm capital raise at $100 offering price. Pro-forma holdings and
Slide 20: BTC Rating and BTC Risk definitions
BTC Rating The ratio of our Bitcoin NAV and the sum of the notional values of the instruments being rated and all instruments that are senior to and, if any liabilities share an equal claim to our assets, such instruments with a stated maturity date sooner than or that may become due upon an exercis
Slide 21: Bitcoin Coverage
BITCOIN COVERAGE Note: Assumes $125mm capital raise at $100 offering price. Pro-forma holdings and statistics subject to offering size and final price of any preferred issuance. Market value of bitcoin holdings as of October 17, ~$106.5k/BTC. Excludes any incremental bitcoin from Semler Scientific o
Slide 22: Dividend Coverage
751.7 $0 $200 $400 $600 $800 $1,000 Pro-forma Market Value of Bitcoin Holdings DIVIDEND COVERAGE 1 – Dividends are only payable if and when declared by the board. 2- Period = 1/1/2020 to 10/16/2025. BTC Earnings Driven Dividend Coverage refers to dividend coverage from changes in fair value of pro-f
Slide 23: Standardizing Interest Coverage Ratios
STANDARDIZING INTEREST COVERAGE RATIOS Note: Assumes $125mm capital raise at $100 offering price. Pro-forma holdings and statistics subject to offering size and final price of any preferred issuance. Market value of bitcoin holdings as of October 17, 2025, ~$106.5k/BTC. Excludes any incremental bitc
Slide 24: Bitcoin Is a Duration Asset
BITCOIN IS A DURATION ASSET 40,000 20,000 60,000 80,000 100,000 120,000 0 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 ($ Price) 140,000 BTC Price Source: Bloomberg. Illustrates BTC last prices. As of October 16, 2025. Bitcoin hit an all time high on October 6th, cros
Slide 25: Risk Management – A View Towards Tail Risk Hedging
Depending on leverage ratios & market conditions, we may seek to implement downside “tail risk” protection to manage liabilities Potential to partner with market leading tail risk management firms to minimize cost per unit of risk hedged, through correlated market hedging products RISK MANAGEMENT –
Slide 26: Pro-Forma Bitcoin Coverage Following Semler Scientific Transaction
PRO-FORMA BITCOIN COVERAGE FOLLOWING SEMLER SCIENTIFIC TRANSACTION Semler Scientific transaction would further improve credit quality of Strive’s preferred equity Note: Assumes $125mm capital raise at $100 offering price. Pro-forma holdings and statistics subject to offering size and final price of
Slide 27: Introducing Strive Preferred to a Sample of Asset Portfolios
0 2 4 6 8 10 12 14 16 18 20 0 2 4 6 10 12 14 16 Return 8 Standard Deviation INTRODUCING STRIVE PREFERRED TO A SAMPLE OF ASSET PORTFOLIOS Uncorrelated nature of preferred equity investment could enhance risk adjusted returns Introducing an uncorrelated asset to asset portfolios may drive risk adjuste
Slide 28: Digital Credit PPE Offers Attractive Risk Adjusted Yield
10.00 9.00 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00 PFF iShares PGX Invesco Preferred and Preferred ETF Income Securities ETF Bond ETF ETF VRP Invesco HYG iShares JNK SPDR VIG Vanguard VYM Vanguard SCHD Schwab SDY SPDR S&P DVY iShares Variable Rate iBoxx $ High Bloomberg High Dividend High Divid
Slide 29: Comparable Investment Alternatives
COMPARABLE INVESTMENT ALTERNATIVES Indicative variable rate preferred instrument has potential to screen well versus broad set of comparable ETFs PFF PGX VRP HYG JNK STRF STRK ST RD 2.5 0.0 5.0 7.5 10.0 12.5 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Dividend Yield Duration Comparing Fixed Income ETFs and E
Slide 30: Strong Demand for Perpetual Preferred Equity with Bitcoin Risk
STRONG DEMAND FOR PERPETUAL PREFERRED EQUITY WITH BITCOIN RISK Total notional issued: $6,633M Total IPO upsize: $4,058M IPO Launch success: $2,801M IPO $STRC PPE - Largest IPO of 20251 30 1. Represents the current notional value of the STRC Stock. $2,474M was raised in the IPO. $1,500M $4,058M $1,07
Slide 31: Other Assets: Yield and Duration Comparison
OTHER ASSETS ~$733bn Outstanding Yield ~9.33% Duration ~8.1-yrs Source: Bloomberg. As of October 17, 2025. LUATTRUU index used for US treasuries, LUACSTAT index for IG Bonds, LF98TRUU index for Junk Bonds, LUMSTRUU index for MBS. Preferreds illustrative of outstanding non-convertible preferred stock
Slide 32: Strive's Rapid Growth Acceleration & Market Landscape
STRIVE’S RAPID GROWTH ACCELERATION & MARKET LANDSCAPE 0 5.0 5.8 5.8 5.9 6.1 6.9 7.5 8.7 10.7 10.9 15.0 11.5 11.8 13.0 30.0 30.8 24.3 19.3 43.5 53.3 SMLR NAKA NXTT CANG GLXY GDC XYZ HUT TSLA COIN CLSK DJT RIOT BLSH CEPO MTPLF CEP MARA MSTR Intention to issue perpetual preferred equity in Japan + SMLR
Slide 33: Bitcoin Is One of the Largest Global Assets
BITCOIN IS ONE OF THE LARGEST GLOBAL ASSETS $664 $1,062 $2,135 $2,272 $2,848 $3,817 $4,460 $0 $1,000 $2,000 $3,000 $4,000 $6,000 $5,000 $7,000 $8,000 $10,000 $9,000 Visa Eli Lilly Tencent JPMorgan Oracle Walmart Berkshire Tesla Hathaway TSMC Saudi Broadcom Meta Aramco Bitcoin Amazon Silver Alphabet
Slide 34: Indicative Preferred Term Sheet
INDICATIVE PREFERRED TERM SHEET 36 Issuer Strive, Inc. (or the “Issuer”) Security Variable Rate Series A Perpetual Preferred Stock (“SATA”) Ranking Senior Preferred Stock; senior to common stock, junior to any debt. Security will be most senior preferred in the capital structure. Stated Amount $100
Slide 35: Investment Highlights
INVESTMENT HIGHLIGHTS Simple Capital Structure Focus on Developing Liquidity Attractive Dividend Yield Strong Credit Quality Focus on Risk Mitigation 36
Slide 36: Thank You
THANK YOU STRIVE
Slide 37: Appendix
APPENDIX STRIVE
Slide 38: Strive + Semler Scientific
STRIVE + SEMLER SCIENTIFIC Transaction Highlights All-stock merger: Each SMLR share exchanged for 21.05 ASST shares Boards unanimously approved; closing subject to customary conditions Combined company is expected to hold over 10,900 BTC, one of the largest BTCTCs Strategic Benefits Accretive on a B
Slide 39: Digital Credit
DIGITAL CREDIT Perpetual Preferred Equity Common Equity $ASST Digital Credit utilizes senior position within capital structure as a lower volatility risk tranche Step down risk/return via seniority within the capital stack Seniority: High Low Strive uniquely does not have convertible debt, providing
Slide 40: Additional Information
Additional Information 40 Strive is not a registered money market fund under the Investment Company Act of 1940, as amended, is not subject to the same protections as registered money market fund, and does not operate as a registered money market fund. Among other things, unlike money market funds,