SCHEDULE: MMCAP & MM Asset Disclose 9.7% Stake in Strive, Inc.

MMCAP International Inc. SPC and MM Asset Management Inc. jointly reported a beneficial ownership of 9.7% in Strive, Inc.'s Class A Common Stock as of September 12, 2025.

Summary

• MMCAP International Inc. SPC and MM Asset Management Inc. (collectively, 'Reporting Persons') filed a Schedule 13G, reporting their beneficial ownership in Strive, Inc.
• The Reporting Persons beneficially own an aggregate of 37,037,038 shares of Strive, Inc.'s Class A Common Stock.
• This ownership represented 9.7% of the class as of September 12, 2025, calculated based on 364,825,582 outstanding Class A common shares plus 18,518,519 common shares underlying warrants held by the Reporting Persons.
• The percentage of beneficial ownership decreased to 7.9% as of October 1, 2025, due to an increase in Strive, Inc.'s outstanding Class A common shares to 449,696,631, as reported by the Issuer on a Prospectus Supplement.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. The filing is a factual report of beneficial ownership. The significant stake by institutional investors is generally positive, but the dilution effect on their percentage ownership is a minor negative point for existing shareholders.

Positives

• A significant institutional investor, MMCAP International Inc. SPC and MM Asset Management Inc., holds a substantial stake (initially 9.7%) in Strive, Inc., which can signal confidence in the company.
• The reporting persons explicitly state that the securities were not acquired for the purpose of changing or influencing control of the issuer, indicating a passive investment strategy.

Negatives

• The beneficial ownership percentage of the reporting persons decreased from 9.7% to 7.9% between September 12, 2025, and October 1, 2025, due to an increase in Strive, Inc.'s outstanding Class A common shares, indicating dilution for existing shareholders.

Risks

• Existing shareholders face dilution risk due to an increase in the issuer's outstanding Class A common shares, as evidenced by the decrease in the reporting persons' percentage ownership from 9.7% to 7.9%.

Future Outlook

The filing primarily reports current beneficial ownership and does not provide forward-looking statements or guidance from the issuer or the reporting persons regarding future performance or strategic direction, beyond the change in ownership percentage due to increased outstanding shares.

Management Comments

• The securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11.

Industry Context

This Schedule 13G filing indicates a significant passive investment by institutional funds in Strive, Inc. Such filings are common for large investors crossing ownership thresholds and typically reflect a long-term, non-activist position. The decrease in percentage ownership due to an increase in outstanding shares suggests Strive, Inc. may have recently undertaken a capital-raising activity or other share issuance, which is a common occurrence for growth-oriented companies across various industries.

Comparison to Industry Standards

• NA

Stakeholder Impact

• Shareholders: Existing shareholders experienced dilution as the percentage ownership of the reporting persons decreased due to an increase in the issuer's outstanding shares. The presence of a significant institutional investor may provide some stability or confidence.

Next Steps

• The reporting persons will continue to monitor their investment in Strive, Inc. and may file amendments to this Schedule 13G if their beneficial ownership materially changes.

Key Dates

Keywords

Strive Inc., MMCAP International, MM Asset Management, Schedule 13G, Beneficial Ownership, Class A Common Stock, Institutional Investor, Equity Stake, SEC Filing, Dilution