Strive’s Unrealized Gains on Digital Assets Reached $533.697 Million in the Third Quarter
Key Facts
Strive reported results for the third quarter ended September 30, 2026, including $533.697 million in unrealized gains on digital assets, according to its filing with the U.S. Securities and Exchange Commission. Total investment gains were $544.027 million, while operating expenses reached $38.699 million. The figures highlight the role of digital-asset revaluations in quarterly results, alongside the company’s operating activity. Revenue was $2.7 million, including $1.6 million in investment advisory fees and $1.1 million from medical devices. The comparison between revenue and investment gains shows that investment gains were the largest component among these items in the quarter.
After accounting for $34.2 million in preferred stock distributions, net income attributable to common shareholders reached $474.8 million. The company also reported non-GAAP adjusted net income of $494.6 million, or $5.46 per diluted common share. These figures distinguish net income attributable to common shareholders from the adjusted measure reported by the company. Distributions allocated to preferred stock precede the remaining amount attributable to common shareholders in the presentation of results. The filing thus presents both the effect of distributions and the adjusted measure alongside net income attributable to holders of common stock.
Strive said its Bitcoin yield was 18.5% in the third quarter and reached 63.2% year to date through September 30. The company defines the metric as reflecting the change in the amount of Bitcoin per share. But it said the measure “is not equivalent to yield in the traditional financial sense” and does not measure shareholders’ return on investment. This clarification sets limits on what can be inferred from the reported percentage when read alongside net income or share performance. Chief Executive Matthew Cole said the year-to-date Bitcoin yield was, in his view, “the primary driver of our common stock outperforming Bitcoin so far this year.”
On purchases, the company acquired 8,136 Bitcoin in the third quarter, and its purchases totaled 20,373 Bitcoin in the first nine months of the year. It then added 15,124 Bitcoin between October 1 and October 30, after the reported financial period ended. These figures place October purchases in the context of the company’s expansion of its holdings after the quarter ended. They also distinguish what it acquired during the quarter from what it added in the first nine months, before listing purchases in the following month separately. According to the company’s filing, Cole attributed the common stock’s outperformance to the year-to-date Bitcoin yield, presenting that as his view.
On October 20, Strive completed a registered public offering of 7,000,000 shares of SATS, with net proceeds of approximately $609.0 million. The company had $490.4 million in cash and cash equivalents on October 30. The offering came after the quarter ended, while the additional Bitcoin purchases reported fall within the period from October 1 to October 30. The company said it is considering using its balance sheet in areas including banking, brokerage, decentralized finance and reinsurance. The options it cited also include assets backed by financial structures and asset tokenization.