Strive Reports $509 Million in Net Income and Buys 15,124 Bitcoin in October
Key Facts
Strive reported GAAP net income of $509.0 million for the third quarter ended September 30, 2026, after $533.697 million in unrealized gains on digital assets contributed to the result, according to the company’s results. In its earnings statement, the company said it bought 15,124 Bitcoin between October 1 and 30, continuing to increase its holdings after the quarter ended. It bought 8,136 Bitcoin during the third quarter and 20,373 Bitcoin in the nine months ended September 30. On October 20, Strive completed a registered public offering of 7,000,000 SATS shares, generating net proceeds of about $609.0 million after underwriting expenses. The results highlight the extent to which quarterly profit depended on the revaluation of digital assets, while the preferred stock issuance provided additional funding for October purchases.
The $509.0 million in net income therefore reflects the effect of digital asset valuations to a greater extent than revenue alone. The company’s accounting comparison showed a net loss of $192.287 million for the period from September 12 to 30, 2025, a shorter period than the current third quarter. The company also reported adjusted non-GAAP net income attributable to common shareholders of $494.6 million, or $5.46 per diluted share, for the three months ended September 30, 2026. This adjusted measure offers another view of the result alongside reported accounting net income.
Strive said its proprietary Bitcoin yield measure was 18.5% in the third quarter and 63.2% year to date through the end of September. The company defines the measure as the percentage change in the amount of Bitcoin per share between the beginning and end of a period, rather than a traditional yield or measure of investment performance. Its disclosure cautioned that the measure does not reflect the priority claims of preferred stockholders or the company’s liabilities against its assets. It also said that funding Bitcoin purchases through preferred stock issuance increases the priority claims on assets. Thus, growth in the amount of Bitcoin per share is tied to the capital structure and preferred stockholders’ rights, as well as changes in holdings themselves.
On October 30, Strive had about $490.4 million in cash and cash equivalents, while the fair value of its investment in Strategy’s STRC shares was about $50.1 million. After the October purchases, The Block estimated the company’s holdings at 43,124 Bitcoin, worth about $3.25 billion, in a report published on November 6. These figures offer a picture of the scale of assets and available liquidity at month-end, after the SATS offering and additional Bitcoin purchases. Chief Executive Matthew Cole said the SATS issuance had, in his view, put the company in a better position to generate long-term returns exceeding Bitcoin’s for common stockholders. At the same time, the company’s disclosure acknowledged that using preferred stock to fund purchases increases priority claims on assets.
In trading, ASST shares fell about 2% to $20.20 in early trading on Friday, November 6, according to The Block, extending their decline over the previous 30 days to more than 31%. Bitcoin, meanwhile, rose 0.4% to $76,031.6 at 17:30 Eastern Time on November 6, but was on track for a 2% weekly loss, its fifth consecutive decline, according to Investing.com. The report attributed pressure on the cryptocurrency to a strong U.S. jobs report that reinforced bets on Federal Reserve rate hikes, and to regulatory uncertainty around digital assets after the midterm elections. Cole said Bitcoin’s year-to-date return had, in his view, been the main driver of the outperformance of the company’s common shares over the cryptocurrency up to that point. That assessment remains attributable to the chief executive, while the share price action cited in the report showed declines over the preceding weeks.