Key Takeaways
- Strive reported $509 million in Q3 net income, driven largely by $533.7 million in unrealized bitcoin gains, while operating revenue totaled just $2.7 million against $38.7 million in expenses.
- The firm’s bitcoin holdings surged to 43,124 BTC by Nov. 2, following aggressive purchases after the quarter ended, including a $511 million acquisition in late October.
- Strive raised $630 million through a preferred stock offering carrying a 15% annual dividend rate, providing additional funding for bitcoin purchases while creating ongoing obligations to shareholders.
Strive Inc. (Nasdaq: ASST) reported net income of $509 million for the third quarter of 2026, or $5.24 per diluted common share, according to financial results released Friday. The company recorded $533.7 million in unrealized gains on its digital assets, accounting for the bulk of its quarterly profit.
Adjusted net income attributable to common shareholders reached $494.6 million, or $5.46 per diluted share. However, revenue from Strive’s operating businesses totaled just $2.7 million against $38.7 million in operating expenses, highlighting the company’s reliance on bitcoin appreciation rather than traditional business activities for its reported profitability.
Strive acquired 8,136 BTC during the three months ended Sept. 30, bringing its purchases during the first nine months of 2026 to 20,373 BTC. Its digital asset holdings were valued at $2.34 billion at quarter-end, compared with $668.5 million at the end of 2025. Total assets reached $2.68 billion.
The company reported a quarterly BTC Yield of 18.5% and a year-to-date yield of 63.2%, a company-defined metric measuring growth in bitcoin holdings relative to its assumed diluted share count. The measure does not represent investment income paid to shareholders.
Bitcoin Buying Accelerates After Quarter-End
Strive’s accumulation strategy has accelerated considerably since the reporting period ended.
The company disclosed that it purchased another 15,124 BTC between Oct. 1 and Oct. 30, bringing its holdings to 43,000 BTC. That represented an increase of more than 54% from its Sept. 30 holdings of 27,876 BTC.
As previously reported by Bitcoin.com News, Strive acquired 3,311 BTC for approximately $280 million during the week of Oct. 5, its largest weekly purchase since January at the time.
The company subsequently purchased another 1,223 BTC for roughly $100 million in mid-October, following additional acquisitions earlier that month. A particularly large purchase disclosed Oct. 26 added 6,182 BTC for approximately $511.4 million, pushing its treasury to 43,000 BTC and solidifying its position among the largest publicly traded corporate bitcoin holders.
Most recently, Strive purchased another 124 BTC for approximately $10 million, bringing its holdings to 43,124 BTC as of Nov. 2. That purchase occurred after the Oct. 30 cutoff used in Friday’s financial report. Strive’s bitcoin stash was valued above $3.25 billion at the time of publication.
Preferred Stock Financing Fuels Expansion
Strive’s accumulation has been supported by substantial capital raising, particularly through its preferred stock offerings.
On Oct. 20, Strive completed a public offering of 7 million shares of its SATS preferred stock, generating approximately $609 million in net proceeds from a $630 million gross offering. The security carries a 15% annual dividend rate, providing investors with income while giving Strive additional capital to acquire bitcoin.
The company also operates its SATA variable-rate preferred stock program, another source of funding for bitcoin purchases.
As of Oct. 30, Strive held $490.4 million in cash and cash equivalents, along with approximately $50.1 million in Strategy’s STRC preferred shares.
The preferred stock strategy provides access to capital without conventional borrowing, but it creates ongoing dividend obligations that must be supported even when bitcoin prices decline.
“Strive has continued to successfully execute on its treasury management strategy, delivering a strong bitcoin yield year to date in 2026,” Chairman and CEO Matthew Cole said in Friday’s announcement.
Cole attributed the company’s common stock performance relative to bitcoin this year primarily to its bitcoin accumulation efficiency, adding that the SATS issuance positioned Strive to pursue further long-term returns for shareholders.
Strive also disclosed that it is evaluating opportunities in banking, brokerage services, decentralized finance, reinsurance, asset-backed securities, and tokenization as potential ways to leverage its growing balance sheet.
Despite the substantial quarterly profit, the company’s results underscore its exposure to bitcoin price fluctuations. Its reported earnings benefited significantly from unrealized appreciation, while its expanding preferred stock obligations add another consideration for shareholders as Strive continues to accumulate bitcoin.
