Strive, a publicly listed bitcoin treasury company, reported $509 million in third-quarter net income, driven entirely by unrealized gains on its BTC holdings.
The company recorded unrealized bitcoin gains of more than $533.7 million for the quarter, with diluted earnings of $5.24 per share. Revenue totaled roughly $2.7 million, primarily from investment advisory fees and its medical device business acquired in the January takeover of Semler Scientific.
Bitcoin Accumulation
Strive purchased 8,136 BTC during the third quarter, ending the period with 28,000 BTC. In October it acquired an additional 15,124 BTC, bringing total holdings to 43,124 BTC valued at roughly $3.25 billion at the time of reporting.
This places Strive as the fourth-largest bitcoin treasury among publicly listed companies, behind Strategy, Metaplanet and Twenty One. In an early September podcast appearance, CEO Matt Cole stated it would not be “out of the realm of possibility” to end the year as the number two largest bitcoin holder. As of the earnings release, the company needed only 876 more BTC to reach that position.
Strive reported an 18.5% “bitcoin yield” for the quarter, defined as growth in bitcoin holdings relative to outstanding shares. Following the release, Cole wrote on X that “Bitcoin is the hurdle rate at Strive,” attributing the company’s more than 100% outperformance against bitcoin this year primarily to growth in bitcoin per share. He also highlighted the role of SATA and SATS preferred shares in generating returns above bitcoin for shareholders.
The company raised around $609 million from its SATS offering in October and subsequently launched a further $1 billion program to sell additional SATS shares.
Performance Metrics and Strategy
At the end of October, Strive held $490.4 million in cash along with roughly $50.1 million in Strategy’s STRC preferred shares. The company described its cash and equivalents position as a little over $490 million.
Market Reaction
ASST shares fell about 2% to $20.20 in the first few hours of trading on Friday, November 6, 2026. This extended the stock’s 30-day decline to more than 31%, compared with bitcoin’s roughly 12% drop over the same period. Bitcoin was trading around $75,600 at the time.
