Historical report: Published November 7, 2026, at 00:06:22 UTC+8, covering results and market conditions reported on Friday, November 6.
Strive reported $509 million in third-quarter net income, driven entirely by unrealized gains on its bitcoin holdings, according to The Block. Yet its shares underperformed bitcoin over the preceding 30 days—a distinction between reported accounting gains, treasury expansion and equity-market performance.
Earnings were dominated by paper gains
Unrealized bitcoin gains exceeded $533.7 million for the quarter, while diluted earnings were $5.24 per share. Revenue was roughly $2.7 million, mostly from investment advisory fees and the medical device business acquired through Strive’s January takeover of Semler Scientific.
The profit figure therefore reflected changes in the value of BTC holdings rather than a comparable amount of operating revenue or realized cash proceeds.
Bitcoin holdings expanded sharply in October
Strive purchased 8,136 BTC during the third quarter, ending the period with 28,000 BTC. It added another 15,124 BTC in October, bringing holdings to 43,124 BTC, valued at roughly $3.25 billion at the time of the report.
The Block ranked Strive as the fourth-largest bitcoin treasury among publicly listed companies, behind Strategy, Metaplanet and Twenty One. It reported that another 876 BTC would have put Strive in second place at that snapshot. That comparison was not a confirmed future ranking.
During an early-September podcast appearance, CEO Matt Cole had said finishing the year as the second-largest bitcoin holder was not “out of the realm of possibility.”
Company-defined yield and financing
Strive reported an 18.5% “bitcoin yield” for the quarter. This company-defined metric measures growth in bitcoin holdings relative to outstanding shares; it is not a cash yield.
“Bitcoin is the hurdle rate at Strive,” Cole wrote on X after the earnings release. He attributed ASST’s more than 100% outperformance against bitcoin that year primarily to growth in bitcoin per share, and pointed to the company’s SATA and SATS preferred shares as tools for pursuing shareholder returns above bitcoin’s performance.
Strive raised approximately $609 million from its SATS offering in October and subsequently launched a $1 billion program to sell additional SATS shares. At the end of October, it held $490.4 million in cash and equivalents. It also reported roughly $50.1 million in Strategy’s STRC preferred shares.
The equity and bitcoin readings diverged
In the first few hours of trading on Friday, November 6, ASST fell about 2% to $20.20. Its decline over the preceding 30 days exceeded 31%, compared with bitcoin’s roughly 12% decline over the same period. Bitcoin was trading around $75,600.
The reported year-to-date outperformance and the weaker 30-day comparison describe different observation windows. Neither the quarterly paper profit nor the expansion in BTC holdings, on its own, establishes how the shares will perform next.