Strive reported $509 million in third-quarter net income, driven entirely by unrealized gains on its bitcoin holdings, according to The Block’s report published on November 7, 2026, at 00:06:22 UTC+8.
The results show a rapidly expanding corporate bitcoin treasury, but the reported profit should be distinguished from operating revenue—and the company’s holdings growth from broader evidence of crypto adoption.
Bitcoin purchases accelerated in October
Strive bought 8,136 BTC during the third quarter, ending the period with 28,000 BTC. It then purchased another 15,124 BTC in October, taking its 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 publicly listed bitcoin treasury company, behind Strategy, Metaplanet and Twenty One. It reported that Strive needed another 876 BTC to reach second place. That was a snapshot of the rankings, not a confirmed subsequent milestone.
During a podcast appearance in early September, CEO Matt Cole had said finishing the year as the second-largest bitcoin holder would not be “out of the realm of possibility.”
Paper gains dominated earnings
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.
Strive reported an 18.5% quarterly “bitcoin yield,” its measure of growth in bitcoin holdings relative to outstanding shares. This is a company-defined treasury metric, not a measure of bitcoin network usage, user growth or shareholder cash income.
“Bitcoin is the hurdle rate at Strive,” Cole wrote on X after the earnings release. He argued that growth in bitcoin per share was the biggest driver of what he described as ASST’s more than 100% outperformance against bitcoin that year.
Financing expanded, while shares lagged bitcoin over 30 days
Cole also pointed to Strive’s SATA and SATS preferred shares as tools intended to help deliver shareholder returns above bitcoin’s. Strive raised approximately $609 million through its SATS offering in October and subsequently launched a program to sell up to another $1 billion in SATS shares. The latter figure represented planned sales capacity, not proceeds already raised.
At the end of October, Strive held $490.4 million in cash and equivalents. It also reported roughly $50.1 million in Strategy’s STRC preferred shares.
Despite the quarterly profit, ASST shares fell about 2% to $20.20 in the first few hours of trading on Friday, November 6. That extended their decline over the preceding 30 days to more than 31%, compared with bitcoin’s roughly 12% decline over the same period. Bitcoin was trading around $75,600.
The figures document increased bitcoin accumulation by one corporate holder. They do not establish growth in users or sustained network activity, and the 30-day share-price comparison underscores that owning a bitcoin treasury company can produce a different market outcome from holding bitcoin itself.
