Strive posts first profitable quarter with $508M Q3 net income

Strive, Inc. (Nasdaq: ASST) has reported $508.0 million in net income for the third quarter of 2026.

This is also its first profitable quarter, and it was driven almost entirely by unrealized gains on the Bitcoin it has been stockpiling for roughly a year.

A profit built on paper Bitcoin gains

Strive released the results on Friday, November 6, and it is a reversal from the trend that its previous reports showed.

It lost $257.6 million in the second quarter, when a drop in Bitcoin’s fair value wiped out most of the balance sheet, according to the company’s August 10 earnings release.

What flipped the number this time was the same mechanism working the other way.

The latest statement for the third quarter shows that $533.7 million out of the $544 million that was recorded in investment gains came from unrealized gains on digital assets.

The actual operating revenue of $2.7 million pales in comparison to that. It was split between $1.6 million in investment advisory fees and $1.1 million in medical device sales, the figure left over from its Semler Scientific business.

Operating expenses ran to $38.7 million, and it included a $14.65 million impairment on medical device research assets.

When those expenses are deducted, the quarter still lands at $508.0 million in net operating income.

On a per-share basis, Strive reported GAAP earnings of $5.24 per fully diluted share. Non-GAAP adjusted net income attributable to common stockholders came to $494.6 million, or $5.46 per diluted share, after $34.2 million in preferred dividends, per the SEC filing.

A year of near-weekly Bitcoin buying

Strive has been busy this year, as it has accumulated BTC at a rate only rivaled by few across the world. It bought 8,136 BTC during the third quarter and 20,373 BTC across the first nine months of 2026.

It then added another 15,124 BTC between October 1 and October 30. The company’s reported Bitcoin yield, which is the metric that the management uses to track accumulation per share, was 18.5% for the quarter and 63.2% year-to-date through September. 

The October buying alone carried a 19.3% yield.

As of November 2, Strive’s holdings reached 43,124 BTC, worth about $3.3 billion.

This makes it the fourth-largest public corporate Bitcoin holder behind Strategy, Metaplanet, and Twenty One Capital. Its carried digital assets stood at $2.34 billion at the close of the quarter.

$609 million from the SATS offering

The buying has been funded through preferred stock. On October 20, Strive closed a public offering of 7 million shares of its 15.00% SATS preferred stock for net proceeds of about $609.0 million, listing the security on the Nasdaq Global Market under the ticker SATS.

That cash shows up on the balance sheet. As of October 30, Strive, which became a publicly traded treasury company in 2025 following a merger, held $490.4 million in cash and equivalents, plus a $50.1 million position in Strategy Inc. preferred stock.

CEO Matthew Cole tied the quarter’s result to the accumulation push. He said, “Strive has continued to successfully execute on its treasury management strategy, delivering a strong bitcoin yield year to date.”

Strive also said it is weighing moves into banking, brokerage, decentralized finance, reinsurance, structured asset-backed securities, and tokenization, though it gave no timeline.