Strive Reports $509M Profit as it Adds 15,000 BTC to its Holdings

Bitcoin treasury company Strive reported $509 million in net income for the third quarter of 2026, mainly thanks to gains in the value of its bitcoin holdings. The company also continued buying bitcoin aggressively, adding more than 15,000 BTC in October and increasing its total holdings to 43,124 BTC.

In its financial report released on November 6, Strive Inc. ($ASST) said its third-quarter net income reached $509 million, or $5.24 per diluted share. However, most of this profit came from the rising value of its bitcoin investments rather than its regular business operations.

Strive recorded $533.7 million in unrealized gains from its digital assets during the quarter. These gains reflect an increase in bitcoin's value on paper and do not mean the company sold its coins or received the same amount in cash.

Meanwhile, the company's revenue was just $2.7 million, while its operating expenses reached $38.7 million. Strive also reported a net loss of approximately $14.5 million for the first nine months of 2026.

These figures show how heavily the company's financial results depend on bitcoin's price.

Strive continued expanding its bitcoin holdings throughout 2026.

The company purchased 8,136 BTC during the third quarter, bringing its total purchases for the first nine months of the year to 20,373 BTC. It then bought another 15,124 BTC between October 1 and October 30.

Following an additional purchase of 124 BTC, Strive's holdings reached 43,124 BTC as of November 2. At the time, its bitcoin reserve was worth more than $3.25 billion.

The latest purchases have also moved Strive closer to the top companies holding bitcoin.

According to BitcoinTreasuries data, Strive ranks fourth among publicly traded corporate bitcoin holders. It is just 390 BTC behind third-place Twenty One Capital and needs approximately 877 more BTC to overtake Metaplanet, which holds 44,000 BTC. These comparisons assume the other companies do not make additional purchases.

In a September interview, Strive CEO Matthew Cole said the company could become the world's second-largest publicly traded corporate bitcoin holder by the end of 2026. However, he admitted that this was not the most likely outcome.

Strive has been raising money through preferred stock offerings to support its bitcoin purchases.

On October 20, the company completed an offering of seven million shares of its SATS preferred stock. The offering generated approximately $630 million in gross proceeds and $609 million after expenses.

The preferred shares carry an annual dividend rate of 15%, meaning Strive must make regular dividend payments to investors.

The company also announced a $1 billion program that allows it to sell additional preferred shares over time. As of October 30, Strive held $490.4 million in cash and cash equivalents, along with approximately $50.1 million worth of Strategy's STRC preferred shares.

Although this financing strategy gives Strive more money to buy bitcoin without relying entirely on traditional loans, it also creates ongoing financial obligations. The company must pay out dividends even if bitcoin prices fall.

Strive also reported an 18.5% Bitcoin yield for the third quarter, 63.2% for the first nine months of 2026 and 19.3% for October.

Bitcoin yield is a company-defined measure that tracks the growth of its bitcoin holdings compared with its estimated diluted share count. It is important to note that this figure does not represent a direct cash return or dividend for shareholders.

Cole said the company's ability to increase its bitcoin holdings efficiently had been a major reason its common stock outperformed bitcoin during the year. Following the SATS preferred stock offering, he also said Strive had "never been in a better position" to generate long-term returns for common shareholders.

However, issuing more shares and taking on preferred dividend obligations can affect how much value ultimately belongs to common shareholders.