Earnings

Strive Swings to Profit After Bitcoin Fair-Value Gains

The Tip Desk · November 12, 2026 · 3 min read

GAAP net income was $509.0 million, or $5.24 a share, after a $257.6 million loss in the prior quarter.

Strive, Inc. (ASST), a structured finance company that has adopted bitcoin as its hurdle rate for capital deployment, reported GAAP net income of $509.0 million, or $5.24 a share on a fully diluted basis, for the three months ended September 30, 2026, reversing a $257.6 million GAAP net loss in the second quarter.

The swing tracked bitcoin. Net unrealized gain on digital assets at fair value was $533.7 million in the third quarter. In the second quarter, $234.0 million, or 94.1%, of the GAAP net loss was attributable to the fair-market-value decrease of the company’s bitcoin and STRC Stock holdings.

Non-GAAP adjusted net income attributable to common stockholders was $494.6 million, or $5.46 a diluted share.

Bitcoin purchases accelerated. The company acquired 8,136 bitcoin in the third quarter, after 6,236 bitcoin in the second quarter and 6,001 bitcoin in the first quarter. Bitcoin Yield slowed to 18.5% in the third quarter from 23.9% in the second quarter, after 11.1% in the first quarter. Year to date through September 30, Strive acquired 20,373 bitcoin and posted a 63.2% BTC Yield.

Total revenues were $2.70 million, including $1.56 million of investment advisory fees and $1.13 million of medical device revenues. Operating expenses were $38.70 million, including a $14.65 million impairment of the medical device research and development intangible asset. Investment advisory fees were $1.56 million.

Digital assets at fair value were $2.34 billion as of September 30, 2026, versus $668.5 million at December 31, 2025. Cash and cash equivalents were $285.4 million at quarter-end. Variable Rate Series A Preferred Stock (SATA) outstanding increased to 12,940,621 shares with a $1.3 billion liquidation preference, from 2,012,729 shares and $201.3 million at year-end 2025.

Chairman and Chief Executive Officer Matthew Cole said Strive has continued to execute on its treasury management strategy and that the year-to-date bitcoin yield is, in his view, the primary driver of common equity’s outperformance relative to bitcoin so far in 2026. The company said it is evaluating opportunities to leverage its balance sheet, including banking, brokerage, decentralized finance, reinsurance, structured ABS, and tokenization.

After quarter-end, Strive acquired an additional 15,124 bitcoin from October 1 through October 30, 2026, with a 19.3% BTC Yield for that period. On October 20, it completed a registered public offering of 7,000,000 shares of 15.00% Series A Perpetual SATS Preferred Stock for net proceeds of approximately $609.0 million. As of October 30, cash and cash equivalents totaled $490.4 million and the STRC Stock position had a fair value of $50.1 million. Shares outstanding as of that date included 118,117,620 Class A common shares, 9,213,489 Class B common shares, 14,030,176 SATA shares, and 7,003,418 SATS shares.

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