Strive announced on Friday that third-quarter net income attributable to common stockholders totaled $474.8 million for the period ended September 30. Strive reported GAAP net income of $509.0 million, equivalent to $5.24 per fully diluted share. An unrealized digital-asset gain of $533.7 million under fair-value accounting generated almost all of that profit. Quarterly operating revenue amounted to $2.7 million. The earnings therefore primarily reflected treasury valuations rather than fee-generating operations.
Strive claimed that Class A total return exceeded bitcoin's return by 103.7% year to date through September 30. Strive reported bitcoin yield of 63.2% over that period. Strive also reported a bitcoin dollar gain of $9.00 per assumed diluted share outstanding through September 30. Chairman and CEO Matthew Cole said Strive had successfully implemented the treasury strategy and believed bitcoin yield primarily explained the common stock's relative outperformance in 2026. Strive defines bitcoin yield as the percentage change in bitcoin per share during a period, rather than a cash yield. Strive reported third-quarter bitcoin yield of 18.5%.
Strive reported bitcoin yield of 19.3% between October 1 and October 30, following the debut of SATS preferred shares. Strive purchased 8,136 bitcoin during the third quarter at an average cost of about $78,885. Strive acquired 20,373 bitcoin during the nine months ended September 30. Strive bought another 15,124 bitcoin between October 1 and October 30. Strive held 28,000 bitcoin on September 30. Strive's holdings reached 43,124 bitcoin by October 30.
Those holdings placed Strive among the largest publicly traded corporate bitcoin holders, although recent large purchases and smaller weekly additions still trailed Strategy. Strive's September 30 balance sheet valued digital assets at $2.34 billion. Strive's cash balance had increased to $490.4 million by October 30. Strive continued to hold Strategy's variable-rate STRC preferred shares, valued at about $50.1 million. Perpetual preferred shares supplied most of the financing for the bitcoin purchases. Strive completed a registered offering on October 20 of 7 million shares of 15% Series A perpetual preferred stock, SATS, generating about $609 million in net proceeds.
Quarterly preferred dividends of $34.2 million reduced the $509.0 million GAAP profit to $474.8 million attributable to common stockholders. However, Strive reported an $88.4 million net loss attributable to common stockholders for the nine months ended September 30. Fair-value accounting recognizes the third-quarter profit, but that profit depends heavily on a single mark-to-market item.
ASST closed Thursday at $20.59 after falling about 10% that day. ASST traded around $20.70 early Friday. The stock remained roughly 29% below the year-earlier level, when Yahoo Finance data showed a closing price near $29. ASST also stood about 33% below the October 21 local high of $30.75. Yahoo Finance listed a 52-week trading range of $7.02 to $34.40.
ASST's year-to-date movement from approximately $17.30 at the January 2 close into the mid-$20s represented a gain of roughly 20%. ASST reached a February low close to the bottom of the 52-week range. ASST recovered toward $30 in September. Yahoo Finance data showed ASST gaining about 70% from the January close through September 30, the cutoff for Strive's relative-return claim. Yahoo Finance data showed bitcoin falling roughly 7% during the same period.
Asset Entities became the publicly traded shell for Strive's bitcoin-treasury reverse merger in 2025. The share price subsequently reached triple digits on weekly closes before collapsing, giving investors who held through the conversion a different experience from the year-to-date comparison. Cole said the recent SATS offering put Strive in the strongest position yet to generate long-term common-shareholder returns exceeding bitcoin's returns. ASST's next test is whether further bitcoin yield and preferred-financed purchases can restore relative outperformance while the stock remains below the year-earlier level despite expanding bitcoin holdings.
Strive Posts $474.8M Net Income, Driven by Bitcoin Holdings
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Summary
Strive reported $474.8 million net income for Q3, fueled by a $533.7 million unrealized gain on Bitcoin news. As of October 30, the company held 43,124 Bitcoin, with total digital assets valued at $2.34 billion. Strive also raised $609 million via a registered offering of 15% Series A perpetual preferred stock, SATS. The strong performance highlights the impact of Bitcoin analysis in corporate strategy.
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