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Strive Inc. (Nasdaq: ASST) reported net income of $509 million for the third quarter of 2026, or $5.24 per diluted common share, according to Bitcoin.com News. The result rested mainly on $533.7 million of unrealized gains on the company’s digital assets rather than on its operating businesses, which brought in $2.7 million of revenue against $38.7 million in operating expenses.
Adjusted net income attributable to common shareholders was $494.6 million, or $5.46 per diluted share, Bitcoin.com News reported. The split between mark-to-market gains and thin operating revenue shows how much of the quarter’s headline figure came from bitcoin’s price rather than from customers.
Also read: American Bitcoin Posts $126M Q3 Profit as ABTC Shares Slide
Key facts
- Strive’s digital asset holdings were valued at $2.34 billion at quarter-end, up from $668.5 million at the end of 2025; total assets reached $2.68 billion.
- The company bought 8,136 BTC during the quarter and 20,373 BTC over the first nine months of 2026.
- Between Oct. 1 and Oct. 30 it added 15,124 BTC, lifting holdings to 43,000 BTC, more than 54% above the Sept. 30 level of 27,876 BTC.
- A Oct. 26 disclosure covered 6,182 BTC bought for roughly $511.4 million; a further 124 BTC for about $10 million took holdings to 43,124 BTC as of Nov. 2.
- On Oct. 20 Strive completed a 7 million-share public offering of SATS preferred stock, raising $609 million in net proceeds from a $630 million gross offering at a 15% annual dividend rate.
Preferred stock funds the buying
Strive’s expansion has been financed largely through preferred equity. The SATS offering was followed by continued use of the company’s SATA variable-rate preferred program. As of Oct. 30, Strive held $490.4 million in cash and cash equivalents and about $50.1 million in Strategy’s STRC preferred shares, according to Bitcoin.com News.
The structure avoids conventional borrowing but obliges Strive to keep paying dividends even in a falling bitcoin market. Chairman and CEO Matthew Cole, in the company’s quarterly release, credited the treasury strategy and the SATS issuance for the common stock’s performance against bitcoin this year and said the company is reviewing banking, brokerage, decentralized finance, reinsurance, asset-backed securities and tokenization as uses for its balance sheet.
American Bitcoin’s paper profit
A second bitcoin treasury and mining company told a similar story in the same earnings season. Bitcoin Magazine reported that American Bitcoin Corp. (Nasdaq: ABTC), majority-owned by Hut 8 Corp., posted about $126 million of third-quarter net income, a reversal from a $57.2 million loss in the prior quarter.
American Bitcoin’s profit leaned on a $197.3 million gain on its bitcoin holdings, against a $71.2 million loss on that line in the second quarter. Mining revenue fell to about $63.4 million from about $67.0 million, and the company mined about 891 bitcoin at roughly $42,100 each, up from about $36,500. Holdings reached about 8,427 BTC as of Sept. 30, including about 3,090 BTC pledged for miner purchases under agreements with Bitmain, Bitcoin Magazine reported. Management said satoshis per share rose about 5% to roughly 11,572.
Why it matters
For shareholders, both results tie reported earnings to bitcoin’s price, and the gap between headline profit and operating income is the clearest measure of that exposure. Strive’s preferred dividends add a fixed cost that its $2.7 million of quarterly operating revenue does not cover on its own. The filings also show how quickly the corporate treasury sector has grown: Strive, which held $668.5 million of digital assets a year earlier, closed the quarter with $2.34 billion and has kept buying since.
What to watch
Strive’s next quarterly filing will show whether its Oct. 20 preferred offering and $490.4 million cash pile translate into further purchases, and whether the dividend obligations on SATS and SATA stay covered as bitcoin moves. American Bitcoin’s next report will test whether its mining margins hold up after the rise in per-coin costs.
This article is not financial advice; cryptocurrency prices are volatile and can move sharply in either direction.
Reported by Bitcoin.com News.
Sources: Bitcoin.com News, Bitcoin Magazine