Strive made $509 million in net profit in the third quarter of 2026, mainly from the valuation of its bitcoin reserves. In its results published on November 6, the American company also announced that it held 43,124 BTC, valued at approximately $3.25 billion. Behind this spectacular profit, however, lies $533.7 million in unrealized accounting gains.
In brief
- Strive posts $509 million in net profit in third quarter 2026.
- Its reserves reach 43,124 BTC after purchasing an additional 15,124 bitcoins in October.
- The results are mainly based on $533.7 million in unrealized capital gains.
Bitcoin: Strive posts $509 million in profits
The American company revealed its financial results on Friday November 6. This new assessment comes a few days after the bitcoin purchases made by Strive and Strategy despite the market decline. For the three months ended September 30, Strive reported net income of $509 million, or $5.24 per diluted share.
The figure is impressive, especially when looking at the company’s revenues. Its quarterly revenue reached just $2.7 million, coming mainly from investment management and medical device businesses. Operational expenses amount to 38.7 million.
The difference comes from financial assets held on the balance sheet. Strive recorded $533.7 million in unrealized gains on its digital assets during the quarter. These capital gains reflect variations in the valuation of its bitcoin portfolio, without corresponding to BTC sales or profits received.
The company also recognized $8.8 million in unrealized preferred stock gains and approximately $1.5 million in other investment gains. These elements help to understand why the net profit greatly exceeds the income from usual activities.
Another clarification: over the first nine months of 2026, Strive still shows a cumulative net loss of $14.5 million. The third quarter therefore considerably improves its accounts, without erasing all the risks from its financial model.
Strive reserves reach 43,124 BTC
At the same time, the company is pursuing its accumulation strategy of bitcoin. Between July and September, it acquired 8,136 BTC, for an average price of $78,885 per unit. Its reserves then reached 28,000 bitcoins, valued at $2.34 billion as of September 30.
The pace accelerated further in October. Strive purchased an additional 15,124 BTC between October 1 and 30, bringing its portfolio to 43,124 bitcoins. At a valuation near $3.25 billion, the company is now among the largest listed companies holding bitcoin.
This progression is based on a policy of regular purchases. In September, Strive notably invested $109 million to acquire 1,375 additional bitcoins.
The firm also follows an indicator called BTC Yield. This measures the evolution of the number of bitcoins held per share, taking into account the capital structure.
In the third quarter, this indicator increased by 18.5%. Over the first nine months of the year, the increase reached 63.2%. However, this is not a classic financial return or interest paid to shareholders.
For Matthew Cole, CEO of Strive, increasing bitcoin per share is one of the company’s main goals. The company thus seeks to increase its exposure to BTC while preventing new share issues from excessively reducing the economic share of each investor.
Strive raises $609 million to buy more bitcoin
Accumulation requires significant capital. On October 20, Strive completed an issuance of seven million SATS preferred shares. The operation brought in approximately $609 million net. These securities provide for an annual dividend of 15%, creating a significant financial obligation for the company. Strive also uses its SATA preferred stock to fund its bitcoin treasury. This model makes it possible to raise capital without systematically resorting to traditional bank debt.
As of October 30, the company had $490.4 million in cash. She also held approximately $50.1 million in STRC preferred stock issued by Strategy.
Its financing is therefore based on several instruments, with different costs and risks. A prolonged decline in bitcoin could notably reduce the value of its reserves and weigh on its future accounting results. Dividends from preferred shares must, for their part, continue to be financed.
The company is also considering new businesses in banking, brokerage, decentralized finance and tokenization. None of these avenues yet constitute a guaranteed new source of income.
Strive has significant resources to continue its acquisitions. Its ability to raise capital nevertheless depends on market conditions and investor interest in its securities. Tremplin.io had previously examined the limitations of Strive’s bitcoin financing model, particularly when its preferred shares fall below par value. With 43,124 BTC in reserve, the company continues to grow, but its $509 million in quarterly profits remain largely dependent on the valuation of bitcoin.
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