Strive posts $509M Q3 profit driven entirely by Bitcoin unrealized gains

Bitcoin treasury company Strive reported Q3 2026 net income of $509 million, driven almost entirely by $533.7 million in unrealized gains on its digital asset holdings. Strive expanded its reserves by purchasing 8,136 BTC in Q3 and another 15,124 BTC in October, bringing its total holdings to 43,124 BTC valued at $3.25 billion. Supported by a $609 million preferred stock offering, Strive reached the fourth-largest corporate Bitcoin treasury ranking while pursuing traditional finance expansion.

Q3 2026 financial results

• ▪Strive generated approximately $2.7 million in Q3 2026 revenue, predominantly from investment advisory fees and medical device operations acquired via Semler Scientific in January 2026
• ▪Bitcoin treasury company Strive reported GAAP net income of $509 million for Q3 2026, translating to diluted earnings per share of $5.24
• ▪Strive reported Q3 2026 net income attributable to common stockholders of $474.8 million after preferred dividend payouts, alongside non-GAAP adjusted net income of $494.6 million
• ▪Strive's $509 million Q3 2026 net income was driven by approximately $533.7 million in unrealized paper gains on its digital asset holdings

Bitcoin treasury holdings and growth

• ▪Strive acquired 8,136 Bitcoin in Q3 2026 (holding 28,000 BTC worth $2.34 billion on September 30, 2026) and 15,124 in October 2026 for 43,124 BTC (approximately $3.25 billion) by October 30, 2026
• ▪CEO Matthew Cole attributed Strive common stock's 103.7% year-to-date outperformance against Bitcoin through September 30, 2026 to the company's Bitcoin yield strategy
• ▪Strive reported a company-defined Bitcoin per share growth yield of 18.5% for Q3 2026 and 63.2% year-to-date through the third quarter

Corporate Bitcoin treasury rankings

• ▪Strive required an additional 876 Bitcoin to overtake second-place corporate holder Metaplanet's 44,000 BTC stash
• ▪Holding 43,124 Bitcoin as of October 30, 2026 made Strive the fourth-largest publicly traded corporate Bitcoin treasury holder behind Strategy, Metaplanet, and Twenty One Capital

Capital raising and liquidity

• ▪Strive held $490.4 million in cash and cash equivalents along with $50.1 million in preferred shares as of late October 2026
• ▪Strive raised approximately $609 million in net proceeds through an October 2026 offering of 7 million SATS perpetual preferred shares carrying a 15% annual dividend

Expansion into broader financial services

• ▪Strive stated in its third-quarter 2026 earnings report that it is evaluating opportunities in brokerage and reinsurance as part of a broader strategy to leverage its balance sheet
• ▪Chief Risk Officer Jeff Walton stated Strive is evaluating traditional finance opportunities to generate yield uncorrelated to cryptocurrency markets