Strive achieved 509 million dollars in net profit in the third quarter of 2026, mainly thanks to the valuation of its bitcoin reserves. In its results published on November 6, the American company also announces holding 43,124 BTC, valued at about 3.25 billion dollars. Behind this spectacular profit are, however, 533.7 million dollars in unrealized accounting gains.

In brief

  • Strive reports 509 million dollars in net profit in the third quarter of 2026.
  • Its reserves reach 43,124 BTC after purchasing 15,124 additional bitcoins in October.
  • The results mainly rely on 533.7 million dollars of latent capital gains.

Bitcoin: Strive reports 509 million $ in profits

The American company unveiled its financial results on Friday, November 6. This new report 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 announces a net profit of 509 million dollars, or 5.24 dollars per diluted share.

The figure impresses, especially when examining the company’s revenues. Its quarterly revenue reaches only 2.7 million dollars, mainly from investment management activities and medical device operations. Operating expenses amount to 38.7 million.

The difference comes from financial assets held on the balance sheet. Strive recorded 533.7 million dollars in latent gains on its digital assets during the quarter. These capital gains reflect valuation changes in its bitcoin portfolio, without corresponding to BTC sales or realized profits.

The company also accounted for 8.8 million dollars in latent gains on preferred shares and about 1.5 million other investment gains. These elements help to understand why net profit greatly exceeds revenues from regular activities.

Another detail: in the first nine months of 2026, Strive still posted a cumulative net loss of 14.5 million dollars. The third quarter therefore significantly improves its accounts without erasing all the risks of its financial model.

Strive’s reserves reach 43,124 BTC

The company simultaneously pursues its bitcoin accumulation strategy. Between July and September, it acquired 8,136 BTC, at an average price of 78,885 dollars per unit. Its reserves then reached 28,000 bitcoins, valued at 2.34 billion dollars as of September 30.

The pace accelerated further in October. Strive bought an additional 15,124 BTC between October 1 and 30, bringing its portfolio to 43,124 bitcoins. At a valuation close to 3.25 billion dollars, the company is now among the largest publicly traded companies holding bitcoin.

This progress relies on a policy of regular purchases. In September, Strive notably invested 109 million dollars 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, it is neither a traditional financial yield nor an interest paid to shareholders.

According to Matthew Cole, CEO of Strive, the increase in bitcoin per share is one of the company’s main objectives. The company aims to increase its exposure to BTC while avoiding that new share issuances excessively dilute each investor’s economic share.

Strive mobilizes 609 million $ to buy more bitcoin

The accumulation requires significant capital. On October 20, Strive completed an issuance of seven million SATS preferred shares. The operation raised about 609 million dollars net. These securities provide for an annual dividend of 15%, creating a significant financial obligation for the company. Strive also uses its SATA preferred shares to finance its bitcoin treasury. This model allows raising capital without systematically resorting to traditional bank debt.

As of October 30, the company held 490.4 million dollars in cash. It also held about 50.1 million dollars in STRC preferred shares issued by Strategy.

Its financing therefore relies on several instruments, with different costs and risks. A prolonged decline in bitcoin could notably reduce the value of its reserves and impact its upcoming accounting results. The dividends on the preferred shares will, on their part, have to continue to be funded.

The company also considers new activities in banking services, brokerage, decentralized finance, and tokenization. None of these paths yet constitute a guaranteed new source of revenue.

Strive has significant means to continue its acquisitions. However, its ability to raise capital depends on market conditions and investor interest in its securities. Cointribune had already examined the limits of Strive’s bitcoin financing model, especially when its preferred shares fall below their nominal value. With 43,124 BTC in reserve, the company continues its growth, but its 509 million dollars in quarterly profits remain largely dependent on bitcoin valuation.

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Fascinated by Bitcoin since 2017, Evariste has continuously researched the subject. While his initial interest was in trading, he now actively seeks to understand all advances centered on cryptocurrencies. As an editor, he strives to consistently deliver high-quality work that reflects the state of the sector as a whole.

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.