Share
Strive, the Nasdaq-listed Bitcoin treasury company trading as ASST, reported $474.8 million in third-quarter net income attributable to common stockholders. That works out to diluted earnings per share of $5.24.
The company also reported a 63.2% year-to-date Bitcoin yield, its preferred measure of how fast it grows Bitcoin per share.
Where the money came from
Before preferred dividends, Strive posted GAAP net income of $509 million for the quarter. Most of that came from about $534 million in unrealized gains on its digital asset holdings.
After paying out to preferred shareholders, the figure available to common stockholders landed at $474.8 million. On a non-GAAP adjusted basis, Strive reported net income of $494.6 million.
The accumulation machine
Strive added 8,136 BTC during the third quarter. That brought its total holdings to approximately 28,000 BTC as of September 30, a stash valued at nearly $2.34 billion at the time.
In October alone, it bought another 15,124 BTC, lifting total holdings to about 43,124 BTC.
The yield numbers track that pace. Strive reported a Bitcoin yield of 18.5% for the third quarter, 63.2% year to date through the quarter, and an additional 19.3% in October.
The crypto and markets news you actually need—every morning.
Daily. Free. Join 34,000+ readers across crypto, finance, and policy.
We respect your privacy. Unsubscribe anytime.
Bitcoin yield is not interest or staking income. It measures how much the Bitcoin backing each share grew, so a rising number means shareholders own more Bitcoin per share than before, even after new shares are issued.
Funding the buying spree
On October 20, the company completed a 7-million-share offering of its SATS preferred equity, netting approximately $609 million.
As of October 30, Strive reported holding $490.4 million in cash and cash equivalents, along with $50.1 million in preferred shares.
CEO Matthew Cole pointed to the stock’s performance as validation of the strategy. According to Cole, ASST common equity outperformed Bitcoin by 103.7% year to date through September 30, which he attributed largely to the company’s Bitcoin yield.
What this means for investors
The headline profit deserves some context. Because the bulk of Strive’s GAAP income came from roughly $534 million in unrealized gains, the result depends heavily on where Bitcoin traded at quarter-end.
The Bitcoin yield metric is a company-defined figure, not a standardized accounting measure, and it rewards issuing equity at prices that let the company buy more Bitcoin per share than it dilutes away.
The SATS preferred offering adds another layer. Preferred holders sit ahead of common shareholders, which is why the gap between $509 million and $474.8 million exists in the first place.
Strive’s $490.4 million cash position offers a cushion. Holding meaningful cash alongside Bitcoin gives the company room to meet preferred obligations without being forced to sell coins at a bad moment.
