Strive posted $509 million in Q3 GAAP net income and bought another 15,124 BTC in October, funded by a $609 million SATS preferred share offering.

Strive’s bitcoin buying is now being funded largely through preferred shares. The Nasdaq-listed bitcoin treasury company reported $509 million in GAAP net income for the quarter ended September 30, 2026, on mark-to-market gains on its bitcoin holdings, and it added 8,136 BTC in the quarter and 20,373 BTC over the first nine months of the year.

The financing behind that pace is the story for shareholders. Strive closed an offering of seven million SATS preferred shares on October 20, taking roughly $609 million in net proceeds after underwriting costs, and then bought another 15,124 BTC from October 1 through October 30. One month of buying nearly doubled an entire quarter’s haul. As of October 30 the company held $490.4 million in cash and cash equivalents.

Strive summarized the quarter on X: “STRIVE RELEASES 3Q26 EARNINGS – $ASST total return outperformed BTC by 103.7% YTD – Bitcoin Yield of 63.2% YTD – Bitcoin $ Gain of $9.00 per ADSO YTD – Net Income attributable to common equity of $474.8M YTD figures through 9/30/26”.

Two profit figures, two different things

The $509 million is quarterly GAAP net income, a figure dominated by accounting gains on bitcoin, while the $474.8 million in Strive’s post is year-to-date net income attributable to common equity, a different metric over a different period. Neither is cash: the gains are mark-to-market, and Strive’s “Bitcoin Yield” measures, 18.5% for the quarter and 63.2% year to date, are management-defined yardsticks of BTC growth against a share denominator, not GAAP results. The gap matters, as prior coverage of other treasury vehicles’ paper gains shows how quickly accounting profits can reverse when the underlying asset falls.

The preferred stack reaches into Strategy’s paper

Strive also reported a $50.1 million fair-value position in Strategy’s STRC preferred shares as of October 30, tying part of its balance sheet directly to the fortunes of the sector’s largest treasury company. The company said it is evaluating additional balance-sheet strategies spanning lending, brokerages, decentralized finance, reinsurance and tokenization. A fully diluted share count and Strive’s aggregate BTC holding after the October purchases are also not in the release. The October figures run only through October 30 and will move with the next purchase.