Strive reported third-quarter net income of $509 million, while revenue for the quarter was only $2.696 million. Nearly all of the difference came from $534 million in unrealized gains on digital assets.
At its core, this company is a machine that accumulates coins by financing itself with preferred stock. In the third quarter, it bought 8,136 $BTC at an average price of $78,885; from October 1 to 30, it bought another 15,124 at an average price of $83,310. On October 20, it had just completed an offering of 7 million shares of SATS perpetual preferred stock, raising approximately $609 million net. Its cash balance rose from $285 million at the end of September to $490 million on October 30.
Its book profits move with coin prices and have little to do with operations. The price paid for the October purchases was already higher than in the third quarter, and the pace of financing is also accelerating, pushing costs higher.
#比特币财库 #Strive #Institutional buying
At its core, this company is a machine that accumulates coins by financing itself with preferred stock. In the third quarter, it bought 8,136 $BTC at an average price of $78,885; from October 1 to 30, it bought another 15,124 at an average price of $83,310. On October 20, it had just completed an offering of 7 million shares of SATS perpetual preferred stock, raising approximately $609 million net. Its cash balance rose from $285 million at the end of September to $490 million on October 30.
Its book profits move with coin prices and have little to do with operations. The price paid for the October purchases was already higher than in the third quarter, and the pace of financing is also accelerating, pushing costs higher.
#比特币财库 #Strive #Institutional buying