Strive delivered its first profitable quarterly report, with net income of $509 million.
A closer look at the numbers: revenue was just $2.7 million, operating expenses were $38.7 million, and the company still recorded a net loss of $14.5 million over the first three quarters. Almost all of the more than $500 million in profit came from $533.7 million in unrealized gains on digital assets—paper gains that haven’t actually been turned into cash.
The pace of its Bitcoin purchases is what matters. Strive added 8,136 coins in the third quarter and held 28,000 at the end of September. It bought another 15,124 coins in October alone, at an average price of about $83,310. By October 30, its total holdings had reached 43,124 coins, and it still had $490.4 million in cash on its balance sheet.
The money came from preferred stock. On October 20, Strive completed an offering of 7 million shares of perpetual preferred stock with a 15% coupon, raising $609 million net. It later launched a $1 billion follow-on offering plan.
After the earnings report was released, CEO Matt Cole wrote on X that Bitcoin is Strive’s hurdle rate.
The market didn’t join in the cheering. ASST fell about 2% on the day of the report and was down more than 31% over the previous 30 days, while $BTC fell about 12% over the same period. The fourth-largest Bitcoin treasury company in the U.S. is still 876 coins short of second place.
A closer look at the numbers: revenue was just $2.7 million, operating expenses were $38.7 million, and the company still recorded a net loss of $14.5 million over the first three quarters. Almost all of the more than $500 million in profit came from $533.7 million in unrealized gains on digital assets—paper gains that haven’t actually been turned into cash.
The pace of its Bitcoin purchases is what matters. Strive added 8,136 coins in the third quarter and held 28,000 at the end of September. It bought another 15,124 coins in October alone, at an average price of about $83,310. By October 30, its total holdings had reached 43,124 coins, and it still had $490.4 million in cash on its balance sheet.
The money came from preferred stock. On October 20, Strive completed an offering of 7 million shares of perpetual preferred stock with a 15% coupon, raising $609 million net. It later launched a $1 billion follow-on offering plan.
After the earnings report was released, CEO Matt Cole wrote on X that Bitcoin is Strive’s hurdle rate.
The market didn’t join in the cheering. ASST fell about 2% on the day of the report and was down more than 31% over the previous 30 days, while $BTC fell about 12% over the same period. The fourth-largest Bitcoin treasury company in the U.S. is still 876 coins short of second place.
