$BTC 76009.50。Strive Q3: net income of $509 million, while actual revenue was only $2.696 million. The profit wasn’t earned by the business; it was given by the coin price.
A single quarter with $500 million in profit and only $2.7 million in core business revenue sounds made up, but the accounts are real. The entire $534 million came from the fair value remeasurement of Bitcoin holdings. Take that away, and the core business actually lost $36 million.
Look at a different window, and the conclusion flips. The first six months showed a $524 million loss, and over nine months the loss was still $14.48 million. It all turned back around in one go.
$MSTRB is the same. Treasury stocks are tied to coin prices by the same rope.
With $2.34 billion in holdings, it has almost nothing to do with the business itself. If the coin price drops 1%, the book value falls by $23.4 million. That’s all.
If it holds above 76350, this can happen again; if it falls below 74810, it goes the other way. Watch those two numbers.
Accounting profits have always been easier to make than business profits. That sounds unpleasant, but it’s true.
If you hold treasury stocks, are you treating them as a proxy for BTC, or as a company?
Source: https://www.sec.gov/Archives/edgar/data/1920406/000162828026071331/striveincq32026earningsrel.htm
A single quarter with $500 million in profit and only $2.7 million in core business revenue sounds made up, but the accounts are real. The entire $534 million came from the fair value remeasurement of Bitcoin holdings. Take that away, and the core business actually lost $36 million.
Look at a different window, and the conclusion flips. The first six months showed a $524 million loss, and over nine months the loss was still $14.48 million. It all turned back around in one go.
$MSTRB is the same. Treasury stocks are tied to coin prices by the same rope.
With $2.34 billion in holdings, it has almost nothing to do with the business itself. If the coin price drops 1%, the book value falls by $23.4 million. That’s all.
If it holds above 76350, this can happen again; if it falls below 74810, it goes the other way. Watch those two numbers.
Accounting profits have always been easier to make than business profits. That sounds unpleasant, but it’s true.
If you hold treasury stocks, are you treating them as a proxy for BTC, or as a company?
Source: https://www.sec.gov/Archives/edgar/data/1920406/000162828026071331/striveincq32026earningsrel.htm
