🚨 Strive reports a $509 million profit... but not from operations!
📊 Official figures (third quarter of 2026):
• Net income: $509 million
• Profit from Bitcoin (unrealized): $533.7 million
• Operating revenue: Just $2.7 million!
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🔍 What does “unrealized gains” mean?
✅ The company did not sell its Bitcoin
✅ It recorded the increase in its market value as a profit on its books
⚠️ It’s not actual cash liquidity
📊 The company’s expanding purchases:
• Third quarter: +8,136 BTC (at an average price of $78,885)
• October: +15,124 BTC (at an average price of $83,310)
• Total: 43,124 BTC (worth ~$3.25 billion)
• Ranking: Fourth-largest publicly listed company
💡 How is it financing its purchases?
✅ Preferred stock (SATS) yielding 15%
✅ Raised $609 million in October
✅ $490 million in cash
⚠️ But there’s a caveat:
🔴 ASST stock fell 31% in 30 days
🔴 Annual loss of $88.4 million (attributable to common shareholders)
🔴 The market isn’t convinced by the accounting profits
💡 What does this mean for traders?
✅ Treasury companies are buying BTC aggressively
⚠️ But its profits are “on paper,” not from operations
📊 Keep an eye on ASST stock... its decline is a warning sign
📊 What exactly happened?
Net income: Strive (ASST) reported third-quarter net income of $509 million.
Source of profit: $533.7 million of this profit came from “unrealized gains” on its Bitcoin holdings. That means the company didn’t sell its Bitcoin, but recorded the increase in its market value as a profit on its books.
Operating revenue: The company’s actual revenue from its businesses (consulting + medical devices) was just $2.7 million, compared with operating expenses of $38.7 million.
💰 Bitcoin holdings (expanding purchases)
During the third quarter: It bought 8,136 Bitcoin at an average price of $78,885, bringing its holdings to 28,000 Bitcoin by the end of September.
During October: It bought an additional 15,124 Bitcoin at an average price of $83,310, bringing its holdings to 43,124 Bitcoin (worth approximately $3.25 billion).
Ranking: It became the fourth-largest publicly listed company by Bitcoin holdings, after Strategy, Metaplanet, and Twenty One. It needs just 876 Bitcoin to take second place.
🔍 How is the company financing its purchases?
Preferred stock: The company raised about $609 million from its October offering of SATS preferred stock, which pays an annual yield of 15%.
Liquidity: It had $490.4 million in cash (at the end of October).
⚠️ Important caveat (for accuracy)
The stock fell: Despite the huge accounting profits, ASST stock fell more than 31% in 30 days, while Bitcoin fell about 12% over the same period. The market isn’t convinced these “accounting profits” represent real value for shareholders.
Annual loss: In the first 9 months of 2026, the company recorded a net loss of $88.4 million (attributable to common shareholders).
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