How did Strive’s profits surge by $509M? This time, it has to do with BTC mining rigs
Strive netted $509M in the third quarter, mainly from paper gains on its Bitcoin holdings. Meanwhile, BitFuFu and Bitdeer updated their hashrate figures, hinting at intensifying competition in crypto-market hardware.
Strive had a huge quarter. Its report explicitly states that $534 million in unrealized Bitcoin gains boosted its results—in other words, BTC’s price rise made it look much richer on paper. Revenue also jumped nearly 75%, mainly thanks to the merger with a new medical-device company. The company also sold some assets, resulting in a loss of $146.5 million. These figures come from BitDesk; they’re not made up.
Market impact
In the short term, Strive’s profit model shows that crypto hardware companies can make quick money just by hoarding coins, which could encourage competitors to keep piling on leverage to buy BTC. In the medium term, if mining rig profits become increasingly dependent on coin prices, the risk of mining-farm trouble rises—last time the hashrate crashed, BTC was sent straight below 60K. Don’t come down too hard if I’m wrong; I’m only trying this with a small position myself.
$BTC $ETH #BTC #ETH
⚠️ This is not investment advice
Strive netted $509M in the third quarter, mainly from paper gains on its Bitcoin holdings. Meanwhile, BitFuFu and Bitdeer updated their hashrate figures, hinting at intensifying competition in crypto-market hardware.
Strive had a huge quarter. Its report explicitly states that $534 million in unrealized Bitcoin gains boosted its results—in other words, BTC’s price rise made it look much richer on paper. Revenue also jumped nearly 75%, mainly thanks to the merger with a new medical-device company. The company also sold some assets, resulting in a loss of $146.5 million. These figures come from BitDesk; they’re not made up.
Market impact
In the short term, Strive’s profit model shows that crypto hardware companies can make quick money just by hoarding coins, which could encourage competitors to keep piling on leverage to buy BTC. In the medium term, if mining rig profits become increasingly dependent on coin prices, the risk of mining-farm trouble rises—last time the hashrate crashed, BTC was sent straight below 60K. Don’t come down too hard if I’m wrong; I’m only trying this with a small position myself.
$BTC $ETH #BTC #ETH
⚠️ This is not investment advice
