Strive, Inc. (Nasdaq: ASST) has reported $508.0 million in net income for the third quarter of 2026, its first profitable quarter, with the result driven almost entirely by unrealized gains on the Bitcoin the company has been stockpiling for roughly a year.

Strive announced the results in a press release published Friday, November 6, a sharp reversal from the trend shown in its previous reports. The company lost $257.6 million in the second quarter, when a drop in Bitcoin’s fair value wiped out most of the balance sheet, according to its August 10 earnings release. What flipped the number this time was the same mechanism working in the opposite direction.

A profit built on paper Bitcoin gains

The third-quarter statement shows that $533.7 million of the $544 million recorded in investment gains came from unrealized gains on digital assets. That dynamic follows from the fair-value accounting rules that govern corporate digital asset holdings, under which companies mark their Bitcoin to market each reporting period and run the change through net income whether or not any coins are sold. The operating business was small by comparison: actual operating revenue of $2.7 million was split between $1.6 million in investment advisory fees and $1.1 million in medical device sales, the business left over from Strive’s Semler Scientific operations.

Operating expenses ran to $38.7 million, including a $14.65 million impairment on medical device research assets. When those expenses are deducted, the quarter still lands at $508.0 million in net operating income.

On a per-share basis, Strive reported GAAP earnings of $5.24 per fully diluted share. Non-GAAP adjusted net income attributable to common stockholders came to $494.6 million, or $5.46 per diluted share, after $34.2 million in preferred dividends, per the company’s SEC filing.

A year of near-weekly Bitcoin buying

Strive has been accumulating BTC nearly every week this year at a pace matched by few companies worldwide. It bought 8,136 BTC during the third quarter alone and 20,373 BTC across the first nine months of 2026, before adding another 15,124 BTC between October 1 and October 30.

The cadence follows the corporate treasury model Strategy pioneered, in which a public company raises equity and preferred capital to fund recurring Bitcoin purchases, an approach since adopted by other listed holders such as Metaplanet and Twenty One Capital.

The company’s reported Bitcoin yield, the metric management uses to track accumulation per share, was 18.5% for the quarter and 63.2% year-to-date through September. The October buying alone carried a 19.3% yield.

As of November 2, Strive’s holdings had reached 43,124 BTC, worth approximately $3.3 billion. That makes it the fourth-largest public corporate Bitcoin holder behind Strategy, Metaplanet, and Twenty One Capital. Its carried digital assets stood at $2.34 billion at the close of the quarter.

$609 million raised through the SATS offering

The purchases have been funded through preferred stock. On October 20, Strive closed a public offering of 7 million shares of its 15.00% SATS preferred stock for net proceeds of about $609.0 million, listing the security on the Nasdaq Global Market under the ticker SATS. Preferred shares of this kind carry a stated distribution senior to common stock, so the 15.00% rate represents a fixed, recurring cost that does not fluctuate with Bitcoin’s price.

That cash shows up on the balance sheet. As of October 30, Strive, which became a publicly traded treasury company in 2025 following a merger, held $490.4 million in cash and equivalents, plus a $50.1 million position in Strategy Inc. preferred stock.

In a statement, CEO Matthew Cole tied the quarter’s result to the accumulation push. “Strive has continued to successfully execute on its treasury management strategy, delivering a strong bitcoin yield year to date,” he said.

Strive also said it is weighing moves into banking, brokerage, decentralized finance, reinsurance, structured asset-backed securities, and tokenization, though it gave no timeline for any of these moves. The near-term markers to watch are the company’s own disclosures: further purchase announcements, quarterly filings that re-mark the treasury to market, and any first steps toward the financial-services businesses it has named.