Strive announced $474.8 million in net income attributable to common stockholders for the third quarter ending September 30, releasing the figures on Friday alongside claims that its Class A total return outpaced bitcoin by 103.7% year-to-date through that same date.
GAAP net income reached $509.0 million, translating to $5.24 per share on a fully diluted basis. The vast majority of this figure stemmed from a $533.7 million unrealized gain on digital assets marked to fair value. Because operating revenue for the quarter totaled just $2.7 million, the earnings are driven by the treasury’s valuation rather than fee-based business operations.
In a post on X highlighting this outperformance, Strive also pointed to a year-to-date bitcoin yield of 63.2% and a bitcoin dollar gain of $9.00 per assumed diluted share outstanding, both calculated through September 30. Chairman and CEO Matthew Cole attributed these metrics to the stock’s performance relative to the digital asset.
“Strive has continued to successfully execute on its treasury management strategy, delivering a strong bitcoin yield year to date in 2026, which I believe is the primary driver of our common equity’s outperformance relative to Bitcoin so far this year,” Cole stated in the earnings release.
Bitcoin yield, buys and the preferred stack
Strive defines bitcoin yield as the percentage change in bitcoin per share over a specific timeframe, rather than a cash yield. By this metric, the company registered 18.5% in the third quarter alone and 19.3% from October 1 through October 30, following the debut of the SATS preferred shares.
During the third quarter, Strive purchased 8,136 bitcoin at an average price of approximately $78,885, bringing its nine-month total to 20,373 bitcoin as of September 30. An additional 15,124 coins were acquired between October 1 and October 30. Total holdings reached 28,000 bitcoin on September 30 and climbed to 43,124 by October 30, maintaining Strive’s position among the largest corporate treasuries following consistent multi-thousand-coin acquisitions and smaller weekly additions, though still trailing Strategy.
Digital assets recorded at fair value totaled $2.34 billion on the September 30 balance sheet. By October 30, cash reserves had increased to $490.4 million, and Strive continued to hold Strategy’s variable-rate STRC preferred stock, which had a fair value of roughly $50.1 million.
Perpetual preferred shares primarily funded these acquisitions. On October 20, Strive finalized a registered offering of 7 million shares of its 15% Series A perpetual preferred stock (SATS), securing approximately $609 million in net proceeds. Preferred dividends of $34.2 million during the quarter reduced the $509.0 million GAAP profit down to the $474.8 million common stock figure.
Examining the nine-month GAAP data reveals a different trend. For the nine-month period ending September 30, Strive reported a net loss attributable to common stockholders of $88.4 million. While the third-quarter profit is valid under fair-value accounting rules, it remains concentrated within a single mark-to-market line.
What ASST stock has done over the past year
ASST shares have not moved in direct alignment with the company’s bitcoin-yield metrics. The stock closed Thursday at $20.59, marking a roughly 10% daily decline, and traded near $20.70 early Friday. This places the stock about 29% lower than its value from the previous year—when Yahoo Finance recorded a close near $29—and roughly 33% below its local high of $30.75 reached on October 21.
Data from Yahoo Finance shows a 52-week trading range between $7.02 and $34.40. Year-to-date, the price progressed from a January 2 close near $17.30 into the mid-$20s, representing a gain of about 20%, with a February low near the 52-week floor and a September rally pushing toward $30. Through September 30—the end of the period cited in Strive’s outperformance metric—ASST had advanced roughly 70% from its January close, while bitcoin declined approximately 7% over the same timeframe according to Yahoo Finance data, establishing a substantial gap even before factoring in the company’s proprietary total-return methodology.
The broader historical chart reflects the volatility of 2025, when Asset Entities served as the public shell for Strive’s bitcoin-treasury reverse merger, causing the share price to spike into triple digits on weekly closes before retreating. Investors who held shares through that transition experienced a trajectory distinct from the positive year-to-date relative-return figures featured at the beginning of Friday’s announcement.
Cole remarked that the recent SATS issuance leaves Strive “never been in a better position to generate long-term returns in excess of Bitcoin for our common equity shareholders.” Moving forward, ASST must demonstrate whether ongoing quarterly bitcoin yields and preferred-funded purchases can reestablish the performance gap against bitcoin, particularly after a year where the stock trades significantly below its levels from twelve months ago despite treasury holdings expanding past 30,000 and subsequently 40,000 bitcoin.
Frequently Asked Questions
What was Strive’s net income for Q3?
Strive reported $474.8 million in net income attributable to common stockholders for the third quarter ended September 30, alongside a GAAP net income of $509.0 million.
How many bitcoin does Strive hold?
Strive held 28,000 bitcoin on September 30, which increased to 43,124 bitcoin by October 30 after additional purchases.
What is Strive’s bitcoin yield?
Strive defines bitcoin yield as the percentage change in bitcoin per share over a specific period. The company reported a year-to-date bitcoin yield of 63.2% through September 30.
How did Strive fund its bitcoin purchases?
The acquisitions were largely funded through perpetual preferred shares, including a registered offering of 7 million shares of its 15% Series A perpetual preferred (SATS) that generated about $609 million in net proceeds.
