Strive Posts $509 Million Quarterly Profit From Bitcoin Gains and Closes In on Second Place Among Corporate Holders

Strive, the bitcoin treasury company, reported third quarter net income of $509 million on Friday, and every dollar of it came from paper gains on its coins. Unrealized bitcoin gains topped $533.7 million, which works out to diluted earnings of $5.24 per share, while operating revenue was only about $2.7 million.

How Many Bitcoin Strive Holds Now

The firm bought 8,136 BTC during the quarter and finished September with 28,000. October brought another 15,124 BTC, lifting its total to 43,124 BTC, worth around $3.25 billion. That is the fourth biggest treasury among listed companies, behind Strategy, Metaplanet and Twenty One. It needs just 876 more coins to take second place, a goal CEO Matt Cole floated in September.

Strive ended October with $490.4 million in cash and about $50.1 million in Strategy’s STRC preferred shares. In October it raised roughly $609 million by selling SATS preferred stock and then opened a new $1 billion program for future sales.

Bitcoin Yield and Share Price Pressure

The company reported an 18.5% bitcoin yield, its measure of coin growth compared with shares outstanding. Cole wrote that bitcoin is the hurdle rate and credited per share growth for ASST’s outperformance against bitcoin this year. Even so, shares fell about 2% to $20.20 on Friday and are down over 31% in 30 days, while bitcoin lost around 12% and traded near $75,600.