Strive reported $509 million in third-quarter net income on November 6 and disclosed another 15,124 Bitcoin purchased between October 1 and October 30, sharply expanding its corporate treasury after the reporting quarter ended.

The company’s earnings announcement said it bought 8,136 BTC during the three months through September 30. The subsequent October purchases took its holdings to 43,124 BTC, according to its quarterly filing with the U.S. Securities and Exchange Commission. Those are holdings as of October 30, rather than a live November 7 balance.

Related reporting: Strive Adds 6,182 Bitcoin as Treasury Reaches 43,000 BTC

Bitcoin revaluation drives the profit

The quarter’s income included a $533.7 million unrealized gain on digital assets. Revenue was approximately $2.7 million, while operating expenses were $38.7 million. The comparison shows why the headline profit should be read alongside the Bitcoin revaluation: it was not $509 million of cash generated from selling products or collecting management fees.

The Block’s November 6 report also identified paper gains as the main earnings driver and said revenue came largely from investment advisory fees and the medical-device business acquired with Semler Scientific. It reported diluted earnings of $5.24 per common share.

The nine-month picture was different. Strive’s filing showed a net loss of roughly $14.5 million for the period through September 30 despite the profitable third quarter. Reading the quarterly and year-to-date figures separately avoids treating one strong valuation period as the result for the entire year.

October buying follows preferred-share financing

Strive paid an average of about $83,310 per Bitcoin for its October purchases, including fees and expenses, the filing said. By October 30 it also held $490.4 million in cash and cash equivalents and a $50.1 million position in Strategy’s STRC preferred stock.

The company completed an offering of seven million SATS preferred shares on October 20, raising approximately $609 million after underwriting discounts and commissions. Cointelegraph reported that SATS carries a 15% annual dividend rate and noted that Strive had not specified how much of those offering proceeds would be allocated to Bitcoin purchases.

Cointelegraph placed Strive fourth among publicly traded corporate Bitcoin holders using BitcoinTreasuries.NET data. That ranking is a dated comparison, since other treasury companies can change their positions too.

What the company’s Bitcoin Yield measures

Strive reported an 18.5% Bitcoin Yield for the third quarter. Its disclosure defines the measure as the percentage change in Bitcoin per share over a period. It is not interest paid on Bitcoin, operating income or a return earned by shareholders. The company also warns that the measure does not account for claims senior to common equity, including preferred-share rights.

Alongside treasury accumulation, Strive is evaluating opportunities in banking, brokerage, decentralized finance, reinsurance and tokenization. Chief risk officer Jeff Walton told Cointelegraph the company was examining traditional-finance activities with income and distribution less tied to crypto markets. Those comments describe potential expansion, not completed launches or assured revenue.

Prepared with AI assistance. The lead image is an AI-generated conceptual illustration, not a photograph of an actual event.