Strive Earns $474.8M on Bitcoin Gains, But Stock Still Down for Year

Strive posted a big quarterly profit from rising Bitcoin value, yet its stock trades 29% below last year's level.

A company that mostly holds Bitcoin just reported a big profit — but there's a catch. Strive, which trades under the ticker ASST, announced it earned $474.8 million in net income (total profit after costs) for common shareholders in the three months ending September 30.

Here's the key thing to understand: almost all of that profit didn't come from selling products or services. It came from the rising value of the Bitcoin the company owns. This is called an *unrealized gain* (profit on paper, because they haven't actually sold anything). The company's actual business brought in just $2.7 million in revenue.

Key numbers:

$509 million GAAP net income (official accounting profit), of which $533.7 million was from Bitcoin rising in value
28,000 Bitcoin held on Sept. 30, growing to 43,124 by Oct. 30
Bitcoin bought in Q3 at about $78,885 each on average
$2.34 billion worth of digital assets on the balance sheet

Strive brags that its "Bitcoin yield" hit 63.2% this year. But this isn't cash in your pocket — it simply means the amount of Bitcoin backing each share grew by that percentage.

The important twist: Over the full nine months of the year, Strive actually posted a net loss of $88.4 million. The big quarterly profit depends heavily on one line — the paper value of Bitcoin going up and down.

To buy all that Bitcoin, Strive raised money by selling *preferred stock* (a special type of share that pays fixed dividends). It paid out $34.2 million in dividends, which is why the profit dropped from $509 million to $474.8 million for regular shareholders.

What about the stock itself? Despite the glowing numbers, ASST shares closed at $20.59, roughly 29% lower than a year ago. The stock had a wild ride in 2025, spiking into triple digits then crashing.

The bottom line: Strive's profits rise and fall with Bitcoin's price. The company says it's well-positioned to beat Bitcoin's returns, but investors are still waiting for the stock to recover.

This is an AI-generated summary. Read the original article at: https://bitcoinmagazine.com/news/strive-asst-posts-474-8m-common-net-income