Strive Buys 15,124 Bitcoin in October, Posts $509 Million Q3 Profit

Author: Crypffalo Research · 03:54 07/11/2026

Strive bought 15,124 BTC in October, lifting its holdings to 43,124 BTC, just 390 BTC behind Twenty One Capital. Q3 net income hit $509 million, driven by unrealized bitcoin gains.

Strive Buys 15,124 Bitcoin in October, Posts $509 Million Q3 Profit

Bitcoin treasury firm Strive (ASST) bought 15,124 BTC in October, according to its third-quarter report released on Nov 6. Its total holdings reached 43,124 BTC as of Oct 30.

The company also reported $509 million in Q3 net income. Most of that came from $533.7 million in unrealized gains on its bitcoin.

Key takeaways

Purchases: 15,124 BTC in October and 35,497 BTC over the first 10 months of 2026.
Holdings: 43,124 BTC, ranking fourth among public companies per BitcoinTreasuries.NET.
The gap: 390 BTC behind third-place Twenty One Capital and 877 BTC short of overtaking Metaplanet's 44,000 BTC.
Funding: About $609 million in net proceeds from its SATS perpetual preferred stock, which pays a 15% annual dividend.
Stock: ASST fell 1.97% to $20.19 in early Friday trading, down more than 32% over the past month.

Strive steps up its buying

October alone accounted for more than 40% of what Strive bought in the first 10 months of the year. The buying came during a volatile stretch for bitcoin.

In September, CEO Matt Cole said Strive could become the second-largest public corporate bitcoin holder by year-end. He acknowledged that was not his base case.

Strive closes in on the top-3 corporate bitcoin holders

A mostly paper profit

The $509 million profit is largely unrealized, marked to bitcoin's price at quarter-end. BTC now trades near $75,800; if it ends Q4 below its Q3 close, the company could book paper losses.

Strive has not said how much of the $609 million SATS raise will go to bitcoin. It is also exploring banking, brokerage, DeFi, reinsurance and tokenization, without giving specific plans or timelines.

SATS preferred: capital at a steep cost

SATS is a perpetual preferred stock, meaning it never matures but carries a 15% annual dividend. On roughly $609 million raised, that is a sizable fixed cost every year.

The structure echoes how Strategy (formerly MicroStrategy) has used several classes of preferred shares to fund bitcoin buys. The difference is the high 15% coupon, which needs strong bitcoin gains to cover the cost of capital.

Meanwhile, ASST shares have dropped more than 32% in a month. That suggests investors are growing more cautious on treasury companies as the crypto market weakens.

What it means for crypto markets

Strive's buying shows corporate demand has not disappeared, even as spot bitcoin ETFs log several days of outflows. Still, 15,124 BTC in a month is not enough to offset recent ETF selling and derivatives liquidations.

Bull case: Strive and other treasury firms keep raising capital to buy, providing support on dips.
Risk case: A sliding ASST share price makes new raises harder, while the 15% SATS dividend becomes a heavier burden if BTC stays weak.

Raising capital to buy bitcoin works well in a rising market, but the risks grow quickly in a downturn.

What to watch next

Whether Strive announces more buys to pass Twenty One Capital and Metaplanet.
Further purchases from Strategy and Metaplanet.
Bitcoin ETF flows and real-time liquidations next week.

Frequently Asked Questions

What is Strive?

Strive is a US-listed company (ASST) running a treasury model, using raised capital to accumulate bitcoin on its balance sheet.

Why was Strive's Q3 profit so large?

Mainly because bitcoin's price rise produced $533.7 million in unrealized gains, not core business revenue.

Is Strive the largest corporate bitcoin holder?

No. Strategy remains far ahead with more than 849,000 BTC, while Strive sits fourth, in a tight race with Twenty One Capital and Metaplanet.

*This content is for information only and is not financial advice.*

Tags: Bitcoin, Strive, Treasury, Institutions

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