In the third quarter, the company bought 8,136 BTC and closed it with 28,000 BTC. In October, it added 15,124 BTC at once. By the size of its holdings, Strive is now fourth among public companies - after Strategy, Metaplanet and Twenty One. It is 876 BTC short of second place.
All the profit is paper. Net income of $509 million and $5.24 earnings per share are made up of the revaluation of Bitcoin on the balance sheet: the unrealized gain on the coins exceeded $533.7 million. The company's own revenue is about $2.7 million, which is consulting fees and the medical devices business.
The purchases are financed by issuing securities. In October, Strive raised about $609 million through a SATS offering and announced a program to sell another $1 billion. At the end of October, there was $490.4 million in accounts plus about $50.1 million in STRC preferred shares from Strategy. The increase in holdings per share for the quarter was 18.5%.
The market pays for this with a discount: ASST shares lost about 2% on Friday to $20.20 and have fallen more than 31% in 30 days, while Bitcoin itself declined about 12% over the same period and trades around $75,600. Company head Matt Cole insists that since the start of the year ASST is still outperforming Bitcoin by more than 100%. In September, he said that finishing 2026 as the second-largest Bitcoin holder was "quite possible" - less than a thousand coins remain to that goal.
Were you watching corporations buy more on the dip?
A structure with access to a $1 billion offering calmly accumulates coins during a 12% monthly decline. A private trader rarely has such a margin of safety: with a couple of thousand on deposit, the same idea turns into nervously moving the stop. Prop trading works differently: you pay for selection, stay within loss limits and trade the company's notional for an agreed share of the result. It makes sense to understand how this scheme works before the next such pullback, not during it.