Strive reported $474.8 million of net income attributable to common stockholders for Q3 ended Sept. 30, with GAAP net income of $509.0 million, or $5.24 per fully diluted share. Nearly all earnings came from a $533.7 million unrealized gain on digital assets. Operating revenue for the quarter was just $2.7 million.
The company claimed Class A total return outperformed bitcoin by 103.7% year to date through Sept. 30. Strive highlighted a year-to-date bitcoin yield of 63.2% and a bitcoin dollar gain of $9.00 per diluted share. Bitcoin yield, as Strive defines it, is the percentage change in bitcoin per share over a period, not a cash yield.
Strive acquired 8,136 bitcoin in Q3 at an average cost of about $78,885 and 20,373 bitcoin over the nine months ended Sept. 30. Another 15,124 coins followed between Oct. 1 and Oct. 30. Holdings stood at 28,000 bitcoin on Sept. 30 and 43,124 by Oct. 30. Digital assets at fair value were $2.34 billion on the Sept. 30 balance sheet.
Preferred dividends of $34.2 million in the quarter reduced the common net income figure from the GAAP profit. For the nine months ended Sept. 30, Strive posted a net loss attributable to common stockholders of $88.4 million. On Oct. 20, Strive closed a registered offering of 7 million shares of its 15% Series A perpetual preferred (SATS) for about $609 million in net proceeds.
Chairman and CEO Matthew Cole said the recent SATS issuance leaves Strive "never been in a better position to generate long-term returns in excess of Bitcoin for our common equity shareholders."
ASST stock closed at $20.59 on Thursday, down about 10% on the day. The stock sits roughly 29% below its level a year earlier near $29 and about 33% under its Oct. 21 local high of $30.75. Through Sept. 30, ASST had risen about 70% from the Jan. 2 close near $17.30 while bitcoin was down roughly 7% over the same window.