WiremarketsBrief
Strive (ASST) Posts $474.8 Million Common Net Income as Bitcoin Yield Hits 63.2%
Strive posted $474.8M in Q3 net income to common holders, almost entirely a $533.7M unrealized bitcoin gain, and touted 103.
Brief
Strive posted common-shareholder profit of $474.8 million for the third quarter ended September 30, according to its earnings release. GAAP net income reached $509.0 million, and nearly all of that figure stemmed from a $533.7 million increase in the fair value of its digital asset holdings. Operating revenue was only $2.7 million. The company also said its Class A total return beat bitcoin by 103.7% year to date. Strive cited a 63.2% year-to-date bitcoin yield, which it defines as the percentage change in bitcoin per share. Holdings rose from 28,000 bitcoin on September 30 to 43,124 by October 30, and the company completed a registered sale of 7 million preferred shares, called SATS, that brought in about $609 million net. For the nine months, its loss to common stockholders totaled $88.4 million.
Why it matters: The results show that nearly all of the reported quarterly profit reflects fair-value accounting on bitcoin holdings rather than fee income.
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