Strive, Inc. (ASST) · Nov 6, 2026 · Earnings
Beat — Diluted EPS $5.24 vs ~$3.07 consensus
Strive’s third-quarter earnings beat consensus on Bitcoin revaluation gains, while revenue missed and preferred financing increased senior claims.
Strive is now primarily a Bitcoin treasury and structured-finance platform, with its asset-management and medical-device operations secondary to the capital-raising-and-Bitcoin accumulation strategy. The company held 28,000 bitcoin at September 30, 2026, while continuing to fund purchases through preferred securities and other financing tools.
The headline earnings beat is real, but mostly mark-to-market rather than operating performance. Diluted EPS of $5.24 exceeded the published consensus of roughly $3.07, but $533.7 million of the quarter’s $544.0 million in investment gains came from unrealized digital-asset gains. The underlying business generated only $2.7 million of revenue against $38.7 million of operating expenses, including a $14.7 million medical-device intangible impairment.
| Metric | Q3 2026 | Q3 2025 / Consensus |
|---|---|---|
| Total revenue (Financial Statements) | $2.7M | ~$3.0M consensus |
| Digital-asset gain (Income Statement) | $533.7M | — |
| Net income (Income Statement) | $509.0M | $(192.3)M |
| Diluted EPS (Income Statement) | $5.24 | ~$3.07 consensus |
| Adjusted diluted EPS (Non-GAAP reconciliation) | $5.46 | — |
| Operating expenses (Income Statement) | $38.7M | — |
Revenue missed while the profit line was dominated by Bitcoin appreciation. Quarterly revenue of $2.696 million was below the roughly $3.0 million consensus, and nine-month revenue was just $8.4 million against $83.7 million of operating expenses. The filing therefore strengthens the case that Strive is being evaluated mainly as a Bitcoin treasury vehicle, not as a self-financing operating company.
Bitcoin accumulation advanced, but the financing structure is becoming more senior to common equity. Strive acquired 8,136 bitcoin in the quarter and another 15,124 bitcoin from October 1 through October 30, while the October SATS offering generated approximately $609 million of net proceeds. That supports the treasury strategy, but preferred-stock liquidation preference rose to $1.3 billion from $201.3 million at year-end, and preferred dividends reduced the amount attributable to common holders.
The non-GAAP framing does not change the nine-month picture. Adjusted net income attributable to common stockholders was $494.6 million in the quarter, but the nine-month adjusted result remained a $100.1 million loss after preferred dividends. The quarter was therefore a strong Bitcoin-mark-to-market period, not evidence that the broader business has reached sustainable profitability.
Bottom line: Strive beat EPS expectations because Bitcoin gains overwhelmed a revenue miss and sizable operating costs. The treasury strategy is expanding, but so are the preferred claims ahead of common equity, leaving the business story improved only modestly rather than fundamentally rewritten.
Fourth-quarter earnings report, early 2027
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