Bitcoin treasury firm Strive, co-founded by Vivek Ramaswamy, ended the quarter with a profit driven almost entirely by the mark-to-market value of its BTC stack, as shown in its third quarter 2026 earnings release.

The company booked $533.7M in net unrealized gains on digital assets in Q3, against total revenue of just $2.7M for the same period. Digital assets on the balance sheet reached $2.34B at fair value as of September 30.

Strive bought 8,136 BTC in Q3, then another 15,124 BTC between October 1 and October 30, more than in the whole quarter.

The buying was funded in part by a 7M share offering of SATS preferred stock that closed on October 20 with about $609M in net proceeds. Because the profit is unrealized, a lower bitcoin price would reverse it in coming quarters.