Strive Bought 15,124 Bitcoin in October at About $83,310 Each. How Much Is It Losing at $75,000?

In October 2026, Strive (NASDAQ:ASST) purchased 15,124 Bitcoin (CRYPTO:BTC) for around $83,310 per coin, as reported in its SEC filings on November 6. The buying lifted Strive’s total Bitcoin holdings to 43,124 BTC, up from 28,000 BTC at the end of September.

Since then, Bitcoin has dropped after a brief post-midterm jump faded. Bitcoin is trading at $75,720, unchanged over 24 hours and down 7.3% over the past month. At that price, each Bitcoin Strive bought in October is worth about $7,590, or 9.1% less than it paid. That leaves Strive with a paper loss of about $114.8 million on the 15,124 coins.

A paper loss is a drop in an asset’s value that hasn’t been sold, and it becomes a realized loss only if Strive sells the coins. Strive’s stock closed at $21.45 on November 6, down 3.4% from $22.20 on October 30. So can a treasury company, a public company that holds Bitcoin as its main asset, tell anyone where Bitcoin’s price goes next?

Strive’s $509 Million Profit Relies on Higher Bitcoin Valuations

Strive reported third-quarter net income of $509 million, or $5.24 per diluted share, under Generally Accepted Accounting Principles (GAAP). That profit came from a $533.7 million unrealized gain, the paper increase in value on Bitcoin it still holds, driven by a 43% rise in Bitcoin’s price during the third quarter.

Under fair-value accounting, Strive must revalue its Bitcoin at the end of each quarter and run the change through its earnings, so a profit can reverse fast. In the first quarter of 2026, for instance, Strive posted a net loss of $265.9 million after a $295.8 million fair-value decline in its Bitcoin. The drop in value of the October coins points to a paper hit in the fourth quarter as well.

Among Strive’s smaller businesses, Strive Asset Management oversaw more than $2.7 billion in client assets as of its first-quarter report. In that same quarter, Strive acquired Semler Scientific in an all-stock deal, adding about 5,048 BTC and a healthcare division named Clinivanta. These operations bring in revenue, but Bitcoin’s price swings largely decide whether Strive reports a profit or a loss.

To fund its Bitcoin buying, Strive has been selling shares, including SATA, a perpetual preferred stock with no maturity date that pays dividends ahead of common stockholders. Since June 16, SATA has paid daily cash dividends at a 13% annualized rate. Strive’s latest 10-Q, its quarterly SEC report, showed $490.4 million in cash on hand, and it listed the dividend obligation and dilution from new share sales as risks.

Chief Executive Matthew Cole, who has a vested interest in promoting Strive’s business model, said in the August earnings release that “Strive stands debt-free, with zero margin requirements, and zero encumbered Bitcoin.” That means Strive hasn’t pledged any of its Bitcoin as loan collateral, which protects it from forced sales if prices fall.

Strive Keeps Buying as Strategy Slows and Bitcoin Dips Below Break-Even

Strive’s buying stands out because the largest corporate holder of Bitcoin, Strategy Inc. (NASDAQ:MSTR | MSTR Price Prediction), has slowed its buying. Strategy held about 848,517 BTC on October 25 but bought only 811 BTC in its latest filing. It has also sold $432 million of Bitcoin in 2026 and may sell more to cover dividends, interest payments and buybacks.

Strategy’s executive chairman, Michael Saylor, said in the company’s third-quarter report that he believes Bitcoin is at the beginning of its next bull market. His company has the most at stake in that view, and it competes directly with Strive for the same investors. Strive also held a $48 million stake in Strategy’s STRC preferred stock as of August 7, which ties part of Strive’s balance sheet to its main competitor.

Treasury companies generally break even around $80,000, close to their average purchase price, and Bitcoin now trades below that level. It has also dipped under its 50-day moving average of $81,991, though it remains above its 200-day average of $73,197. When prices fall below break-even, treasury stocks usually start to lose their premium, the extra value investors pay above a company’s Bitcoin holdings, which makes it harder to raise money for new purchases.

Strive’s stock already trades for less than its Bitcoin is worth. The company’s market value is about $2.53 billion, against about $3.27 billion for its 43,124 BTC. So issuing new shares to buy more Bitcoin would dilute existing shareholders. Strive’s stock has fallen 28.8% from its October 1 close of $30.11, a squeeze recent treasury-stock buyers know well.

Strive’s disclosures limit its Bitcoin activity to its own balance sheet, and the company buys and holds. So each purchase adds demand only while it’s being made. The 15,124 October coins didn’t stop Bitcoin from falling 7.3% over the 30 days to November 7.

How Much Is Strive Losing, and Does Its Buying Help Bitcoin?

Strive is down about $114.8 million on its October purchases, and that buying gave Bitcoin’s price no lasting boost. Strive still gains more coins for any recovery. Its $490.4 million in cash lets it keep paying SATA’s 13% dividend without selling coins, fund more purchases if management chooses, and hold the October coins even if they stay underwater for months.

For the October purchases to break even, Bitcoin needs to climb back above $83,310, and Strive’s next holdings update is the clearest test. A count above 43,124 BTC means Strive is still buying below its October cost. A count below it would suggest Strive has started selling into the downturn, which could add supply to a market already trading below the $80,000 break-even.

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