Attempt reported $474.8 million of internet revenue attributable to frequent stockholders for the third quarter ended Sept. 30, a print that arrived Friday alongside an organization declare that Class A complete return had outperformed bitcoin by 103.7% yr thus far by way of the identical date.
GAAP internet revenue was $509.0 million, or $5.24 a share on a totally diluted foundation. Nearly all of that got here from a $533.7 million unrealized acquire on digital property marked to truthful worth. Working income for the quarter was simply $2.7 million, so the earnings line is a treasury mark, not a price enterprise.
In a post on X that led with the outperformance determine, Attempt additionally highlighted a year-to-date bitcoin yield of 63.2% and a bitcoin greenback acquire of $9.00 per assumed diluted share excellent, each measured by way of Sept. 30. Chairman and CEO Matthew Cole tied these metrics to the inventory’s relative displaying in opposition to the asset.
“Attempt has continued to efficiently execute on its treasury administration technique, delivering a robust bitcoin yield yr thus far in 2026, which I imagine is the first driver of our frequent fairness’s outperformance relative to Bitcoin to date this yr,” Cole said within the earnings launch.
Bitcoin yield, buys and the popular stack
Bitcoin yield, as Attempt defines it, is the share change in bitcoin per share over a interval — not a money yield. On that measure the corporate posted 18.5% within the third quarter alone and 19.3% from Oct. 1 by way of Oct. 30, after the SATS preferred debut.
Attempt acquired 8,136 bitcoin within the third quarter at a mean price of about $78,885 and 20,373 bitcoin over the 9 months ended Sept. 30. One other 15,124 cash adopted between Oct. 1 and Oct. 30. Holdings stood at 28,000 bitcoin on Sept. 30 and 43,124 by Oct. 30, retaining Attempt among the many largest public company stacks after current multi-thousand-coin buys and smaller weekly provides that still trailed Strategy.
Digital property at truthful worth had been $2.34 billion on the Sept. 30 steadiness sheet. Money had risen to $490.4 million by Oct. 30, and Attempt nonetheless held Technique’s variable-rate STRC most popular with a good worth of about $50.1 million.
The capital stack that funded the buys is usually perpetual preferreds. On Oct. 20 Attempt closed a registered providing of seven million shares of its 15% Collection A perpetual most popular (SATS) for about $609 million in internet proceeds. Most well-liked dividends of $34.2 million within the quarter are what turned the $509.0 million GAAP revenue into the $474.8 million frequent determine.
Strip the story to nine-month GAAP and the image flips. For the 9 months ended Sept. 30, Attempt posted a internet loss attributable to frequent stockholders of $88.4 million. The third-quarter revenue is actual beneath fair-value accounting, however it’s concentrated in a single mark-to-market line.
What ASST inventory has accomplished over the previous yr
ASST itself has not moved in a straight line with the corporate’s bitcoin-yield scoreboard. Shares closed at $20.59 on Thursday, down about 10% on the day, and traded close to $20.70 early Friday. That leaves the inventory roughly 29% beneath its stage a yr earlier, when Yahoo Finance knowledge put the shut close to $29, and about 33% beneath its Oct. 21 native excessive of $30.75.
The 52-week vary on Yahoo Finance runs from $7.02 to $34.40. Yr thus far, the value path from the Jan. 2 shut close to $17.30 into the mid-$20s is a acquire of roughly 20%, with a February low close to the 52-week flooring and a September push again towards $30. By way of Sept. 30 — the cutoff on Attempt’s outperformance declare — ASST had risen about 70% from that January shut whereas bitcoin was down roughly 7% over the identical window on Yahoo Finance knowledge, a large hole even earlier than the corporate’s personal total-return methodology.
The longer chart nonetheless carries the scar of 2025, when Asset Entities turned the general public shell for Attempt’s bitcoin-treasury reverse merger and the share worth spiked into triple digits on weekly closes earlier than collapsing. Buyers who held by way of that conversion noticed a distinct journey than the tidy year-to-date relative-return determine Attempt put on the high of Friday’s word.
Cole mentioned the current SATS issuance leaves Attempt “by no means been in a greater place to generate long-term returns in extra of Bitcoin for our frequent fairness shareholders.” The take a look at for ASST from right here is whether or not one other quarter of bitcoin yield and preferred-funded buys can reopen the hole to bitcoin after a yr during which the inventory nonetheless sits nicely beneath the place it traded twelve months in the past, even because the treasury has climbed past 30,000 then 40,000 bitcoin.
