Strategy and Strive together bought approximately 183 million dollars worth of Bitcoin last week, totaling 2,305 coins.

Written by: Oluwapelumi Adejumo

Translated by: Chopper, Foresight News

With the rebound in Bitcoin prices leading to corporate balance sheet recovery, Bitcoin treasury companies Strategy and Strive together bought approximately 183 million dollars worth of Bitcoin last week.

According to regulatory documents disclosed on Monday, the world's largest Bitcoin corporate holder Strategy purchased 950 Bitcoins at an average price of 79,670 dollars from September 14 to 20, with a transaction amount of 75.7 million dollars. This purchase brought Strategy's Bitcoin holdings back to 846,000 coins, with a total purchase price of 6.38 billion dollars, an average cost of 75,416 dollars per coin.

Another company, Strive, bought 1,355 Bitcoins at an average price of 79,475 dollars from September 14 to 18, spending 107.7 million dollars, which raised its Bitcoin treasury size to 26,355 coins. During the same period, the company's cash and cash equivalents increased to 229.6 million dollars.

Both institutions' transaction prices were below the latest market price of Bitcoin. On Monday, Bitcoin surged to 86,000 dollars, the highest price since January of this year, rebounding 30% from the August low.

This purchase is particularly noteworthy because the overall corporate Bitcoin treasury buying frenzy has significantly cooled down. A report from blockchain analytics firm Glassnode last Monday showed that listed companies have collectively added only about 5,900 Bitcoins over the past three months; in contrast, in July 2025 alone, companies absorbed around 89,000 Bitcoins.

According to Glassnode, the average Bitcoin entry cost for corporate treasury companies is approximately 80,500 dollars. At the time of the report's release, the Bitcoin price was still below this cost line, indicating that the vast majority of holding companies were in an overall state of unrealized losses. However, on Monday, Bitcoin broke through 86,000 dollars, reversing the situation and bringing the entire corporate treasury sector back above the cost line, achieving overall unrealized gains.

Strategy's Bitcoin holdings rebound, capital management strategy shifts

This round of price rebound has a huge impact on Strategy's accounting results. At the end of the second quarter, the Bitcoin price was 58,714 dollars, and at that time, Strategy's Bitcoin holdings were also 846,000 coins. The price drop led to a digital asset loss of 8.32 billion dollars over the three months ending in June, with unrealized losses as high as 8.31 billion dollars. Currently, the value of these 846,000 Bitcoins exceeds 72 billion dollars, which is more than 8 billion dollars above the total purchase cost.

At the same time, part of Strategy's funds has been diverted to manage treasury-backed financing securities. Last week, the company spent 174 million dollars to repurchase its own STRC preferred stock; additionally, it withdrew 57.4 million dollars from its dollar reserves to pay for preferred stock dividends and debt interest. As of September 20, its dedicated dollar reserves remained at 5.04 billion dollars, along with a separately allocated flexible cash of 1.05 billion dollars.

Over the past few months, Strategy has continuously maintained its STRC preferred stock through repurchase operations and adjusted its capital framework. The company's CEO Phong Le stated in July that repurchasing the securities below par value can both reduce future dividend payment pressure and maintain reasonable market liquidity for preferred stock.

So far, Strategy has cumulatively invested approximately 1.1 billion dollars in the STRC repurchase program. Therefore, this latest Bitcoin repurchase represents the company's balancing act: managing financing tools on the balance sheet while restarting Bitcoin accumulation. In the weekly report disclosed two weeks ago, Strategy had no records of Bitcoin purchases, with holdings still at 845,050 Bitcoins on September 13.

Strive relies on preferred stock to continue increasing Bitcoin holdings

On the other hand, Strive continues to leverage preferred stock tools to acquire Bitcoin. After buying 469 Bitcoins last week and 1,375 Bitcoins at the beginning of September, the company made another recent acquisition, further solidifying its strategy of increasingly relying on SATA preferred stock for fundraising.

Strive stated that the exercise of warrants last week also brought in new capital, totaling approximately 21.2 million dollars. Including this capital, SATA preferred stock now accounts for 57.7% of the company's total financing scale. The latest filing shows that the number of circulating SATA shares increased by 786,194 shares, while Class A common shares increased by about 2.07 million shares.

The sustainability of this financing model depends on whether Bitcoin's price increase can outperform the capital costs associated with the issued securities. The newly acquired Bitcoins by Strive were purchased at prices nearly 6,500 dollars lower than the market price of around 86,000 dollars on Monday; however, the overall treasury holdings are not significantly distanced from historical average entry costs, leaving limited unrealized gains.

Now that Bitcoin has reached an average cost line of 80,500 dollars for corporate groups, a key question arises: will other observing corporate treasury buyers follow Strategy and Strive to re-enter the market for purchases?

Data from Glassnode shows that the corporate treasury market, which once absorbed tens of thousands of Bitcoins monthly, is now highly concentrated in the hands of a few aggressive buyers. Although Strategy and Strive have resumed buying after price warming, replicating the corporate-level purchasing demand of 2025 will require more observing companies to join in.