Strategy and Strive purchase $183M in Bitcoin amid $85K rally

Bitcoin treasury firms Strategy and Strive purchased roughly $183 million worth of BTC over the course of last week, benefiting from a market rebound that helped corporate balance sheets recover previous losses.

According to a regulatory filing released Monday, Strategy Inc.—the largest corporate holder of the cryptocurrency—acquired 950 BTC between Sept. 14 and Sept. 20 for $75.7 million, averaging $79,670 per coin. This transaction brought its total reserves back to 846,000 BTC, acquired at an aggregate cost of $63.8 billion, or $75,416 per token.

In a separate filing, Strive Inc. reported purchasing 1,355 BTC for $107.7 million between Sept. 14 and Sept. 18 at an average price of $79,475. This brought its total treasury holdings to 26,355 BTC, while cash and cash equivalents grew to $229.6 million over the same period.

Both companies executed these purchases below the prevailing market price. On Monday, the token climbed past $85,000 to reach its highest level since January, extending a nearly 30% recovery from its lows in August.

These acquisitions are notable because the wider corporate treasury trade has experienced a sharp slowdown. Data from a report published by Glassnode last week show that listed companies added approximately 5,900 BTC over the prior three months, a steep drop compared to the roughly 89,000 BTC accumulated during July 2025 alone.

Glassnode estimated that the sector’s average acquisition price sits near $80,500. When that report was issued, Bitcoin was trading below that mark, leaving the aggregate corporate treasury cohort underwater. However, Monday’s advance past $85,000 reversed that deficit, lifting the group above its estimated cost basis.

Strategy’s Bitcoin rebound collides with a capital-management pivot

For Strategy, the price rally carries significant accounting implications.

Bitcoin closed the second quarter at $58,714, a time when Strategy maintained its current holding of 846,000 BTC. That downturn drove an $8.32 billion loss on digital assets during the three months ending in June, which included $8.31 billion in unrealized losses.

Evaluated at $85,000, Strategy’s existing Bitcoin stack would be valued at approximately $71.9 billion—roughly $8.1 billion above its collective acquisition cost. Furthermore, its gross market value would sit more than $22 billion higher than the valuation of 846,000 BTC calculated at the June 30 closing price.

While that direct comparison does not equate precisely to Strategy’s eventual third-quarter accounting gain—owing to intermediate purchases and sales throughout the quarter, as well as the real-time recognition of fair-value adjustments—it highlights the magnitude of the balance-sheet shift driven by the cryptocurrency’s recovery.

Concurrently, Strategy has periodically redirected capital away from Bitcoin to manage the securities utilized to finance its treasury operations.

Last week, the firm repurchased 1.77 million shares of its variable-rate STRC preferred stock for $174 million. Additionally, it allocated $57.4 million from its dollar reserve toward preferred dividends and debt interest, leaving $5.04 billion in its reserve alongside $1.05 billion in separately designated cash as of Sept. 20.

For months, Strategy has worked to sustain STRC near its $100 par value via buybacks and modifications to its capital framework. In July, Chief Executive Phong Le noted that repurchasing the security below par can diminish future dividend obligations while fostering a stable market environment for the preferred shares.

With these latest moves, the company has now invested roughly $1.1 billion into STRC buybacks.

Consequently, the recent Bitcoin acquisition signifies a resumption of accumulation alongside—rather than in place of—active balance-sheet administration. Prior to this, Strategy had omitted Bitcoin purchases from its previous two weekly updates, holding 845,050 BTC as of Sept. 13.

Strive leans on preferred stock to keep accumulating

Meanwhile, Strive has maintained a steadier purchasing cadence for BTC while leaning heavily on its preferred stock offerings.

Its most recent purchase follows a 469-BTC acquisition the week prior and a 1,375-BTC purchase earlier in September. This extends a broader strategy that increasingly utilizes its SATA preferred stock to secure capital.

Strive announced that warrant exercises also began generating fresh capital last week, yielding roughly $21.2 million in gross proceeds. Combined with those funds, the firm stated that SATA has accounted for about 57.7% of all capital raised, underscoring how preferred equity has become foundational to financing its Bitcoin purchases.

The latest regulatory filing revealed that outstanding SATA shares increased by 786,194 over the week to reach 11.18 million, while Strive’s Class A share count grew by approximately 2.07 million.

This financial model is simpler to sustain when Bitcoin appreciates at a rate exceeding the cost of the securities deployed to fund it. Strive acquired its latest batch of BTC nearly $5,500 under Monday’s price level of roughly $85,000, though its broader treasury remains closer to its historical cost basis than Strategy’s.

The overarching question remains whether other corporate buyers will re-enter the market now that Bitcoin has surpassed the sector’s $80,500 cost basis.

Glassnode figures indicate that the treasury trade responsible for absorbing tens of thousands of Bitcoin monthly throughout 2025 has narrowed to a smaller cohort of aggressive buyers. While Strategy and Strive have resumed accumulation amid the price recovery, igniting the broader corporate demand seen last year would necessitate participation from companies currently on the sidelines.