Strategy and Strive Buy $183 Million in Bitcoin as $85,000 Rally Revives Treasury Trade
Bitcoin treasury firms return to buying as price recovers
Strategy and Strive together purchased about $183 million worth of Bitcoin last week, adding 2,305 BTC, as the cryptocurrency's rebound above $85,000 revived interest in corporate treasury accumulation. The two firms bought below the current market price during a rally that lifted Bitcoin to its highest level since January, marking a recovery of nearly 30% from August lows.
Key numbers
- Strategy acquired 950 BTC for $75.7 million between Sept. 14 and Sept. 20 at an average price of $79,670, bringing its holdings to 846,000 BTC.
- Strive bought 1,355 BTC for $107.7 million at an average price of $79,475 between Sept. 14 and Sept. 18, bringing its treasury to 26,355 BTC.
- Listed companies added roughly 5,900 BTC over the past three months, compared with about 89,000 BTC accumulated in July 2025 alone, according to Glassnode.
What the filings show
Strategy's regulatory filing, submitted Monday, showed that its 846,000 BTC were acquired for a total of $63.8 billion at an average cost of $75,416 per coin. The company had reported no Bitcoin purchases in its previous two weekly updates and held 845,050 BTC as recently as Sept. 13.
Strive's filing covered purchases made between Sept. 14 and Sept. 18. The company also reported that cash and equivalents rose to $229.6 million over the same period. Strive's latest purchase followed a 469-BTC acquisition the prior week and a 1,375-BTC buy earlier in September.
The broader corporate treasury picture
According to Glassnode, the sector's average acquisition price stands at roughly $80,500. Bitcoin had been below that threshold when the firm published its report, leaving the aggregate corporate treasury cohort underwater. Monday's move through $85,000 reversed that position and pushed the group back above its estimated cost basis.
Despite Monday's buying, the broader corporate treasury trade has slowed sharply. Listed-company accumulation of about 5,900 BTC over three months remains far below the roughly 89,000 BTC added in July 2025 alone, testing whether other corporate buyers will return.
Strategy's balance-sheet rebound and capital management
Bitcoin ended the second quarter at $58,714, when Strategy held the same 846,000 BTC it holds today. That decline contributed to an $8.32 billion loss on digital assets during the three months through June, including $8.31 billion in unrealized losses. At $85,000, Strategy's holdings would be worth about $71.9 billion, roughly $8.1 billion above their aggregate acquisition cost.
Strategy has also been directing capital toward managing its securities. The company repurchased 1.77 million shares of its variable-rate STRC preferred stock for $174 million last week and used another $57.4 million from its dollar reserve for preferred dividends and debt interest. As of Sept. 20, it held $5.04 billion in reserve and $1.05 billion in separately designated cash. The firm has now spent roughly $1.1 billion on STRC buybacks since CEO Phong Le said in July that repurchasing the security below par can reduce future dividend obligations.
Strive's preferred stock financing model
Strive has increasingly relied on its SATA preferred stock to raise capital for Bitcoin purchases. Warrant exercises generated about $21.2 million in gross proceeds last week, and including those funds, SATA accounted for roughly 57.7% of total capital raised. SATA shares outstanding rose by 786,194 during the week to 11.18 million, while Strive's Class A share count increased by about 2.07 million.
Strive's latest Bitcoin purchase was made almost $5,500 below Monday's roughly $85,000 price, though its overall treasury remains closer to its historical acquisition cost than Strategy's. The company's financing model becomes easier to sustain when Bitcoin rises faster than the cost of the securities used to acquire it.
What remains unclear
Whether the broader corporate treasury trade will meaningfully recover remains uncertain. While Monday's price recovery pushed the aggregate sector above its estimated cost basis, the pace of listed-company accumulation has slowed dramatically compared with mid-2025 levels.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.
Related Posts
Real Trump Coins Disavows GOLD Token and Blames Third-Party Hackers
Canada's Six Major Banks Launch Tokenized Deposit Initiative
Bitcoin's $80,000 surge driven by short covering, not new leverage
Friend Token Surges After Machi Big Brother Offers $1 Million for Friend.tech
