Bitcoin treasury firms Strategy and Strive collectively purchased roughly $183 million in BTC last week, as a renewed cryptocurrency rally helped corporate balance sheets recover previous losses.
Between Sept. 14 and Sept. 20, Strategy Inc.—the largest corporate holder of Bitcoin—bought 950 BTC for $75.7 million at an average price of $79,670, according to a regulatory filing released Monday. This transaction brought its total holdings back to 846,000 BTC, which were acquired for an aggregate $63.8 billion at an average cost of $75,416.
In a separate acquisition between Sept. 14 and Sept. 18, Strive Inc. purchased 1,355 BTC for $107.7 million at an average price of $79,475, bringing its treasury holdings to a total of 26,355 BTC. Over the same timeframe, the company’s cash and cash equivalents grew to $229.6 million.
Both companies made these acquisitions below Bitcoin’s prevailing market price. On Monday, the token climbed past $85,000 to reach its highest point since January, building upon a nearly 30% recovery from its August lows.
These purchases are notable because broader corporate treasury accumulation has experienced a steep slowdown. A report published last week by Glassnode revealed that listed companies added only about 5,900 BTC over the preceding three months, a stark contrast to the roughly 89,000 BTC gathered during July 2025 alone.
Glassnode estimated that the sector’s average acquisition price sits at approximately $80,500. When that report was released, Bitcoin remained below that critical threshold, leaving the broader corporate cohort in an underwater position. Monday’s breakout above $85,000 successfully reversed that trend, pushing the group back above its estimated cost basis.
Strategy’s Bitcoin rebound collides with a capital-management pivot
For Strategy, this price surge carries significant accounting ramifications.
Bitcoin concluded the second quarter trading at $58,714, at which point Strategy maintained its current tally of 846,000 BTC. This downturn fueled an $8.32 billion loss on digital assets throughout the three months ending in June, a figure that included $8.31 billion in unrealized losses.
At an $85,000 valuation, Strategy’s active Bitcoin portfolio is worth approximately $71.9 billion, putting it roughly $8.1 billion above its combined acquisition cost. Furthermore, its gross market value sits more than $22 billion above the valuation of those 846,000 BTC calculated at the June 30 closing price.
While this comparison does not directly dictate Strategy’s eventual third-quarter accounting gains—given that the company bought and sold Bitcoin throughout the quarter and recognizes fair-value shifts as they materialize—it underscores the immense magnitude of the balance-sheet swing driven by the market rebound.
Simultaneously, Strategy has occasionally redirected capital away from Bitcoin to manage the securities utilized in funding its treasury.
Last week, the firm spent $174 million to repurchase 1.77 million shares of its variable-rate STRC preferred stock. It also deployed an additional $57.4 million from its dollar reserve to cover preferred dividends and debt interest. Consequently, its reserve balance stood at $5.04 billion alongside $1.05 billion in separately designated cash as of Sept. 20.
For months, Strategy has utilized buybacks and structural framework adjustments to keep STRC trading near its $100 par value. In July, Chief Executive Phong Le noted that repurchasing the security below par can minimize future dividend obligations while reinforcing a stable market for the preferred shares.
The firm has now allocated approximately $1.1 billion toward STRC buybacks since initiating these efforts.
Consequently, this latest Bitcoin purchase signifies a return to accumulation operating alongside, rather than replacing, ongoing balance-sheet adjustments. Strategy had logged zero Bitcoin acquisitions across its previous two weekly updates, holding 845,050 BTC as recently as Sept. 13.
Strive leans on preferred stock to keep accumulating
Meanwhile, Strive has maintained a steadier purchasing cadence for BTC while depending heavily on its preferred stock offerings.
Its newest purchase follows a 469-BTC acquisition from the prior week and a 1,375-BTC purchase executed earlier in September, furthering a strategy that increasingly leverages its SATA preferred stock to generate capital.
Strive noted that warrant exercises also began producing fresh capital last week, yielding roughly $21.2 million in gross proceeds. Factoring in those inflows, the company reported that SATA has driven about 57.7% of its total raised capital, highlighting the foundational role preferred equity plays in funding its Bitcoin acquisitions.
According to the latest regulatory filing, outstanding SATA shares grew by 786,194 over the week to reach 11.18 million, while Strive’s Class A share count expanded by approximately 2.07 million.
This funding model becomes increasingly sustainable when Bitcoin appreciates at a pace exceeding the cost of the securities deployed to purchase it. Strive acquired its latest batch of BTC nearly $5,500 below Monday’s $85,000 valuation, though its broader treasury remains closer to its historical acquisition cost compared to Strategy’s holdings.
The overarching question is whether other corporate buyers will re-enter the market now that Bitcoin has surpassed the $80,500 sector cost basis.
Glassnode data indicates that the treasury trade responsible for absorbing tens of thousands of Bitcoin monthly throughout 2025 has concentrated among a smaller, highly aggressive cohort of buyers. While Strategy and Strive are ramping up purchases amid rising prices, reviving the corporate demand levels seen last year will necessitate participation from companies currently on the sidelines.
Frequently Asked Questions
- How much Bitcoin did Strategy and Strive buy last week? Strategy and Strive bought a combined total of about $183 million in Bitcoin last week.
- What was Strategy’s total Bitcoin holding following its latest purchase? Strategy acquired 950 BTC, bringing its total holdings back to 846,000 BTC.
- How many Bitcoin does Strive hold in its treasury? Strive’s treasury stands at 26,355 BTC following its purchase of 1,355 BTC.
- What is the estimated average acquisition price for the broader corporate treasury sector? Glassnode estimated the sector’s average acquisition price to be roughly $80,500.
- How did Strategy finance its preferred stock buybacks? Strategy repurchased 1.77 million shares of STRC preferred stock for $174 million and used $57.4 million from its dollar reserve for preferred dividends and debt interest.
