Strategy and Strive buy $183 million in Bitcoin as $85,000 rally revives treasury trade

Bitcoin treasury companies Strategy and Strive bought about $183 million of BTC last week as the cryptocurrency’s rebound helped corporate balance sheets recover losses.

Strategy Inc., the largest corporate holder of Bitcoin, acquired 950 BTC for $75.7 million between Sept. 14 and Sept. 20 at an average price of $79,670, according to a regulatory filing Monday. The purchase returned its holdings to 846,000 BTC, acquired for a total of $63.8 billion at an average cost of $75,416.

Strive Inc. separately bought 1,355 BTC for $107.7 million at an average price of $79,475 between Sept. 14 and Sept. 18, taking its treasury to 26,355 BTC. Cash and equivalents rose to $229.6 million over the same period.

Both purchases were made below Bitcoin’s latest market price. The token surged above $85,000 Monday, its highest level since January, extending a recovery of almost 30% from its August lows.

The buying stands out because the broader corporate treasury trade has slowed sharply. Listed companies added about 5,900 BTC over the past three months, Glassnode said in a report last week. That compares with roughly 89,000 BTC accumulated in July 2025 alone.

Glassnode estimated the sector’s average acquisition price at roughly $80,500. Bitcoin was still below that threshold when the firm published its report, leaving the aggregate corporate treasury cohort underwater. Monday’s move through $85,000 has reversed that position and pushed the group back above its estimated cost basis.

For Strategy, the rally has particularly large accounting consequences.

Bitcoin ended the second quarter at $58,714, when Strategy held the same 846,000 BTC it does today. The decline contributed to an $8.32 billion loss on digital assets during the three months through June, including $8.31 billion of unrealized losses.

At $85,000, Strategy’s current Bitcoin holdings would be worth about $71.9 billion, roughly $8.1 billion above their aggregate acquisition cost. Their gross market value would also stand more than $22 billion above the value of 846,000 BTC at the June 30 closing price.

That comparison does not translate directly into Strategy’s eventual third-quarter accounting gain because the company bought and sold Bitcoin during the quarter and fair-value changes are recognized as they occur. Still, it illustrates the scale of the balance-sheet swing created by Bitcoin’s rebound.

Strategy has also been directing capital away from Bitcoin at times to manage the securities used to finance its treasury.

The company repurchased 1.77 million shares of its variable-rate STRC preferred stock for $174 million last week. It used another $57.4 million from its dollar reserve for preferred dividends and debt interest, leaving $5.04 billion in its reserve and $1.05 billion of separately designated cash as of Sept. 20.

Strategy has spent months trying to keep STRC near its $100 par value through buybacks and changes to its capital framework. Chief Executive Phong Le said in July that repurchasing the security below par can reduce future dividend obligations while supporting what the company considers a sustainable market for the preferred shares.

Since then, the firm has now spent roughly $1.1 billion on STRC buybacks.

The latest Bitcoin purchase therefore marks a return to accumulation alongside, rather than instead of, that balance-sheet management. Strategy had reported no Bitcoin purchases in the previous two weekly updates and held 845,050 BTC as recently as Sept. 13.

Meanwhile, Strive has continued buying BTC more consistently while relying on its preferred stock.

Its latest purchase followed a 469-BTC acquisition the previous week and a 1,375-BTC purchase earlier in September, extending a strategy that has increasingly relied on its SATA preferred stock to raise capital.

Strive said warrant exercises also began generating fresh capital last week, producing about $21.2 million in gross proceeds. Including those funds, the company said SATA has accounted for about 57.7% of the total capital it has raised, reflecting how preferred equity has become central to financing its Bitcoin accumulation.

The latest filing showed 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.

That financing model becomes easier to sustain when Bitcoin rises faster than the cost of the securities used to acquire it. Strive’s latest BTC was purchased 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 broader question is whether other corporate buyers return now that Bitcoin has cleared the $80,500 sector cost basis.

Glassnode’s data suggest the treasury trade that absorbed tens of thousands of Bitcoin each month during 2025 has become increasingly concentrated among a smaller group of aggressive buyers. Strategy and Strive are adding again as prices recover, but matching last year’s corporate demand would require companies currently sitting on the sidelines to follow them.

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