Strategy and Strive buy $183M Bitcoin as token rallies above $85,000
In brief
- Strategy Inc. acquired 950 BTC for $75.7 million, returning holdings to 846,000 BTC.
- Strive Inc. bought 1,355 BTC for $107.7 million, bringing treasury to 26,355 BTC.
- Bitcoin surged above $85,000 on Monday, its highest level since January.
- Strategy's holdings worth approximately $71.9 billion at current prices, offsetting Q2 losses.
- Corporate Bitcoin accumulation slowed to 5,900 BTC over three months versus 89,000 in July.
Corporate Buyers Return to Market
Strategy Inc. acquired 950 BTC for $75.7 million between September 14 and 20 at an average price of $79,670. 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. bought 1,355 BTC for $107.7 million at an average price of $79,475 between September 14 and 18, taking its treasury to 26,355 BTC. Both purchases were made below Bitcoin's latest market price, allowing the companies to add positions at favorable rates.
Strive's acquisition followed a 469-BTC purchase the previous week and a 1,375-BTC acquisition earlier in September. The company also received about $21.2 million in gross proceeds from warrant exercises last week, providing fresh capital for treasury expansion. Cash and equivalents rose to $229.6 million over the same period.
Recovery Lifts Balance Sheets
The timing matters. Strategy reported 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, a substantial recovery from Q2 valuations.
Bitcoin recovered almost 30% from its August lows before this week's surge. The token ended the second quarter at $58,714. That recovery has lifted the entire corporate treasury sector — listed companies added about 5,900 BTC over the past three months, according to Glassnode. That compares with roughly 89,000 BTC accumulated in July 2025 alone, showing a notable slowdown in accumulation pace.
Glassnode estimated the sector's average acquisition price at roughly $80,500, placing both Strategy and Strive's recent buys near the industry median.
Capital Allocation Pressures
Strategy is managing multiple balance-sheet priorities. The company repurchased 1.77 million shares of its variable-rate STRC preferred stock for $174 million last week, bringing total buybacks to roughly $1.1 billion. It used another $57.4 million from its dollar reserve for preferred dividends and debt interest, leaving $5.04 billion in reserve and $1.05 billion of separately designated cash as of September 20.
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.
The dual strategy — buying Bitcoin while repurchasing preferred stock — reflects a calculated approach to shareholder returns and treasury management in a volatile market. Both moves hinge on Bitcoin's price trajectory and the company's ability to service obligations without depleting reserves.
For now, the $85,000 level holds. Whether listed companies sustain this accumulation pace or revert to the slower three-month trend remains an open question.
