Strategy and Strive buy about $183 million in Bitcoin as price tops $85,000

Strategy Inc. bought 950 BTC for $75.7 million between Sept. 14 and Sept. 20 at an average price of $79,670, according to a regulatory filing. The purchase returned Strategy's 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. Strive's cash and equivalents rose to $229.6 million over the same period. Both purchases were made below Bitcoin's latest market price. Bitcoin rose above $85,000 on Monday, its highest level since January, extending a recovery of almost 30% from its August lows. Listed companies added about 5,900 BTC over the past three months, according to a Glassnode report, compared with roughly 89,000 BTC accumulated in July 2025 alone. Glassnode estimated the sector's average acquisition price at roughly $80,500. Bitcoin was below that threshold when Glassnode published its report, leaving the aggregate corporate treasury cohort underwater, but Monday's move above $85,000 pushed the group back above its estimated cost basis. Strategy held 846,000 BTC at the end of the second quarter, when Bitcoin was priced at $58,714. The decline contributed to an $8.32 billion digital-asset loss during the three months through June, including $8.31 billion in 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 be more than $22 billion above the value of 846,000 BTC at the June 30 closing price. That comparison does not directly determine Strategy's eventual third-quarter accounting gain because the company bought and sold Bitcoin during the quarter and recognizes fair-value changes as they occur. Strategy also 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 the 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 STRC below par can reduce future dividend obligations while supporting what the company considers a sustainable market for the preferred shares. Strategy has since spent roughly $1.1 billion on STRC buybacks. The latest Bitcoin purchase was Strategy's return to accumulation alongside that balance-sheet management. 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 latest purchase followed a 469-BTC acquisition the previous week and a 1,375-BTC purchase earlier in September. The company has increasingly relied on its SATA preferred stock to raise capital. Strive said warrant exercises began generating fresh capital last week and produced about $21.2 million in gross proceeds. Including those funds, Strive said SATA accounted for about 57.7% of the total capital it had 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 BTC purchase was almost $5,500 below Monday's roughly $85,000 price, while its overall treasury remained closer to its historical acquisition cost than Strategy's. Glassnode's data indicate that the corporate treasury trade, which absorbed tens of thousands of Bitcoin each month during 2025, has become increasingly concentrated among a smaller group of aggressive buyers. Whether other corporate buyers return after Bitcoin cleared the sector's estimated $80,500 cost basis remains an open question.