Article by: Oluwapelumi Adejumo
Compiled by Chopper, Foresight News
As Bitcoin's price rebound helped improve corporate balance sheets, Bitcoin treasury companies Strategy and Strive collectively purchased approximately $183 million worth of Bitcoin last week.
According to regulatory filings disclosed on Monday, Strategy, the world’s largest corporate holder of Bitcoin, purchased 950 BTC at an average price of $79,670 between September 14 and 20, totaling $757 million. This purchase brings Strategy’s total Bitcoin holdings back to 846,000 BTC, with an aggregate purchase cost of $63.8 billion and an average cost basis of $75,416 per BTC.
Another company, Strive, purchased 1,355 bitcoins at an average price of $79,475 between September 14–18, spending $107.7 million, increasing its bitcoin treasury to 26,355 bitcoins. During the same period, the company’s cash and cash equivalents increased to $229.6 million.
Both institutions traded at prices below Bitcoin's latest market price. On Monday, Bitcoin surged to $86,000, reaching its highest level since January and rebounding 30% from its August low.
This purchase stands out because the broader corporate buying spree of Bitcoin has significantly cooled. A report last week by blockchain analytics firm Glassnode showed that over the past three months, publicly traded companies collectively added only about 5,900 Bitcoin; in contrast, in July 2025 alone, corporations accumulated approximately 89,000 Bitcoin.
Glassnode estimates that the average Bitcoin acquisition cost for corporate treasury holders is approximately $80,500. At the time the report was published, Bitcoin’s price was below this cost line, indicating that the majority of corporate holders were overall in unrealized losses. On Monday, Bitcoin surpassed $86,000, reversing the situation and bringing the entire corporate treasury sector above cost, resulting in overall unrealized gains.
Bitcoin position rebounds, capital management strategy shifts
The recent price rebound has significantly impacted the strategy’s accounting results. At the end of the second quarter, the price of Bitcoin was $58,714, and the strategy held 846,000 BTC. The price decline resulted in a $8.32 billion loss on digital assets for the three months ended June, with unrealized losses reaching $8.31 billion. Currently, the market value of these 846,000 BTC exceeds $72 billion, more than $8 billion above the total acquisition cost.
Meanwhile, a portion of Strategy’s funds was redirected to manage treasury-backed financing securities. Last week, the company spent $174 million to repurchase its own STRC preferred shares, and an additional $57.4 million was drawn from its U.S. dollar reserves to pay preferred dividends and debt interest. As of September 20, its dedicated U.S. dollar reserve stood at $5.04 billion, with a separate allocation of $1.05 billion in flexible cash.
Over the past several months, Strategy has consistently maintained its STRC preferred shares and adjusted its capital structure through repurchase operations. In July, CEO Phong Le stated that repurchasing the securities below par value helps reduce future dividend payment pressures while preserving reasonable market liquidity for the preferred shares.
To date, Strategy has invested approximately $1.1 billion in the STRC buyback program. Therefore, this repurchase of Bitcoin represents a capital reallocation by the company—addressing balance sheet financing instruments while resuming Bitcoin accumulation. Recent weekly reports over the past two weeks showed no Bitcoin purchases, and Strategy’s holdings as of September 13 stood at 845,050 Bitcoin.
Strive continues to accumulate Bitcoin using preferred shares.
On the other hand, Strive has continued acquiring Bitcoin using preferred shares. Following its purchases of 469 Bitcoin last week and 1,375 Bitcoin in early September, the company has completed another acquisition, further solidifying its strategy of increasingly relying on SATA preferred shares to raise capital.
Strive stated that the warrant exercise last week also brought in new capital, totaling approximately $21.2 million. Including this funding, SATA preferred shares now account for 57.7% of the company’s total financing. Recent filings show that during the week, SATA’s outstanding common shares increased by 786,194 shares, and Class A common shares increased by approximately 2.07 million shares.
The sustainability of this financing model depends on whether Bitcoin’s price appreciation can outpace the cost of capital for the issued securities. Strive’s newly acquired Bitcoin was purchased at a price nearly $6,500 below Monday’s market price of approximately $86,000; however, the overall treasury holding still lacks significant unrealized gains compared to the historical average cost basis.
Bitcoin has now risen above the average cost line of $80,500 for corporate buyers, raising a key question: Will other观望 corporate treasury buyers follow Strategy and Strive back into the market?
Glassnode data shows that the corporate treasury sector, which once absorbed tens of thousands of bitcoins per month, now has capital highly concentrated among a few aggressive buyers. Although Strategy and Strive have resumed buying following the price recovery, replicating the enterprise-level Bitcoin demand seen in 2025 will require more观望 enterprises to join.