Written by: Oluwapelumi Adejumo
Compiled by: Chopper, Foresight News
As the rebound in Bitcoin prices drove a recovery in corporate books, Bitcoin treasury companies Strategy and Strive bought a combined total of 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 Bitcoins at an average price of $79,670 during September 14-20, for a transaction amount of $75.7 million. This purchase restored Strategy's Bitcoin holdings to 846,000 coins, with a total purchase price of $63.8 billion and an average cost of $75,416 per coin.
Another company, Strive, bought 1,355 Bitcoins at an average price of $79,475 during September 14-18, spending $107.7 million, bringing its Bitcoin treasury size to 26,355 coins. During the same period, the company's cash and equivalents increased to $229.6 million.
The transaction prices of both institutions were below Bitcoin's latest market price. On Monday, Bitcoin surged to $86,000, setting the highest price since January of this year, rebounding 30% from its August low.
This purchase is particularly noteworthy because the overall wave of Bitcoin buying by treasury companies has cooled significantly. A report last week from blockchain analytics firm Glassnode showed that over the past three months, listed companies added only about 5,900 Bitcoins in total; by comparison, in the single month of July 2025, companies absorbed approximately 89,000 Bitcoins cumulatively.
Glassnode estimates that the average Bitcoin entry cost for the group of Bitcoin treasury companies is about $80,500. At the time the institution published its report, Bitcoin's price was still below this cost line, meaning the vast majority of coin-holding companies were overall in a state of unrealized losses. But on Monday, Bitcoin broke through $86,000, reversing the situation and bringing the entire corporate treasury sector back above the cost line, achieving overall unrealized gains.
Strategy's Bitcoin Holdings Rebound, Capital Management Strategy Shifts
This round of price rebound has had a huge impact on Strategy's book accounting results. At the end of the second quarter, Bitcoin's price was $58,714, and at that time Strategy's Bitcoin holdings were also 846,000 coins. The decline in coin price caused the company to incur a $8.32 billion loss on digital assets in the three months ended June, of which unrealized losses amounted to as much as $8.31 billion. Now, these 846,000 Bitcoins have a market value of more than $72 billion, exceeding the total acquisition cost by more than $8 billion.
At the same time, a portion of Strategy's funds was diverted to manage treasury-related financing securities. Last week, the company spent $174 million to repurchase its own STRC preferred stock; in addition, it took $57.4 million from its dollar reserves to pay preferred stock dividends and debt interest. As of September 20, its dedicated dollar reserves had $5.04 billion remaining, with an additional separately allocated flexible cash amount of $1.05 billion.
Over the past few months, Strategy has continued to maintain its STRC preferred stock and adjust its capital framework through repurchase operations. Company CEO Phong Le said in July that repurchasing the security at a price below par value can both reduce future dividend payment pressure and maintain reasonable market liquidity for the preferred stock.
To date, Strategy has invested approximately $1.1 billion cumulatively in the STRC repurchase program. Therefore, this renewed purchase of Bitcoin represents the company balancing its capital: on one hand handling balance sheet financing instruments, while on the other hand restarting Bitcoin accumulation. In the weekly reports disclosed in the previous two weeks, Strategy had no record of any coin purchases, and as of September 13 its holdings were still 845,050 Bitcoins.
Strive Relies on Preferred Stock to Continue Increasing Bitcoin Holdings
On the other side, Strive continues to acquire Bitcoin with the help of preferred stock instruments. Following last week's purchase of 469 Bitcoins and the purchase of 1,375 Bitcoins in early September, the company made another latest acquisition, further consolidating its strategy of increasingly relying on SATA preferred stock to raise funds.
Strive said that warrant exercises also brought in new funds last week, with total proceeds of approximately $21.2 million. Including this funding, SATA preferred stock has accounted for 57.7% of the company's total financing scale. The latest filing shows that during the week, SATA outstanding shares increased by 786,194 shares, and Class A common stock increased by approximately 2.07 million shares.
The sustainability of this financing model depends on whether Bitcoin's gains can outpace the cost of funds corresponding to the issued securities. Strive's newly purchased Bitcoins were bought at a price nearly $6,500 lower than Monday's market price of about $86,000; however, the overall treasury holdings still do not have much room for unrealized gains above the historical average entry cost.
Now that Bitcoin has risen above the average cost line of $80,500 for the corporate group, a key question follows: will the remaining观望 corporate treasury buyers follow Strategy and Strive back into the market to buy coins.
Glassnode's data shows that the corporate treasury sector, which once absorbed tens of thousands of Bitcoins per month, is now highly concentrated in the hands of a few aggressive buyers. Although Strategy and Strive have resumed buying after the price recovery, replicating the corporate-level coin purchase demand of 2025 will require more观望 companies to join.
