Strategy and Strive bought a combined 2,305 bitcoins for about $183 million last week. As bitcoin climbed back above $85,000, the rebound provided fresh support for both companies' balance sheets, although public-company bitcoin accumulation remains well below the pace seen in mid-2025.
Strategy's Holdings Return to 846,000 Bitcoin
Strategy bought 950 bitcoins between September 14 and 20 for about $75.7 million, paying an average of $79,670 per coin. In a regulatory filing submitted on September 21, the company said the purchase lifted its bitcoin holdings to 846,000 coins. Its cumulative acquisition cost was approximately $63.8 billion, or an average of $75,416 per bitcoin.
Strategy remains the public company with the largest bitcoin holdings. It had not disclosed any additional purchases in its two previous weekly updates, and held 845,050 bitcoins as of September 13. The latest transaction therefore marked a return to buying after a temporary pause in accumulation.
Strive bought more during the same period. The company acquired 1,355 bitcoins between September 14 and 18 for about $107.7 million, at an average price of $79,475 per coin. Its holdings rose to 26,355 bitcoins, while cash and cash equivalents increased to $229.6 million.
Both companies bought below bitcoin's latest market price. On September 21, bitcoin briefly moved above $85,000, reaching its highest level since January and extending its rebound from the August low to nearly 30%.
Corporate Bitcoin Buying Remains Below 2025 Levels
The renewed purchases came as the broader corporate bitcoin market remained well below last summer's pace. Glassnode estimated last week that public companies had added about 5,900 bitcoins over the previous three months. By comparison, companies collectively bought approximately 89,000 bitcoins in July 2025 alone.
Glassnode estimated the average acquisition cost across corporate bitcoin holders at about $80,500. When the data was released, bitcoin was still trading below that level, leaving the group with an aggregate position below its estimated cost basis. After bitcoin moved above $85,000 on Monday, the market price rose back above that estimate, improving the overall mark-to-market position of corporate holders.
The average cost across corporate holders does not represent the actual cost for every company. Strategy and Strive have different holding sizes, financing structures and purchase timelines, so a price recovery can affect their financial statements and access to capital in different ways.
Strategy Balances Bitcoin Buying With Preferred-Stock Costs
Bitcoin's rebound has a particularly visible effect on Strategy's accounting position. Bitcoin closed the second quarter at $58,714, when Strategy also held 846,000 bitcoins. The decline in price left the company with an approximately $8.32 billion loss on digital assets as of the end of June, including about $8.31 billion in unrealized losses.
At $85,000 per bitcoin, Strategy's current holdings would be worth about $71.9 billion, approximately $8.1 billion above their cumulative acquisition cost. Compared with the value of the holdings at the June 30 closing price, the market value would be more than $22 billion higher.
That calculation cannot be treated as Strategy's final third-quarter accounting gain. The company could still buy or sell bitcoin during the quarter, and fair-value changes are recognized according to the timing of transactions and accounting entries. The comparison nevertheless shows how quickly a bitcoin rebound can change the scale of the company's balance sheet.
Strategy did not direct all of its available capital into bitcoin. Last week, it repurchased 1.77 million shares of its floating-rate STRC preferred stock for about $174 million. It also allocated $57.4 million from its dollar reserves to pay preferred-stock dividends and debt interest. As of September 20, the company held $5.04 billion in dollar reserves, plus another $1.05 billion in separately designated cash.
For several months, Strategy has used repurchases and capital-structure adjustments to keep STRC trading close to its $100 par value. CEO Phong Le said in July that buying the securities below par could reduce future dividend obligations and help maintain what the company considers a sustainable preferred-stock market. Strategy has spent about $1.1 billion on STRC repurchases to date.
The latest bitcoin purchase was therefore not a complete substitute for its capital-management efforts. It represented a resumption of bitcoin accumulation while the company continued to manage preferred-stock financing, dividends and interest expenses.
Strive Continues to Raise Funds Through SATA Preferred Stock
Strive's buying pace has been more consistent. The company bought 469 bitcoins the previous week and acquired another 1,375 bitcoins earlier in September. It has recently continued to raise funds through SATA preferred-stock issuance to expand its bitcoin reserves.
Strive said warrant exercises also began generating new financing last week, producing about $21.2 million in gross proceeds. Including that capital, the company said SATA accounted for approximately 57.7% of its cumulative financing. The figure highlights the growing role of preferred-stock funding in Strive's bitcoin allocation strategy.
The latest filing showed that Strive's SATA shares outstanding increased by 786,194 last week to 11.18 million. The company's Class A common-share count rose by about 2.07 million shares. For Strive, this financing model is easier to sustain when bitcoin appreciates faster than the cost of the related securities. Its latest purchases, however, were made nearly $5,500 below Monday's market price of about $85,000, while its overall cost basis remains closer to the current market price than Strategy's.
Can More Public Companies Resume Buying?
With bitcoin back above Glassnode's estimated cost basis for corporate holders, attention is turning to whether other listed companies will resume building positions. Glassnode's data indicates that corporate buyers that absorbed tens of thousands of bitcoins per month during 2025 have recently become concentrated among a smaller number of more active companies.
Strategy and Strive have both returned to the market during the price recovery. Reaching last year's level of corporate demand would require more companies that have been waiting on the sidelines to participate. For markets, the key issue is not only bitcoin's price, but also whether companies can continue funding new purchases through common stock, preferred stock, warrants or cash reserves.