Strategy and Strive Spent $183M on Bitcoin Last Week, and Both Bought Below Market
Strategy added 950 BTC and Strive picked up 1,355 BTC between Sept. 14 and Sept. 20, both at averages under $80,000. With Bitcoin now above $85,000, both trades are already green, but corporate treasury accumulation has collapsed from 89,000 BTC in July 2025 to just 5,900 BTC over the past three months.
Roughly $183 million of Bitcoin landed on two corporate balance sheets last week, and both buyers got in under the market. Strategy picked up 950 BTC for $75.7 million between Sept. 14 and Sept. 20 at an average price of $79,670. Strive bought 1,355 BTC for $107.7 million across Sept. 14 to Sept. 18 at an average of $79,475. Bitcoin traded above $85,000 on Monday, its highest level since January and up almost 30% from the August lows.
So both trades are already in profit. That matters, because the corporate treasury trade has been shrinking for months. Listed companies added about 5,900 BTC over the past three months, according to Glassnode. Compare that to roughly 89,000 BTC accumulated in July 2025 alone. The real bottleneck isn't demand for Bitcoin, it's the financing structures companies use to buy it, and most of those got expensive.
Strategy's week wasn't purely about accumulation. The firm repurchased 1.77 million shares of its variable-rate STRC preferred stock for $174 million, then pulled $57.4 million from its dollar reserve to cover preferred dividends and debt interest. It's holding $5.04 billion in reserve plus $1.05 billion of separately designated cash as of Sept. 20, and it's now spent close to $1.1 billion on STRC buybacks. That's balance-sheet management for the securities that funded the treasury, and it competes for the same capital. The previous two weekly updates showed zero Bitcoin purchases. The accounting swing is the other story. Strategy closed Q2 with Bitcoin at $58,714 and booked an $8.32 billion loss on digital assets, $8.31 billion of it unrealized. At $85,000, its 846,000 BTC are worth about $71.9 billion, roughly $8.1 billion above the $63.8 billion aggregate cost basis.
Strive is running a different playbook, and it's been more consistent about it. The company has leaned hard on preferred stock, with SATA accounting for about 57.7% of total capital raised. Warrant exercises added $21.2 million in gross proceeds last week, and SATA shares outstanding climbed by 786,194 to 11.18 million. That model works while Bitcoin outruns the dividend cost attached to the securities. It stops working the moment it doesn't, and that tradeoff is the whole ballgame for this kind of treasury stack.
Watch the $80,500 sector cost basis Glassnode flagged. Clearing it doesn't drag sidelined treasuries back on its own, and two aggressive buyers aren't a trend.