Strategy Resumes Bitcoin Buying While Strive Increases BTC per Share

Strategy Investment Company announced the resumption of Bitcoin purchases in the week ended September 20, acquiring 950 BTC for $75.7 million. The purchase was funded entirely from existing USD cash and did not trigger any share sales through its ATM programs.

Bitcoin Purchases and Funding Sources

Strategy’s latest acquisition increased its total holdings from 845,050 BTC to 846,000 BTC, a 0.112% rise. The average price paid, including expenses, was $79,670 per BTC. Unlike the August 31 purchase, which was financed by proceeds from MicroStrategy (MSTR) share sales, the September purchase used cash already on the balance sheet.

In the same week, Strategy used $174 million of cash to repurchase 1,771,238 of its own STRC preferred shares, reducing its cash balance from roughly $1.30 billion to $1.05 billion.

Strive’s Bitcoin Growth and Share Structure

Strive Bitcoin Holdings reported a purchase of 1,355 BTC for about $79,475 per coin in the week ended September 18, raising its treasury from 25,000 BTC to 26,355 BTC (a 5.42% increase). Effective common shares grew from 94,968,764 to 97,002,649, resulting in Bitcoin per effective common share rising from approximately 26,324 satoshis to 27,169 satoshis – a 14.1% gain.

During the same period, Strive’s SATA preferred shares increased from 8,270,815 to 11,184,160, an addition of 2,913,345 shares (about 35.2%). The company’s cash and equivalents grew from $204.2 million to $229.6 million despite the Bitcoin outlay.

Comparative Growth Rates

While Strategy’s treasury grew by 0.112%, Strive’s grew by 5.42%, making Strive’s treasury expansion roughly 48 times faster in the disclosed week. However, Strive’s increase in Bitcoin per share is moderated by the rise in its common share count.

Implications for Shareholders

The key metric for shareholders is Bitcoin per effective common share, not just total BTC held. Strive’s increase in this metric indicates that new Bitcoin purchases were not fully offset by share dilution. Preferred share issuances provide financing without immediate common dilution but create senior claims on assets.

Both companies continue to use a mix of cash purchases and preferred‑share financing to fund Bitcoin accumulation, reflecting different capital‑allocation strategies.