Strategy, the largest corporate holder of bitcoin, announced Monday that it acquired 1,665 coins for $142.7 million during the previous week. This transaction marks its second consecutive purchase following a brief pause in buying activity. The Nasdaq-listed firm also repurchased $152 million worth of its preferred stock, STRC. According to a recent filing with the Securities and Exchange Commission, Strategy now holds 847,666 bitcoins valued at $70.5 billion.
Simultaneously, Strive, ranked as the fifth-largest bitcoin treasury, reported purchasing 1,107 BTC for $94.5 million last week. These acquisitions bring Strive’s total holdings to 27,462 coins. Combined, the two entities spent $232.5 million to accumulate 2,773 bitcoin. This aggressive accumulation occurs against a backdrop of broader stress within the corporate bitcoin treasury model. Several major treasuries, including Satsuma, Smarter Web Company, Sequans, Nakamoto, and Empery Digital, have sold bitcoin this year to repay debt, fund operations, or finance buybacks. Others have pivoted toward AI infrastructure after their share prices collapsed. Strategy’s stock (MSTR) has declined over 50% in the past year, while Strive’s shares (ASST) are down more than 30%. Bitcoin’s price recently hovered near $83,409, reflecting a 3% drop over the preceding week.
The continued capital deployment by Strategy and Strive signals a divergence between operational liquidity management and long-term asset conviction. While the broader sector faces pressure from debt repayment obligations and equity valuation collapses, these two firms are leveraging balance sheet strength to maintain accumulation cycles. Strategy’s simultaneous buyback of preferred stock suggests an effort to stabilize investor sentiment and manage yield expectations through daily dividends on instruments like STRF, STRC, STRK, and STRD. This dual approach of acquiring underlying assets while supporting equity structures indicates a sophisticated attempt to navigate market volatility without abandoning the core treasury thesis.
Institutional credibility for the bitcoin treasury model hinges on demonstrating resilience against structural headwinds. The fact that competitors have folded or pivoted highlights the fragility of leveraged positions when share prices decouple from net asset value. Strategy CEO Phong Le’s characterization of prior sales as creating a “bullet-proof balance sheet” and Strive CEO Matt Cole’s emphasis on zero margin requirements frame current purchases as low-risk opportunities rather than distressed moves. However, the sustained decline in MSTR and ASST valuations poses ongoing risks regarding cost of capital and future financing capacity. Investors will likely scrutinize whether these firms can sustain such acquisition pace without diluting shareholder value further or encountering regulatory friction around dividend structures.
