Michael Saylor's Strategy Resumes Bitcoin Buying With Cash as Strive Adds 1,355 More Coins
Bitcoin's rally to $86,000 on Monday had corporate treasury support behind it. Strategy and Strive, two of the largest public companies holding Bitcoin on their balance sheets, both disclosed fresh purchases the same day, together adding more than 2,300 coins in a single week.
STRATEGY BUYS AGAIN, AND NOT WITH NEW STOCK
Strategy, led by Executive Chairman Michael Saylor, filed an 8-K disclosing it bought 950 Bitcoin for $75.7 million between September 14 and September 20, at an average price of $79,670 per coin. The purchase ended a roughly three-week pause in buying and lifted total holdings to 846,000 BTC, acquired for an aggregate $63.80 billion at an average price of $75,416.
What stood out in the filing is how the purchase was funded. Strategy explicitly disclosed that it did not sell any shares under its at-the-market offering program during the period. The Bitcoin was bought entirely with USD Cash, the pool of money the company keeps separate from the USD Reserve it uses to cover preferred dividends and debt interest. The same filing showed Strategy spent another $174 million of that cash buying back shares of its STRC preferred stock. As of September 20, the company held $5.04 billion in its USD Reserve and $1.05 billion in USD Cash.
That funding detail matters because it cuts against a recurring criticism of Strategy's playbook, that its Bitcoin buys depend on continuously issuing new MSTR shares to raise cash. This week's purchase did not.
STRIVE KEEPS PACE, AND THEN SOME
Strive, the Nasdaq-listed treasury company chaired and run by CEO Matt Cole and co-founded by Vivek Ramaswamy, disclosed its own 8-K the same day. The company bought 1,355 Bitcoin for $107.7 million at an average price of $79,475 per coin, purchased between September 14 and September 18. That lifted Strive's total holdings to 26,355 BTC, up from the 25,000 BTC mark it had crossed just a week earlier.
Strive funded the buy through warrant exercises, which generated $21.2 million in gross proceeds, alongside its SATA preferred stock program and at-the-market share sales. Cole disclosed the purchase on X shortly after noon UTC, tagging both ASST and SATA before pointing to the formal SEC filing. Strive's cash position actually grew during the same stretch, rising to $229.6 million even after spending nearly $108 million on Bitcoin. The company's holdings are up more than 225% this year, making it the fifth-largest publicly traded corporate Bitcoin holder.
TWO DIFFERENT PLAYBOOKS, SAME DIRECTION
Strategy is leaning on a $6 billion-plus cash cushion built over months of share issuance to buy Bitcoin without diluting shareholders further right now. Strive is still actively raising capital through warrants and preferred stock to keep adding coins at a faster clip relative to its size. Both moves landed in the same week Bitcoin cleared $85,000 for the first time since January, and both signal that corporate treasury demand did not disappear during the drawdown. It paused, and it just came back.
This story comes from the Simply Bitcoin Live show. Watch the full episode.
