Strategy Is Buying Bitcoin Again — 950 BTC for 75.7 Million USD — but Strive Just Grew Its Treasury 48 Times Faster

Strategy has ended its two-week Bitcoin buying pause with a 950 BTC purchase worth 75.7 million USD — but a closer look at the filings shows rival Strive actually grew its treasury 48 times faster, and the metric that really matters isn’t the coin count, it’s how much Bitcoin sits behind each share.

By Sarah Park | September 23, 2026

The Hook: Two Bitcoin Treasuries, Two Very Different Engines

Strategy (formerly MicroStrategy) reported in its Sept. 21 Form 8-K that it bought 950 BTC for 75.7 million USD at an average of 79,670 USD per coin during the week ended Sept. 20. The purchase lifted its holdings from 845,050 to 846,000 BTC, at an average cost of 75,416 USD per coin — the largest corporate Bitcoin treasury in the world.

On the same day, Strive, the treasury company led by Vivek Ramaswamy, filed its own update: it bought 1,355 BTC at about 79,475 per coin between Sept. 14 and Sept. 18, growing holdings from 25,000 to 26,355 BTC. Both companies bought the same asset at almost the same average price in overlapping weeks. But the capital behind each purchase tells two very different stories.

The Evidence: Cash, Not Stock, Funded Strategy’s Return

The most important detail in Strategy’s filing is what did not happen: the company sold zero shares through its at-the-market (ATM) programs during the week. This purchase was funded entirely from existing USD cash on the balance sheet — a break from the flywheel that built much of its position. As recently as its Aug. 31 filing, Strategy used proceeds from MSTR share sales to finance a 4,603 BTC purchase worth 369.7 million USD.

The cash pool had another claimant, too. Strategy spent 174 million USD repurchasing 1,771,238 STRC preferred shares in the same week — roughly 2.30 USD on preferred stock for every dollar spent on Bitcoin. After both transactions, USD cash fell from about 1.30 billion USD to 1.05 billion USD, and its separate USD Reserve slipped from about 5.10 billion to 5.04 billion after 57.4 million USD in preferred dividends and debt interest.

Think of it like a household that stopped refinancing the mortgage and instead paid cash for a smaller renovation while also buying back debt. It signals discipline — but it draws on a finite pool unless the ATM tap is reopened.

The Core Conflict: Bigger Purchase vs. More Bitcoin Per Share

Here’s where the comparison gets interesting for shareholders. Strategy’s 950 BTC grew its giant treasury by just 0.112%. Strive’s 1,355 BTC grew its holdings by 5.42% — roughly 48 times faster in relative terms.

But a coin count is only the numerator. New shares spread the Bitcoin across more owners. Strive’s filing shows effective common shares rising from 94,968,764 on Sept. 11 to 97,002,649 on Sept. 18 — a 2.14% increase. Divide the treasury by the share count, and Bitcoin per effective common share rose from about 26,324 to 27,169 satoshis, a gain of 3.21%. Using a broader fully-diluted share count, the rise is about 3.31%.

The takeaway: common dilution dampened Strive’s growth, but it did not erase it. Between Aug. 21 and Sept. 18, Strive’s BTC per effective common share climbed 14.1%, according to its SEC filings. There’s one more string attached: Strive’s SATA preferred share count rose from 8.27 million to 11.18 million over four reporting weeks, adding 786,194 preferred shares in the latest week alone. Preferred shares finance purchases without immediate common dilution — but they sit ahead of common shareholders in the queue, like a second mortgage on the house.

Market Implications: What This Means for Bitcoin Holders

For everyday investors, the significance is straightforward. Corporate treasuries remain a structural source of Bitcoin demand — Strategy alone now holds 846,000 BTC, and its return to buying, even cash-funded, removes a bearish talking point that circulated during the two quiet weeks. Bitcoin trades near 85,700 USD at the time of writing, with Ethereum near 2,714 USD and Solana near 117 USD.

The deeper lesson is about how to evaluate these companies. A splashy headline purchase can mask dilution; a quiet week can mask massive preferred issuance. The metric that cuts through the noise is Bitcoin per share — how much of the treasury each share of stock can actually claim. By that measure, both companies added value for common holders in the latest filings: Strategy by buying without issuing, Strive by buying faster than it diluted.

The Verdict

Strategy’s resumption is good news for Bitcoin sentiment, but its cash-and-buyback posture suggests management saw better value in its own preferred stock than in new coins — at least this week. Strive is running the faster engine, at the cost of a preferred stack growing alongside it. If you hold either stock, or Bitcoin itself, watch two numbers going forward: whether Strategy restarts ATM issuance, and whether Strive’s BTC-per-share growth stays ahead of its SATA obligations. Those two gauges will tell you more than any headline purchase ever will.

The cryptocurrency market remains highly volatile. This article is for informational purposes only and does not constitute financial advice.