Strive Buys $511M in Bitcoin as Strategy Pauses BTC Purchases 

A strategic split is opening up among corporate Bitcoin treasuries. As market leader Strategy (MSTR) pauses spot purchases to clean up its balance sheet, Strive (ASST) is rapidly scaling up to claim the #2 spot.

Strive (ASST) made its move this week. According to a recent SEC filing, the firm acquired 6,182 BTC for approximately $511.4 million between October 17 and October 23. 

The company paid an average price of $82,732 per coin, pushing its total reserve to 43,000 BTC and bringing it within striking distance of the runner-up position among publicly traded corporate holders.

Following the transaction, Strive’s combined cash and marketable securities expanded by $187.7 million, bringing its dry powder to $554.6 million. The company established a $1 billion at-the-market (ATM) program for its SATS preferred shares.

While Strive was buying aggressively, sector pioneer and the world’s largest corporate holder of Bitcoin, Strategy (MSTR) chose a different path, ending its five-week streak of weekly acquisitions.

In a parallel SEC filing, the company revealed that it made zero Bitcoin purchases or sales over the past week. Strategy’s Bitcoin holdings remain unchanged at 848,517 BTC, acquired for approximately $64.02 billion at an average cost of $75,446 per BTC.

Meanwhile, the company repurchased 2,068,459 shares of STRC, its variable-rate preferred stock, for $204.9 million. The buybacks were funded entirely from its USD Cash balance, rather than new Bitcoin purchases.

Earlier in October, Strategy acquired 250 BTC for $21.5 million, extending a four-week buying streak. In that same period, it spent roughly nine times more on repurchasing STRC preferred shares, weighing balance sheet management alongside Bitcoin accumulation. 

Corporate treasuries are major Bitcoin buyers, so shifts in their buying pace and funding methods can influence market demand and sentiment. A second large buyer scaling up while the market leader pauses shows that corporate demand is not moving in one direction.