Strategy Buys Back $176M STRC as Strive Adds 1,375 BTC

Strategy made no Bitcoin purchases or sales between August 31 and September 7, leaving its treasury at 845,050 BTC acquired for $63.73 billion at an average cost of $75,412 per coin. The pause came immediately after Strategy returned to Bitcoin buying with a 4,603 BTC acquisition during the previous week.

Capital instead moved into Strategy’s preferred securities. The company repurchased 1,810,885 STRC shares for $176.3 million, with the entire amount funded from USD Cash rather than Bitcoin sales or new at-the-market issuance. Strategy also increased its Digital Credit Securities Repurchase Program from $1 billion to $2 billion, leaving $1.19 billion of authorized preferred-stock repurchases available as of September 7.

The transaction extends the STRC buyback campaign Strategy has used as part of its wider capital-management framework. Its USD Reserve remained at $5.10 billion after the latest week, while deployable USD Cash stood at $1.44 billion following the STRC purchases.

Strive Adds $109M of Bitcoin as SATA Approaches $1B

Strive moved in the opposite direction, acquiring 1,375 BTC between August 31 and September 4 at an average price of $79,281 per coin. The roughly $109 million purchase increased its Bitcoin treasury from 23,156 BTC to 24,531 BTC.

The latest purchase extends Strive’s Bitcoin accumulation while preferred equity takes a larger role in financing new BTC. CEO Matt Cole said 70% of the capital raised during the week came from SATA, with the preferred stock reaching about $999 million of notional outstanding. Strive’s SEC filing lists 9,995,425 SATA shares outstanding as of September 4, up by 921,511 shares from the previous week.

Preferred Stock Drives Both Treasury Strategies

STRC and SATA now sit on opposite sides of the two companies’ Bitcoin financing activity. Strategy is using cash to retire part of its preferred-stock exposure, while Strive is issuing more preferred equity as a major funding source for additional Bitcoin.

Strive has been developing SATA as a listed Bitcoin-linked credit instrument, with earlier SATA trading activity establishing the security as a central part of its funding model. Strive also held 505,000 shares of Strategy’s STRC worth $49.36 million as of September 4, leaving it exposed to Strategy’s preferred-stock structure while expanding its own competing capital stack.

Strive ended September 4 with $202.6 million in cash and cash equivalents alongside its 24,531 BTC treasury, while Strategy entered September 8 with 845,050 BTC and $6.54 billion combined across its USD Reserve and USD Cash.

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