Strategy and Strive Scoop Up More Than 2,700 Bitcoin in a Week
The two top bitcoin treasuries last week spent a combined $232.5 million on BTC.
This post Strategy and Strive Scoop Up More Than 2,700 Bitcoin in a Week first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.
Bitcoin Magazine
Strategy and Strive Scoop Up More Than 2,700 Bitcoin in a Week
Bitcoin treasuries are loading up again.
Strategy, the largest corporate holder of bitcoin, announced Monday that it had bought 1,665 coins last week for $142.7 million — its second buy in a row after a brief hiatus.
The Nasdaq-listed company added that it had also bought back $152 million in its preferred stock, STRC. Strategy now holds 847,666 bitcoins worth $70.5 billion, according to a filing with the Securities and Exchange Commission.
Elsewhere, the fifth biggest bitcoin treasury, Strive, said it had last week snapped up 1,107 BTC for a total cost of $94.5 million — bringing its holdings to 27,462 coins.
The two companies have continued to stack coins despite the bitcoin treasury model taking a hit. Major treasuries like Strategy, Satsuma, Smarter Web Company, Sequans, Nakamoto, and Empery Digital have all sold bitcoin this year to repay debt, fund operations or finance buybacks, while others have folded or pivoted to AI infrastructure as their share prices collapsed.
Strategy stock (MSTR) has lost over 50% of its value over the past year. Strive (ASST) is down by more than 30% over the same period.
Still, both Strategy and Strive have reassured investors that it’s just business as usual and bitcoin will bounce back.
Strive CEO Matt Cole has repeatedly said that the company is debt-free, with zero margin requirements, and zero encumbered bitcoin, calling it a balance sheet built to thrive through volatility.
Strategy has defended having to sell bitcoin this year, with CEO Phong Le boasting that the company now has a “bullet-proof balance sheet” because of the sales, and that it was the “right trade at the time” to sell when it did.
The software company last week announced it plans to pay investors daily dividends on four of its preferred stocks — STRF, STRC, STRK, and STRD.
Bitcoin’s price recently stood at close to $83,409, down 3% over the past week.
This post Strategy and Strive Scoop Up More Than 2,700 Bitcoin in a Week first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.
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