Strategy and Strive Add Bitcoin as Corporate Buying Accelerates

• Strategy estimates a $20.91 billion Q3 digital asset gain as Bitcoin’s rebound transformed its quarter-end position.
• Strive added 2,000 BTC, while Strategy’s smaller purchase came alongside aggressive management of its preferred-stock structure.
• Strategy’s existing Bitcoin exposure has become large enough that relatively small BTC price moves can outweigh incremental purchases.

Strategy and Strive added a combined 2,334 BTC in their latest disclosures, extending corporate Bitcoin accumulation into October while exposing a widening difference between companies still building their treasuries and Strategy’s increasingly complex capital model.

According to the 8-K Filing, Strategy purchased 334 BTC for $28.7 million between Oct. 1 and Oct. 4 at an average $85,838.80 per coin, including fees and expenses. The acquisition lifted its holdings to exactly 848,000 BTC, accumulated for $63.97 billion at an average cost of $75,440.70.

Strive moved more aggressively. The company acquired 2,000 BTC for approximately $169 million, paying an average $84,422 per Bitcoin and increasing its treasury to 29,462 BTC.

Strategy nevertheless remains in a different category by scale. Its latest filing estimates a $20.91 billion digital asset gain for the third quarter, illustrating how the performance of its existing Bitcoin position now matters far more to its financial results than the size of any individual weekly purchase.

Bitcoin’s Rebound Reversed Strategy’s Q3 Position

Strategy’s $20.91 billion gain does not represent cash generated by selling Bitcoin. It reflects fair-value accounting as the market value of the company’s digital assets increased during the quarter.

The recovery produced a substantial tax-accounting reversal as well.

At June 30, Strategy had recorded a $4.12 billion deferred tax asset related to losses on its Bitcoin holdings and activity. By Sept. 30, Bitcoin’s recovery had pushed the fair value of the position above its aggregate cost basis, leading the company to reverse that deferred tax asset and release the associated valuation allowance.

Strategy now estimates a $70.82 billion carrying value for its digital assets at quarter-end, together with a $1.88 billion net deferred tax liability related to its Bitcoin holdings and activity. The change generated an estimated $4.12 billion income tax benefit.

Management prepared those figures ahead of the company’s complete quarterly results. Strategy explicitly said they have not been audited or reviewed by KPMG.

The market has continued to move since quarter-end. At the time of writing Bitcoin trades at $86,124, with the 14-day Relative Strength Index at 66.43. BTC has climbed sharply from levels around the mid-$60,000s seen in late July, although RSI remains below the conventional 70 threshold associated with overbought conditions.

At the Oct. 5 market price, Strategy’s 848,000 BTC would be worth approximately $73.0 billion. That calculation is a current market estimate rather than Strategy’s Sept. 30 reported carrying value.

Strategy’s Latest BTC Purchase Was Only Part of the Story

Strategy spent $28.7 million on its latest Bitcoin purchase, but its filing shows considerably more activity elsewhere in its capital structure.

Between Sept. 28 and Oct. 4, the company repurchased approximately $176.3 million of STRC, its Variable Rate Series A Perpetual Stretch Preferred Stock. Roughly $102.6 million of those purchases occurred before quarter-end, followed by another $73.7 million during the first four days of October.

Strategy financed $154.1 million of the repurchases with USD Cash. Another $22.2 million of earlier STRC purchases was funded with interest earned on cash, cash equivalents and short-term investments.

The 334 BTC acquisition used a different combination. Strategy raised $15.7 million by selling 92,894 MSTR shares through its at-the-market program and contributed another $13 million from USD Cash.

Repurchasing STRC reduces the number of preferred shares outstanding and therefore the dividends Strategy must pay on the retired shares. STRC currently carries a 12% annual dividend rate, making the security itself an increasingly important component of the economics surrounding Strategy’s Bitcoin treasury.

The company is therefore managing more than the pace of BTC accumulation. It must decide how capital moves among Bitcoin, common-equity issuance, preferred securities, cash reserves and recurring financing obligations.

Strive Is Still in a Faster Accumulation Phase

Strive’s 2,000 BTC acquisition looks very different when measured against its existing treasury.

The purchase represents roughly 6.8% of its resulting 29,462 BTC holdings. Strategy’s latest 334 BTC addition increased its 848,000 BTC position by less than 0.04%.

That difference captures where the two companies currently sit in their respective strategies.

Strive can still materially change the size of its Bitcoin treasury with a single acquisition. For Strategy, weekly purchases in the hundreds of BTC have become incremental additions to a balance sheet already dominated by Bitcoin.

Strive CEO Matt Cole said 61.5% of the capital raised came from SATA, while warrants generated $56.7 million.

Strive acquired 2,000 $BTC for $169M at an average cost of $84,422 per bitcoin, bringing total holdings to ₿29,462.

61.5% of capital raised came from SATA, with warrants generating $56.7M.

Today’s 8-K also highlights key metrics and KPIs through 3Q26.

$ASST $SATA https://t.co/HS4ADPQ8mJ

— Matt Cole (@ColeMacro) October 5, 2026

The financing structure provides another example of public companies using securities beyond conventional common-equity issuance to support Bitcoin accumulation.

Strategy has taken that model much further, creating a family of preferred instruments alongside MSTR while retaining a large dollar liquidity position.

Strategy Has Several Ways to Deploy Capital

The latest filing leaves Strategy with considerable financial capacity that has not yet been committed to Bitcoin or security repurchases.

Rather than repeat those figures throughout the article, the company’s available capital levers can be viewed together:

This liquidity changes the mechanics of future purchases. Strategy does not have to sell MSTR every time it wants to acquire Bitcoin, nor does every available dollar need to be converted immediately into BTC.

Management can preserve liquidity for financing obligations, deploy cash into Bitcoin, repurchase preferred securities or tap its remaining ATM capacity when market conditions are favorable.

A 1% Bitcoin Move Now Dwarfs Strategy’s Latest Purchase

The scale of Strategy’s existing holdings produces one of the clearest ways to understand how its financial profile has evolved.

With Bitcoin around $86,000, a 1% change in the value of 848,000 BTC represents approximately $729 million.
Strategy spent just $28.7 million on its latest acquisition.

A 1% BTC move can therefore change the market value of its existing treasury by more than 25 times the amount committed to the latest purchase.

For Strive, incremental acquisitions still have a much greater effect on the size of the treasury itself. For Strategy, Bitcoin’s price increasingly dominates the short-term movement in the value of an already enormous asset base.

That distinction also explains why Strategy’s $20.91 billion Q3 gain deserves more attention than the latest 334 BTC addition. The company has reached a scale where managing the financing structure around Bitcoin is becoming as consequential as adding another small block of coins.

The Next Decisions Will Reveal Two Different Strategies

Strategy and Strive may both be corporate Bitcoin buyers, but their next disclosures now answer different questions.

For Strive, the key metric is accumulation speed. A 2,000 BTC purchase meaningfully expanded its holdings, so another transaction of similar size would quickly alter the scale of its treasury.

Strategy faces a capital-allocation decision.

The company has substantial cash, unused equity issuance capacity and room under its digital-credit repurchase program. It can accelerate Bitcoin purchases, continue retiring STRC or preserve liquidity for obligations attached to the capital structure it has built around BTC.

Strategy shareholders also face an Oct. 28 vote on amendments that could enable daily dividend record dates and payments for STRC and its other U.S.-listed preferred securities.

The following 8-K filings should make the direction clearer. A return to larger Bitcoin purchases would signal renewed emphasis on expanding the underlying asset base, while continued STRC repurchases would show

Strategy putting more capital into managing the financing architecture that now surrounds its 848,000 BTC position.