Strategy stops buying, Strive goes all-in—why are Bitcoin treasury companies divided?
Even among the same kind of Bitcoin treasury companies, their recent actions have been completely opposite:
Strategy (formerly MicroStrategy): It restarted buying Bitcoin last week, then paused again this week—turning instead to spend $176 million to repurchase preferred shares.
Strive: Continued to increase holdings for three straight weeks; last week it also bought 1,375 BTC at an average price of 790,000 yuan, bringing its total holdings to 24,531 BTC.
One is hitting the “brakes,” the other is “stepping on the gas.”
Behind this are two entirely different financing logics:
Strategy’s preferred stock, STRC, has been trading below par value. The company believes repurchasing its own shares is more worthwhile than buying BTC—basically “buying itself on the dip.”
Strive’s preferred stock, SATA, offers an annualized dividend of 13%. It has strong financing capability, its market value is nearing $1 billion—so if it has money, it keeps buying Bitcoin.
It’s like two restaurant owners:
One thinks ingredients are too expensive right now, so it’s better to renovate the shop first;
The other thinks business is booming—so stock up more and sell faster.
There’s no right or wrong—just different judgments.
But there’s one data point worth noting:
For Strive to catch up with the second-place player, Twenty One Capital, over the next 16 weeks it will need to buy an average of 1,200 BTC per week.
This “arms race” itself is support for BTC’s buy-side demand.
I’ve compiled a list titled “Global Bitcoin Treasury Company Holdings Ranking,” including the top companies such as Strategy, Strive, and Twenty One Capital—covering their holding sizes, cost bases, and accumulation pace.
Send two characters—“财库” (treasury)—in my chat room to get it.
Who do you think has the more correct strategy: Strategy’s conservative approach, or Strive’s aggressive one? Let’s discuss in the comments.
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