$BTC Strategy and Strive are both buying Bitcoin again — but the financing underneath is the part I’m watching.
Strategy bought 950 BTC between Sept. 14–20 for $75.7M, taking its holdings to 846,000 BTC. At the same time, it spent another $174M repurchasing STRC preferred shares.
Strive bought even more BTC over the same period: 1,355 BTC for about $107.7M, bringing its treasury to 26,355 BTC.
At first glance, this looks like the same trade.
It isn’t.
Strategy is using its existing cash base to buy BTC while also allocating capital toward its preferred securities. Strive’s latest accumulation is happening alongside a growing preferred-stock structure, with SATA shares outstanding rising to more than 11.18 million.
That distinction matters.
The BTC headline gets all the attention, but the real question is what each company is giving up to increase BTC exposure. More Bitcoin can strengthen the treasury story, but the financing mechanism determines how that exposure flows through to shareholders.
Wait — maybe “who bought more BTC?” is the wrong frame.
I’m more interested in who can keep accumulating without the capital structure becoming the bigger story.
That’s the part I’ll be watching next.
#Write2Earn
Strategy bought 950 BTC between Sept. 14–20 for $75.7M, taking its holdings to 846,000 BTC. At the same time, it spent another $174M repurchasing STRC preferred shares.
Strive bought even more BTC over the same period: 1,355 BTC for about $107.7M, bringing its treasury to 26,355 BTC.
At first glance, this looks like the same trade.
It isn’t.
Strategy is using its existing cash base to buy BTC while also allocating capital toward its preferred securities. Strive’s latest accumulation is happening alongside a growing preferred-stock structure, with SATA shares outstanding rising to more than 11.18 million.
That distinction matters.
The BTC headline gets all the attention, but the real question is what each company is giving up to increase BTC exposure. More Bitcoin can strengthen the treasury story, but the financing mechanism determines how that exposure flows through to shareholders.
Wait — maybe “who bought more BTC?” is the wrong frame.
I’m more interested in who can keep accumulating without the capital structure becoming the bigger story.
That’s the part I’ll be watching next.
#Write2Earn
