Strategy's market cap surpassed Rumble while Strive overtook more than 140 public companies in the past month as Bitcoin held near $86,000. Strategy holds 845,050 BTC at a $75,419 average cost — at $86,000, the position carries an ~$11,400/BTC unrealized gain. The company is spending cash to repurchase STRC preferred ($635M+ so far, $2B authorization) rather than buying Bitcoin — a judgment that the discount on its securities offers better value. Strive, running the opposite playbook, issued SATA preferred at par to accumulate 25,000 BTC. Bitcoin treasury company market caps are doubly sensitive: they move with Bitcoin's price and with the premium or discount investors assign to their BTC holdings — both variables favorable at current levels.

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