Strategy recorded no Bitcoin purchases or sales between August 31 and September 7, holding its treasury steady at 845,050 BTC, acquired for $63.73 billion at an average cost of $75,412 per coin. The pause followed the company's return to Bitcoin buying in the prior week, when it purchased 4,603 BTC. Strategy remains the largest corporate holder of Bitcoin, so its weekly purchase disclosures are widely tracked as a signal of institutional accumulation.

Instead of buying Bitcoin, Strategy directed capital toward its preferred securities. The company repurchased 1,810,885 STRC shares for $176.3 million, funding the entire amount from USD Cash rather than Bitcoin sales or new at-the-market issuance. Strategy also doubled its Digital Credit Securities Repurchase Program from $1 billion to $2 billion, leaving $1.19 billion of authorized preferred-stock repurchases remaining as of September 7. STRC is a perpetual strike preferred stock that carries fixed dividend obligations, so retiring shares reduces those recurring payout commitments.

The transaction extends the STRC buyback campaign that Strategy has used as part of its broader capital-management framework, which layers common equity, preferred equity, and debt issuance over its Bitcoin holdings. Its USD Reserve stood unchanged at $5.10 billion for the week, while deployable USD Cash was $1.44 billion following the STRC purchases.

Strive Adds $109M of Bitcoin as SATA Approaches $1B

Strive moved in the opposite direction, acquiring 1,375 BTC between August 31 and September 4 at an average price of $79,281 per coin. The roughly $109 million purchase raised its Bitcoin treasury from 23,156 BTC to 24,531 BTC.

The purchase continues Strive's Bitcoin accumulation, with preferred equity playing an increasingly large role in financing new BTC. CEO Matt Cole said 70% of the capital raised during the week came from SATA, with the preferred stock reaching approximately $999 million of notional outstanding. Strive's SEC filing lists 9,995,425 SATA shares outstanding as of September 4, an increase of 921,511 shares from the previous week.

Preferred Stock Drives Both Treasury Strategies

STRC and SATA now sit on opposite sides of the two companies' Bitcoin financing activity. Strategy is using cash to retire a portion of its preferred-stock exposure, while Strive is issuing more preferred equity as a major funding source for additional Bitcoin purchases. The contrast illustrates how corporate Bitcoin treasuries, once funded mainly through common-equity ATM programs, are increasingly turning to preferred and credit-linked instruments that sit higher in the capital stack.

Strive has been developing SATA as a listed Bitcoin-linked credit instrument, with earlier SATA trading activity establishing the security as a central component of its funding model. Strive also held 505,000 shares of Strategy's STRC, valued at $49.36 million as of September 4, leaving it exposed to Strategy's preferred-stock structure while expanding its own competing capital stack.

Strive ended September 4 with $202.6 million in cash and cash equivalents alongside its 24,531 BTC treasury, while Strategy entered September 8 with 845,050 BTC and $6.54 billion combined across its USD Reserve and USD Cash. Future weekly filings will show whether Strategy resumes Bitcoin purchases or continues prioritizing preferred-stock repurchases, and whether SATA issuance crosses the $1 billion notional threshold.