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Bitcoin Slips Below $79K as Strive Buys BTC While Strategy Skips Round
- Bitcoin fell 1.64% for the week, trading at US$78,649 after a high of US$82,103.
- Strive bought another 1,375 BTC for US$109 million, taking its total holdings to 24,531 coins.
- Strategy paused its Bitcoin purchases, instead spending US$176 million buying back STRC preferred shares.
- Peter Schiff questioned whether genuine demand exists for STRC, sparking debate over Strategy’s buyback strategy.
The price of Bitcoin has dropped again, struggling to contest the US$79K (AU$109K) mark. After making a high of US$82,103 (AU$113,636) a couple of days ago, BTC currently trades for US$78,649 (AU$108,856), a weekly drop of 1.64%.
Meanwhile, large Bitcoin reserve companies like Strive and Strategy are, for now, pursuing separate goals.
Strive just bought another 1,375 BTC, which brings its total to 24,531 coins. They spent US$109 million (AU$150.9 million) on the purchase and bought at an average price of US$79,281 (AU$109,749) per BTC. Strive CEO Matt Cole reported that most of the week’s fundraising (about 70%) came from the company’s SATA perpetual preferred stock offering, which grew to almost US$999 million (AU$1.3 billion) in outstanding notional value.
On the other hand, Michael Saylor’s Strategy once again paused its Bitcoin purchases.
Saylor, Schiff Clash Over Strategy’s US$176M STRC Buyback
Strategy’s decision to spend US$176 million (AU$243 million) repurchasing its own preferred shares instead of buying Bitcoin has sparked a debate over how sustainable its increasingly complex capital strategy really is.
Read also: Liquid Network Hit by $320M Bitcoin Withdrawal
Michael Saylor said Tuesday that Strategy had bought back US$176 million of STRC and doubled the authorisation for its digital credit securities repurchase program to US$2 billion (AU$2.7 billion). The company said it held 845,050 BTC and US$6.5 billion (AU$8.9 billion) in USD assets as of 7 September.
The move reflects Strategy’s broader effort to support STRC, a preferred stock offering a 12% annual dividend. The company has said buying STRC below its US$100 (AU$138) stated value reduces future dividend obligations while helping restore the security’s price and liquidity. It ultimately wants STRC to trade near US$100 with sustainable demand from investors rather than relying on company purchases.
Peter Schiff, however, questioned whether that demand exists.
What's your goal? Even if you push STRC back to $100 you won't be able to issue more. There clearly is not enough demand at the current 12% dividend. If you sell, the price would drop again and you'll have to resume buybacks. Just ending the buyback will cause the price to drop.
— Peter Schiff (@PeterSchiff) September 8, 2026Advertisement
His argument goes to the heart of the strategy: if STRC needs repeated buybacks to remain near US$100, Strategy could find itself supporting the very market it hopes will provide it with fresh capital.
That leaves investors watching one key question: can Strategy turn STRC into a self-sustaining funding source, or will it remain dependent on buybacks to keep demand alive?
Read more: Irish Gangs Turn to Bank Vaults to Hide Crypto Keys
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
