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Strategy and Strive Load Up on Bitcoin as Treasury Rankings Race Heats Up
- Strategy bought 811 BTC for US$65.5 million, lifting its holdings to 849,327 BTC, representing 4.04% of Bitcoin’s maximum supply.
- Strategy also repurchased US$208 million in STRC preferred shares, more than triple its Bitcoin spending during the same period.
- Strive acquired another 124 BTC for approximately US$10 million, increasing its treasury to 43,124 BTC and beginning to use its SATS preferred-share programme.
- Strive now needs just 877 additional BTC to overtake Metaplanet as the second-largest corporate Bitcoin holder, assuming Metaplanet makes no further purchases.
The Bitcoin buyers’ club is in session again, with two of the largest BTC treasury firms making purchases. This is despite the recent multi-billion-dollar hack of Binance, or perhaps because of the dip that followed that hack.
Starting with Strategy (formerly MicroStrategy), the company bought another 811 BTC between 26 October and 1 November. Founder and chairman Michael Saylor said on X that they “found room for even more orange”.
Strategy paid around US$65.5 million (AU$93.8 million) at an average price per coin of US$80,846 (AU$1125,822) and now holds 849,327 Bitcoin. That’s a 4.04% share of Bitcoin’s maximum supply, with the US spot Bitcoin ETFs holding around 1.29 million BTC, or 6.15%; BlackRock’s IBIT alone holds 814,874 BTC, or 3.88%.
Related: FBI Says North Korea Behind Record US$6.3 Billion Binance Hack
Strategy also repurchased US$208 million (AU$297.9 million) of STRC, its perpetual preferred stock. In addition to its Bitcoin holdings, the company also holds US$4.9 billion (AU$7.02 billion) in USD assets.
Interestingly, Strategy allocated over three times as much capital to STRC buybacks as it did to Bitcoin acquisitions that week.
Strive Inches Closer to Second Spot
The purchase ended a week-long buying pause for Strategy, while Strive continued buying throughout both weeks.
In a filing with the US Securities and Exchange Commission (SEC), Strive said it had bought 124 more BTC, bringing its balance to 43,124. CEO Matt Cole said the coins were bought for around US$10 million (AU$14.3 million) at an average of US$80,526 (AU$115,406) per coin.
Cole’s goal is to become the second-largest corporate Bitcoin treasury.
That goal could be reached sooner rather than later. Metaplanet sits in second spot with 44,000 BTC and Twenty One Capital in third spot with 43,514. Strive would need to acquire another 877 BTC to claim second place, provided neither Metaplanet nor Twenty One Capital increases its holdings.
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Strive also began using its new US$1 billion (AU$1.4 billion) SATS preferred-share programme for the first time to help fund Bitcoin purchases, alongside existing cash.
At the time of writing Bitcoin slipped 2.4% lower on the daily chart, currently trading at US$76,635 (AU$109,793).
Related: Bitcoin ETFs Shed US$643 Million Amid Binance Hack Fallout
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.
