Michael Saylor's Strategy did not purchase any new Bitcoin this week, instead directing $139 million toward repurchasing its own STRC preferred shares. Rival Strive Inc. moved the opposite way, buying 469 BTC to push its holdings past 25,000 BTC.
Michael Saylor's Strategy, formerly MicroStrategy, did not buy a single new Bitcoin in its latest weekly report, leaving the company's holdings unchanged at 845,050 BTC. Instead, Saylor put $139 million of fiat cash toward repurchasing Strategy's own STRC preferred shares.
Strategy optimizes its balance sheet instead of buying coins
Strategy's treasury currently holds $6.4 billion in dollar-denominated assets with a duration of 3.9 years. By buying back its own securities rather than Bitcoin, the company is working to optimize that debt burden.
Saylor also disclosed the pricing assumptions behind STRC: with Bitcoin at $77,266, a 10% annual return, and 40% volatility, the credit spread on the shares stands at 57 basis points. The instrument works as an isolated gateway, generating a variable yield for investors through treasury operations while separating credit returns from Bitcoin's price swings.
Strive pushes past 25,000 BTC as Strategy pauses
While Strategy holds back, Matt Cole's Strive Inc. took the opposite approach over the same period. Using a similar preferred equity instrument called SATA, Strive issued new shares near their $100 par value and, without taking on conventional debt, purchased 469 BTC for $36.6 million.
The purchase averaged $77,954 per coin and pushed Strive's reserves to exactly 25,000 BTC, worth $1.93 billion. That brought its amplification ratio to 53.5%.
The split captures a broader divide in corporate Bitcoin treasury strategy. With Bitcoin above $77,000, Strategy chose to restructure its own capital rather than add coins, while newer entrants use the model as a conveyor belt for debt-free Bitcoin purchases at current prices.
Source: Strategy Inc.
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