Strategy and Strive bought a combined 2,305 BTC for $182.7 million last week as bitcoin surged past $86,000. Strategy also repurchased $174 million of its preferred shares, while technical indicators on Monday flagged the rally as historically overbought.
Strategy and Strive bought a combined 2,305 BTC for $182.7 million last week, as bitcoin surged past $86,000 on Monday. The two companies rank first and fifth among corporate holders of the cryptocurrency.
Strategy and Strive add to their holdings
Strategy, the largest corporate holder of bitcoin, said in a filing it bought 950 BTC for $75.7 million — its first purchase since August. Strive, meanwhile, added 1,355 BTC for $107.7 million.
The company also repurchased $174 million of its STRC preferred shares, part of a pause on bitcoin buying this year while it builds a cash reserve and buys back stock. It has, on occasion, even sold small pieces of its stash this year — despite founder and chairman Michael Saylor's insistence: "never sell your bitcoin."
After a ten-week pause, Strategy resumed buying in the final week of August, adding nearly $370 million in bitcoin. Its holdings now stand at 846,000 BTC, worth $72.7 billion at Monday's prices. Strive's stash, by contrast, is 26,355 BTC worth $2.2 billion.
Strategy's stock traded 8% higher on Monday. Strive dipped slightly, but on Friday it had touched above $30 a share, beating most Wall Street price targets.
Momentum indicators flag an overbought move
Bitcoin's advance looks stretched by technical measures, too. The token traded at $86,238 on the five-hour chart, more than 6% above its 20-period moving average.
Momentum readings are at extremes: the RSI stood at 83 and the MFI at 100, both signaling historically overbought conditions, with price trading above the upper Bollinger Band. Such stretched readings rarely persist without a sharp pullback, according to the analysis.
A mixed year for bitcoin treasuries
Bitcoin's rally comes despite headwinds. The Clarity Act, a crypto bill, was blocked last week. The Federal Reserve also raised interest rates, but investors have shrugged off the central bank's move. The token remains more than 30% below its October all-time high of $126,080.
Not every treasury has fared as well. Strategy, Satsuma, Smarter Web Company, Sequans, Nakamoto and Empery Digital have all sold bitcoin this year to repay debt, fund operations or finance buybacks, while other firms have folded or shifted toward AI infrastructure as their share prices collapsed.
Sources: Bitcoin Magazine, Investing.com
Trading involves risk.
Risk Disclaimer
