Strategy恢复比特币购买，但Strive每股获得更多比特币

Strategy resumed buying after a two week pause, but its latest purchase came from cash while its stock sales remained idle. Meanwhile a review of five Strive filings shows a different pattern: rapid Bitcoin growth alongside a rising common share count and a growing preferred stock obligation. The useful comparison is how much Bitcoin each common share can claim, not the size of a single purchase.

Summary Strategy bought 950 BTC for $75.7 million in the week ended Sept. 20, bringing its holdings to 846,000 BTC.

Strive bought 1,355 BTC in the week ended Sept. 18 and reached 26,355 BTC.

Strive’s BTC per effective common share rose 14.1% between Aug. 21 and Sept. 18, based on its SEC filings.

Strategy sold zero shares through its ATM programs in the week it resumed buying Bitcoin.

Strive’s SATA preferred share count rose from 8.27 million to 11.18 million over four reporting weeks.

Strategy has resumed Bitcoin purchases with 950 BTC bought for $75.7 million, while Strive has added 1,355 BTC in a substantially overlapping reporting period and continued expanding a preferred stock program that helps finance its treasury.

Strategy’s Sept. 21 Form 8-K says the company bought Bitcoin using existing USD Cash and sold no shares through its at the market programs from Sept. 14 through Sept. 20. Strive’s filing on the same day shows a larger purchase, a higher common share count and 786,194 additional SATA preferred shares outstanding. The two companies bought the same asset at almost the same average price, but the capital moving behind each purchase was different.

JUST IN: Strategy adds another 950 BTC for $75.7 million

The purchase lifts Strategy’s holdings to 846,000 BTC at an average cost of $75,416 per coin, while the company also spent $174 million repurchasing STRC preferred stock without selling shares through its ATM program. pic.twitter.com/BFWt4TT8bP — crypto.news (@cryptodotnews) September 21, 2026

Strategy’s Bitcoin purchase did not restart its share sales

Strategy reported that it paid an average of $79,670 per BTC, including expenses. Its total position rose from 845,050 BTC to 846,000 BTC, a gain of 0.112%. The purchase ended two consecutive reporting periods in which Strategy bought no Bitcoin and sold no shares under its ATM programs. crypto.news previously examined the two week pause and the cash being directed toward preferred share repurchases.

Buying resumed. The financing method used for this purchase did not resemble the one that built much of Strategy’s position. In its Aug. 31 filing, the company said proceeds from MSTR share sales financed a 4,603 BTC purchase worth $369.7 million. The latest 950 BTC came from USD Cash already on the balance sheet. A company can repeat purchases funded by new issuance while buyers keep taking its securities. A cash funded purchase instead draws on a finite pool unless the money is replenished.

You might also like: Strategy spends 2.3 times more on STRC than Bitcoin

The cash pool had another claimant. Strategy used $174 million to repurchase 1,771,238 STRC preferred shares during the same week. That was approximately $2.30 spent on STRC for each dollar spent on Bitcoin. Its USD Cash declined from roughly $1.30 billion to $1.05 billion after the two transactions. Its separate USD Reserve fell from roughly $5.10 billion to $5.04 billion after $57.4 million in preferred dividends and debt interest.

STRC spending split detailed has already been reported. It should not be mistaken for proof that Strategy has abandoned accumulation. The company’s filing records one week’s uses of capital. Its Aug. 31 filing shows that it can resume ATM issuance when it chooses and the market permits it. The question posed by the latest period is narrower: how much new Bitcoin did each company put behind its common stock, and what claims came with it?

JUST IN: Strategy spends $139.3 million on STRC instead of buying Bitcoin

The company repurchased 1.42 million $STRC preferred shares from Sept. 8–13 while making no $BTC purchases or sales, leaving its holdings at 845,050 BTC acquired at an average of $75,412 per coin. pic.twitter.com/VDa6VVXgjr — crypto.news (@cryptodotnews) September 14, 2026

A bigger Bitcoin purchase does not answer the shareholder question

Strive paid about $79,475 per coin for 1,355 BTC from Sept. 14 through Sept. 18. Its holdings rose from 25,000 to 26,355 BTC, or 5.42%. Strategy’s 950 BTC purchase grew its much larger position by 0.112%. On those two percentages alone, Strive’s treasury expanded about 48 times faster in the latest disclosed period.

JUST IN: Vivek Ramaswamy’s Strive now holds 25,000 BTC worth $1.94 billion

The firm bought another $36 million worth of Bitcoin last week, bringing its total holdings to 25,000 $BTC as Strive continues to expand its corporate Bitcoin treasury. pic.twitter.com/Mf7JhXYeAf — crypto.news (@cryptodotnews) September 14, 2026

The comparison is striking, but a company’s coin count is only the numerator of what common shareholders ultimately hold. New common shares spread the exposure across more owners. Preferred shares can finance purchases without immediate common dilution, but they introduce a claim ahead of common equity. Cash and other assets matter too. Neither a coin count nor a single BTC per share calculation captures the entire balance sheet.

Strive’s same filing puts its effective common shares at 94,968,764 on Sept. 11 and 97,002,649 on Sept. 18. Its BTC position grew 5.42% while that share count grew 2.14%. Divide 25,000 BTC by the first share count and 26,355 BTC by the second: the result rises from about 26,324 to 27,169 satoshis per effective common share, a gain of 3.21%.

That increase is smaller than the 5.42% rise in the treasury because the denominator changed. It is still positive. An argument that the Bitcoin purchase was entirely offset by common share dilution would be contradicted by these particular snapshots.

Strive defines effective common shares as its Class A plus Class B shares. Its filing separately reports assumed fully diluted shares, options, employee awards and traditional warrants. Using assumed fully diluted shares instead produces approximately 25,474 sats per share on Sept. 11 and 26,317 on Sept. 18, an increase of roughly 3.31%. The filing excludes traditional warrants from that fully diluted count. These are transparent exposure ratios, not liquidation values or a substitute for Strive’s own reported performance measures.

Four weeks of filings show the change beneath Strive’s BTC total

A single week can make a young treasury look exceptionally fast. The longer series offers a better test. Strive’s Aug. 31,Sept. 8,Sept. 14 and Sept. 21 filings report both BTC holdings and share counts for consecutive dates. The calculations below divide reported BTC by reported effective common shares and multiply by 100 million to express the result in sats.

Reporting date BTC held Effective common shares BTC per share, sats SATA shares Aug. 21 21,356 89,683,423 23,813 8,270,815 Aug. 28 23,156 93,262,570 24,829 9,073,914 Sept. 4 24,531 94,934,558 25,840 9,995,425 Sept. 11 25,000 94,968,764 26,324 10,397,966 Sept. 18 26,355 97,002,649 27,169 11,184,160

Strive added 4,999 BTC between Aug. 21 and Sept. 18. The arithmetic is 26,355 minus 21,356, equal to 4,999 BTC, or 23.4% of its starting position. Its effective common share count rose by 7,319,226, or 8.2%. Dividing the two end point BTC per share figures gives a gain of about 14.1%. The sequence was positive at each reported weekly snapshot, including weeks when the common share count rose substantially.

The company paid for the four disclosed BTC batches at average prices of approximately $79,431, $79,281, $77,954 and $79,475, inclusive of expenses. Multiplying each batch by its reported average gives roughly $393 million in aggregate purchase cost. That total is an estimate because each average is rounded in the filings. It is not a reconciliation of all funding inflows and outflows.

There is a second denominator. SATA preferred shares outstanding rose by 2,913,345 during the same four weeks, from 8,270,815 to 11,184,160, or about 35.2%. These preferred shares are not common shares, so adding them to the common share denominator would be misleading. Their holders nevertheless have contractual rights that rank ahead of common equity. A growing BTC per common share figure therefore answers one question while leaving the cost of financing open.

Preferred shares put the two companies on different sides of a trade

Strategy’s STRC is variable rate perpetual preferred stock with a $100 stated amount. Strive owns 505,000 STRC shares, a position it marked at $49.748 million on Sept. 18. Strategy has been repurchasing its own STRC while Strive’s holdings of the security remained constant across the filings reviewed. The price of Strive’s position changed, but its share count did not.

Strive has meanwhile expanded SATA, its own variable rate preferred security. SATA outstanding rose by 786,194 shares during the latest week even as Strive bought 1,355 BTC. In the week ended Sept. 11, SATA rose by 402,541 shares while effective common shares barely moved. Earlier Strive’s SATA funding arrangements described proceeds from the preferred program as the financing source for its 469 BTC purchase in that period.

The share count changes in the latest filing do not, by themselves, show exactly which day’s issuance paid for which Bitcoin trade. Cash is pooled and transaction timing can differ. Strive ended the Sept. 18 period with $229.6 million in cash and equivalents, up from $204.2 million a week earlier, despite buying more than $107 million in Bitcoin at its reported average price. The combined cash and asset changes show why treating a purchase as an isolated transfer from one security to another would overstate what the filing proves.

Strategy’s own STRC preferred stock repurchases have had a different immediate purpose: reducing outstanding preferred claims. STRC carried a 12% annualized dividend rate for September, while Strive’s SATA carried 13%, according to the companies’ September disclosures described in that coverage. Dividends are subject to the securities’ terms, and a simple rate comparison cannot measure either issuer’s total financing cost. It does show why issuing a preferred share and buying one back are different uses of capital even if both companies are Bitcoin treasuries.

At the $100 stated amount, 2,913,345 additional SATA shares represent approximately $291.3 million in additional stated preferred capital over the four reporting weeks. That is not a claim that Strive raised exactly $291.3 million in cash: offering prices, transaction costs and any other changes must be checked separately. Applying a 13% annual rate to that incremental stated amount yields roughly $37.9 million per year at an unchanged rate and share count. SATA’s rate is variable, so this is an illustrative run rate, not a fixed future bill.

Strategy’s scale changes what a restart can accomplish

Strategy held roughly 32 times Strive’s 26,355 BTC at the latest disclosed dates. Buying 1,355 BTC would add just 0.16% to Strategy’s starting position of 845,050 BTC. For Strive, the same batch represented 5.42% of its 25,000 BTC starting position. A smaller treasury can show faster percentage growth with a purchase far below the largest issuer’s historical deal size.