Bitcoin Treasury Companies Resume Buying

Published: 2026-09-22 10:53:15 |

Bitcoin treasury companies Strategy and Strive bought a combined $182.7 million of Bitcoin last week, signalling renewed institutional demand as BTC recovered above $86,000. Strategy purchased 950 BTC for $75.7 million at an average price of $79,670, lifting its holdings to 846,000 BTC. Its total cost basis is about $63.8 billion, or $75,416 per BTC. Strive bought 1,355 BTC for $107.7 million at an average price of $79,475, increasing its holdings to 26,355 BTC. Both companies bought below the latest market price, helping the corporate treasury sector return to aggregate unrealised profit. Glassnode estimates that listed companies added only about 5,900 BTC over the past three months, compared with roughly 89,000 BTC in July 2025, showing that corporate Bitcoin demand has slowed sharply. Strategy also spent $174 million repurchasing STRC preferred shares and paid $57.4 million in dividends and debt interest. Strive continues to fund Bitcoin purchases through its SATA preferred-share programme and warrant exercises. The renewed buying is modestly bullish for BTC, but sustained demand will depend on whether Bitcoin’s gains exceed the cost of corporate financing. Traders will watch whether other treasury companies resume accumulation, while interest rates, regulation and balance-sheet risks remain key market drivers.

Bullish

The purchases provide a modestly bullish signal for Bitcoin because two major corporate treasury companies resumed accumulation and bought below the prevailing market price. Their buying also helped restore aggregate unrealised profits across the listed-company treasury sector, which may improve sentiment and encourage momentum traders to monitor further institutional inflows. The short-term price impact is likely limited. Combined purchases of $182.7 million are small relative to Bitcoin’s market size, and corporate accumulation remains far below the pace seen in July 2025. Strategy’s simultaneous preferred-share buybacks, dividend payments and debt costs also show that treasury growth competes with other capital-allocation needs. In the longer term, continued Bitcoin buying will depend on price appreciation exceeding the cost of issuing preferred shares, warrants and other financing instruments. Higher interest rates, regulation, forced selling and corporate balance-sheet stress could therefore weaken the bullish effect. Overall, the news supports BTC sentiment but does not remove broader downside risks.