BTC broke through 86,000 banks to reverse losses, and Strategy (MSTR.US) and Strive (ASST.US) bucked the trend and increased their positions

According to Woofun AI, the price of Bitcoin has broken through the $86,000 mark, directly reversing the passive situation where the corporate treasury sector has been in a state of decline for a long time. The two giants Strategy (MSTR.US) and Strive (ASST.US) bucked the trend and spent a total of 183 million US dollars to buy 2305 bitcoins last week, which became a key incremental capital in the early days of market recovery.

Against the macro backdrop where the overall enthusiasm for buying coins in the market has cooled down significantly, the two institutions' contrarian operation is particularly abrupt and critical. According to regulatory documents, Strategy (MSTR.US), the world's largest Bitcoin holder, purchased 950 bitcoins at an average unit price of 79,670 US dollars, with a total transaction value of 75.7 million US dollars; this move restored its total Bitcoin holdings to 846,000, with a cumulative total purchase cost of 63.8 billion US dollars, and an average holding cost of 75,416 US dollars.

Meanwhile, Strive (ASST.US) bought 1,355 bitcoins at an average price of $79,475 between September 14 and 18, costing $107.7 million. The size of its Bitcoin treasury climbed to 26,355. The company's cash and equivalent reserves increased to $229.6 million during the same period. The transaction price of both institutions was significantly lower than the market price of Bitcoin which surged to $86,000 this Monday. This price not only hit a new high since January this year, but also rebounded 30% from the August low.

It is worth noting that this contrarian increase in positions occurred during a cycle where the scale of coin purchases in the industry shrunk drastically. According to data compiled by Woofun AI, the blockchain analysis agency Glassnode reports that listed companies only increased their holdings by about 5,900 bitcoins in the past three months, while the cumulative amount absorbed by enterprises in a single month reached 89,000 in July 2025. Glassnode estimates that the average cost of opening a position for the enterprise group is about 80,500 US dollars. Previously, the currency price was lower than this line, causing most companies to lose money, but after breaking through $86,000 on Monday, the entire corporate treasury sector officially returned above the cost line and achieved overall profit.

Strategy (MSTR.US)'s capital operation strategy is undergoing a deep transformation from simple coin hoarding to detailed balance sheet management. At the end of the second quarter, when the price of bitcoins fell to 58,714 dollars, Strategy (MSTR.US) held 846,000 bitcoins, causing it to lose 8.32 billion US dollars in digital assets within the three months up to June, of which unrealized losses reached 8.31 billion US dollars. Today, the market value of these 846,000 bitcoins has exceeded 72 billion US dollars, which is more than 8 billion US dollars higher than the total purchase cost, and the book has recovered significantly.

However, Strategy (MSTR.US) did not use all of its funds to buy coins. Last week, it spent $174 million to buy back its STRC preferred stock and used $57.4 million from its dollar reserves to pay dividends and debt interest on preferred shares. As of September 20, it had a balance of US$5.04 billion in earmarked dollar reserves and an additional US$1.05 billion in separate flexible cash allocations. The company's CEO Phong Le made it clear in July that the repurchase of STRC preferred shares at a price below face value is aimed at reducing pressure on future dividend payments and maintaining market liquidity. To date, Strategy (MSTR.US) has invested approximately $1.1 billion in STRC buyback projects. Therefore, this restart of the coin purchase (no record for the previous two weeks, holding a position of 84,5050 units on September 13) is essentially the company's capital balance between handling financing instruments and restarting the increase in asset holdings.

Strive (ASST.US) has shown a high reliance on preferred stock financing models to support its continued Bitcoin acquisition strategy. Following a purchase of 1,375 units in early September and 469 units last week, Strive (ASST.US) once again increased its position, further solidifying its strategic path of relying on SATA preferred shares to raise capital. The exercise of warrants last week brought in approximately $21.2 million in new capital, raising the share of SATA Preferred Stock to 57.7% of the company's total financing. According to the latest filing documents, SATA's tradable shares increased by 786,194 shares and Class A common shares increased by about 2.07 million shares during the week. The core of the sustainability of this model is whether Bitcoin's rise can outperform securities capital costs;

Although Strive (ASST.US)'s transaction price of newly purchased bitcoins was nearly $6,500 lower than the market price of about $86,000 on Monday, the overall holding distance from the historical average cost did not open up huge room for profit. As Bitcoin climbs to the $80,500 average cost line for the corporate community, the key variable is whether the rest of the wait-and-see companies will follow Strategy (MSTR.US) and Strive (ASST.US) back into the market. Glassnode data reveals that the corporate circuit, which used to absorb tens of thousands of bitcoins every month, is now highly concentrated on a small number of aggressive buyers; although the recovery in prices has prompted giants to resume buying, it is still necessary for more bystanders to join forces to replicate the enterprise-level demand of 2025.