Strategy Buys $21 Million in Bitcoin, Extending Corporate Buying Revival

Strategy spent more than $21 million on Bitcoin last week, pushing its total holdings to roughly $70 billion and extending its fifth purchase streak since August. The Michael Saylor-led company disclosed the buy Monday, funding it by selling over 125,000 shares of common stock plus $500,000 in cash.

It also spent about $192 million repurchasing nearly 2 million shares of STRC, a preferred stock that pays regular distributions to investors. For a firm that spent the spring trimming its hoard, the move signals a clean reversal: Strategy sold Bitcoin on four occasions during the downturn and has now gone back to stockpiling.

Why the buying stopped, and why it restarted

The macro backdrop explains the whipsaw. Bitcoin slid from a high of $126,000 last October to a low of $58,000 in June, a drawdown of more than 50%. It broke out of its trading lull in mid-August, climbing to around $77,000 for the first time since May, and traded at $82,600 Monday morning.

That recovery held despite recent U.S. interest rate hikes and renewed tensions in the Middle East. Strategy holds roughly 4% of Bitcoin's circulating supply, so its own behavior — selling into the slump, buying into the rebound — reads as a barometer for the wider corporate treasury trade.

Who else is buying?

Strategy isn't alone. Several companies added crypto to their balance sheets this month, reviving the corporate-buying trend that cooled during the bear market:

• Strive, the asset manager cofounded by billionaire Vivek Ramaswamy, announced a $169 million purchase of 2,000 Bitcoin, bringing its stockpile to roughly $2.4 billion.
• Robinhood, the trading platform led by CEO Vlad Tenev, disclosed a $25 million Bitcoin investment for its own balance sheet.
• Metaplanet, the Japanese investment firm and world's second-largest publicly traded Bitcoin treasury company, sold 10,000 Bitcoin and bought 11,000 in the third quarter — a move it framed as proof to credit markets that it can convert holdings into cash when needed.
• Bitmine, a Bitcoin miner turned Ethereum treasury company, added roughly $41 million in ETH, bringing its holdings to about 6 million tokens — nearly 5% of Ether's total supply.

What does this change for investors?

For anyone tracking crypto exposure through public equities, the practical takeaway is twofold. First, the largest treasury companies have shifted from net sellers to net buyers, removing a persistent source of supply pressure from the June lows. Second, Metaplanet's churn — selling 10,000 coins while buying 11,000 — shows these firms are now actively demonstrating liquidity to lenders, which could loosen financing terms across the sector.

The so-what hinges on price. Fortune previously reported that analysts expect Bitcoin to recover further by year-end, with one strategist predicting a summer bottom followed by a rebound toward $100,000. At $82,600, the market sits roughly 18% below that target, and corporate demand is building underneath it.

If the strategist's call lands, expect the treasury cohort to keep accumulating into strength rather than fading it — the same pattern that defined the last cycle.