Bitcoin

<h2 id="header-0">Key Facts</h2>
<ul>
 <li>Strive bought 6,182 BTC for about $511 million between Oct. 17 and Oct. 23, more than the 3,466 BTC Strategy added from Sept. 14 to Oct. 25, company filings show.</li>
 <li>Strategy bought no Bitcoin last week, sold no new shares and spent $204.9 million of cash buying back its STRC preferred stock.</li>
 <li>VanEck's Matthew Sigel says STRC trading back at its $100 face value is the level that would let Strategy restart larger purchases.</li>
</ul>
Strive bought 6,182 Bitcoin (<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/bitcoin/">BTC</a>) last week, more than Strategy added in its previous six weeks combined. Strategy bought none.
Strategy sold no new shares in the week to Oct. 25 and spent $205 million of cash buying back its STRC preferred stock, its <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.sec.gov/Archives/edgar/data/1050446/000119312526431146/mstr-20261026.htm">filing</a> shows. Strive, which had just raised <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/capital">capital</a> through a preferred stock sale of its own, did the buying. Treasury companies and ETFs absorbed most of the long-dormant coins sold since late 2024, according to Galaxy Research, so a quieter Strategy leaves one fewer steady buyer.
“Investors are now pricing these businesses on funding costs, balance-sheet discipline and bitcoin per share,” Jag Kooner, head of derivatives at Bitfinex, told Cointelegraph on Oct. 19.
<h2 id="header-1">Who Bought Last Week? Strive, With 6,182 BTC</h2>
Strive now holds 43,000 BTC, its <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.sec.gov/Archives/edgar/data/1920406/000162828026067141/asst-20261026.htm">filing</a> shows. That puts it fourth among public companies, behind Strategy, Metaplanet and Twenty One, The Block <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.theblock.co/news/business/2026-10-26-strive-closes-in-second-largest-corporate-bitcoin-treasury-511-million-purchase-431729">reported</a>, citing BitcoinTreasuries data.
The company closed a preferred stock offering of about $630 million on Oct. 20 and set up a program to sell more. Michael Saylor, Strategy's executive chairman, congratulated Strive on X.<tweet-embed url="https://x.com/ColeMacro/status/2114689129979994154"></tweet-embed>
<h2 id="header-2">Why Did Strategy Stop? It Sold No New Shares</h2>
Strategy's purchases had already shrunk to a few hundred coins a week, funded mostly by small sales of its common <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/equity">equity</a>. Last week it sold none.
Selling new shares adds Bitcoin per share only when the stock trades above the Bitcoin backing each share. That backing is counted after debt and preferred stock, net of cash. Strategy's <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.strategy.com/">dashboard</a> puts that ratio, known as mNAV, at 1.15. The stock has also lost half its value in a year.
Index rules add pressure. MSCI adopted rules on Oct. 15 that could drop Strategy from its indexes, CoinDesk <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/markets/2026/10/16/msci-approves-rules-that-could-eject-strategy-metaplanet-from-equity-indexes">reported</a>.
<h2 id="header-3">What Is Strategy Buying? Its Own 12% Preferred Stock</h2>
STRC, a preferred <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/security">security</a> paying a 12% variable dividend, traded at $99.48 on Monday, just under its $100 face value. Strategy has spent about $590 million buying it back over the past three weeks.<tweet-embed url="https://x.com/Strategy/status/2114701489348419924"></tweet-embed>
K33's head of research, Vetle Lunde, <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.theblock.co/news/markets/2026-10-14-strategys-preferred-stock-financing-may-cost-it-bitcoin-k33-argues-418543">estimated</a> this month that STRC left Strategy with only about 4,950 more Bitcoin than a plan without it would have. The added dividends could erase that gain in about seven months, he said. He also argued that selling common stock would fund future purchases more cheaply.
<h2 id="header-4">What Would Restart It? STRC Back at $100</h2>
Treasury companies have been a buyer that does not react to price, Kooner said. Without them, the market leans more on investors who rebalance with the economy. He expects any new money to reach established companies with scale and <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/liquidity">liquidity</a> in their own shares first.
Bitwise points to spot Bitcoin <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/bitcoin-etf">ETFs</a> as another source.
“Corporate purchases are one source of demand for bitcoin, but not the only source,” Ryan Rasmussen, head of research at Bitwise, <a target="_blank" rel="noopener noreferrer nofollow" href="https://cointelegraph.com/markets/bitcoin-rally-could-revive-treasury-buying-but-easy-money-days-over">told</a> Cointelegraph.
MSCI publishes its list of affected companies on Nov. 11.
“Note MSCI is largely absent in preferred indices, making STRC par a key battleground to restart larger BTC buys via ATM,” Matthew Sigel, head of digital assets research at VanEck, <a target="_blank" rel="noopener noreferrer nofollow" href="https://x.com/matthew_sigel/status/2112158960870359146">wrote</a> on X on Oct. 19.
Further Reading: <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/bitcoin-stuck-85k-bulls-bears-80k">Bitcoin Stuck Below $85K as Bulls and Bears Fight Over $80K</a>

Strive Buys More Bitcoin in a Week Than Strategy Did in Six

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