BTC breaks 85,000 MSTR.US (MSTR.US) Strive (ASST.US) spent 183 million to increase positions

According to Woofun AI, the price of Bitcoin rebounded strongly to $85,000, a record high since January, and rebounded nearly 30% from the August low. In this market context, MicroStrategy (MSTR.US) and Strive (ASST.US) spent a total of US$183 million to purchase Bitcoin last week, making it the most prominent move in the current enterprise-level asset allocation.

This procurement behavior not only marks the positive layout of the two institutions after price correction, but also re-established the dominant market position of leading players in the cycle of slowing down overall corporate coin purchase activities. As the price of BTC broke through a key psychological threshold, corporate balance sheets, which had previously been pressured by falling prices, ushered in an opportunity to recover. MicroStrategy (MSTR.US) and Strive (ASST.US) bucked the trend and increased their positions, essentially a clear response to the current market revaluation, and also provided a weather vane for subsequent capital flows.

Looking at the details of the transaction, MicroStrategy (MSTR.US) purchased 950 BTC at an average price of $79,670 each between September 14 and 20, at a total cost of $75.7 million. The operation brought its total holdings back to 846,000 units, with a cumulative total cost of US$63.8 billion and an average holding cost of US$75,416.

Meanwhile, Strive (ASST.US) bought 1,355 BTC at an average price of $79,475 each between September 14 and 18, costing $107.7 million, bringing its total holdings to 26,355.

Notably, Strive (ASST.US)'s cash and equivalents rose to $229.6 million during the same period, indicating that it is expanding its assets while maintaining liquidity. According to data compiled by Woofun AI, listed companies added about 5,900 BTC in the past three months, far lower than 89,000 in July 2025; the average purchase price in the industry is about $80,500. At the time of publication of the report, the price of BTC was below this cost line, causing the company's overall holdings to lose money, but after the price broke through $85,000 on Monday, this situation was completely reversed, and the asset value was once again above average acquisition cost.

MicroStrategy's (MSTR.US) balance sheet changes have been particularly drastic. At the end of the second quarter, when the price of BTC was $58,714, the company recorded a loss of $83.2 billion, of which $83.1 billion was an unrealized loss. If calculated at $85,000, the value of the 846,000 BTC assets it holds is about $71.9 billion, which is about $8.1 billion higher than the total acquisition cost, and the market value is more than $2.2 billion higher than the value corresponding to the closing price on June 30.

Although frequent trading operations during the quarter made changes in fair value recorded in the accounts in real time, making it difficult to directly reflect the final accounting profit, this undoubtedly showed that the price rebound had a huge restorative effect on the balance sheet. To manage the securities that underpin its BTC assets, MicroStrategy (MSTR.US) spent $174 million last week to repurchase 1.77 million variable rate STRC preferred shares and withdraw $57.4 million from reserves to pay dividends and interest. As of September 20, its reserves were $5.04 billion, plus $1.05 billion in cash. CEO Phong Le said in July that buying back shares at less than face value can reduce dividend pressure and maintain the sustainability of the preferred stock market. Since then, the company has cumulatively spent approximately $1.1 billion to buy back STRC shares. MicroStrategy (MSTR.US) did not mention coin purchases in the previous two weeks. As of September 13, it held a position of 845,050 units. This increase means that it has found a new balance between balance sheet management and BTC fundraising.

Strive's (ASST.US) operation revealed a different kind of financing logic. Prior to the latest round of purchases, the company had purchased 469 BTC last week and 1,375 in early September, showing a high reliance on SATA preferred stock financing. The exercise of warrants brought in about $21.2 million in capital inflows last week, and SATA preferred shares rose to 57.7% of total capital raised. In terms of share capital, SATA's tradable shares increased by 786,194 shares to 11.18 million shares, and Class A shares increased by about 2.07 million shares.

Strive (ASST.US)'s latest coin purchase price is nearly $5,500 lower than $85,000, and its asset value is closer to historical cost. This model is more sustainable when the price of BTC rises faster than the cost of securities. According to Glassnode's opinion, tens of thousands of BTC were bought by businesses every month in 2025, but now purchases are concentrated on a few companies. As the price of BTC recovers above the $80,500 industry average cost, the re-entry of MicroStrategy (MSTR.US) and Strive (ASST.US) could trigger a ripple effect, prompting other wait-and-see corporate buyers to rejoin the buying ranks, thereby further releasing market liquidity.