Strategy used its cash to buy back discounted preferred stock instead. Strive kept buying Bitcoin, funded by preferred stock trading closer to face value.
Strategy, the company formerly known as MicroStrategy, made no additional Bitcoin purchases this week. Instead, it spent $176.3 million repurchasing 1.81 million shares of its STRC perpetual preferred stock at roughly $97 a share, below the stock's $100 par value, and doubled its STRC buyback authorization to $2 billion. Chief executive Phong Le said the company intends to repurchase STRC shares in a regular and disciplined manner whenever the stock trades below par, calling the repurchases an attractive use of capital that reduces future preferred-dividend obligations at a discount. Strategy holds 845,050 Bitcoin at an average cost of $75,412, modestly in the money against current prices near $78,000.
Strive, by contrast, funded 70% of its capital last week through its own SATA preferred stock, which trades close to its $100 par value, and used the proceeds to buy 1,375 Bitcoin for roughly $109 million. That brings Strive's total holdings to 24,531 Bitcoin at an average cost of about $91,467, underwater by roughly $13,000 per coin at current prices.
The mechanism, not the headline purchase decision, is what separates this from a routine treasury-company Bitcoin report. Strategy's preferred stock trading below par gives it a genuine arbitrage: buying back its own paper at a discount permanently reduces future dividend payments at less than face value. Strive's preferred trading near par offers no comparable discount, so continuing to raise capital through it and deploy the proceeds into Bitcoin is a different bet entirely, one still predicated on Bitcoin's price appreciating enough to close the gap on its already-underwater cost basis.
These figures are drawn from a single secondary financial-media account of company disclosures, not independently cross-checked against Strategy's or Strive's own regulatory filings; specific repurchase prices and share counts should be treated as reported rather than independently confirmed.