Strategy Buys $370M BTC as Strive Adds 1,800 More Coins

Strategy disclosed on August 30 that it had acquired 4,603 BTC for $370 million, at an average price of approximately $80,318 per coin. The company now holds 845,050 BTC and $6.71 billion in USD assets, with net leverage at 0.0%. Alongside the Bitcoin purchase, Strategy increased its USD cash position by $29 million and repurchased $152 million of its STRC preferred stock.

Strive made its own move the same week. Matt Cole, CEO of Strive, posted on X that Strive acquired an additional 1,800 BTC for $143 million at an average cost of $79,431 per bitcoin, bringing its total holdings to 23,156 BTC.

According to HODLFM market data, Bitcoin traded at $77,923 at the time of writing, below the prices both firms paid for their most recent purchases.

Lookonchain's read on Saylor's recent trading record

The purchases arrived with an uncomfortable footnote. Blockchain analytics account Lookonchain noted on X that over the past two months, Strategy's Michael Saylor sold 6,916 BTC at an average price of $62,081 per coin, raising approximately $429.35 million. He then bought back 4,603 BTC at $80,318, spending $369.7 million.

"Michael Saylor isn't a great trader either — always selling $BTC low and buying it back high!" Lookonchain wrote. "That's an $84M loss!"

The arithmetic is straightforward. Selling at $62,081 and repurchasing fewer coins at $80,318 produced a net loss on the round trip. Saylor has not responded publicly to the characterization. Carl Moon, posting on X, framed the same purchase in the opposite direction.

"Michael Saylor bought $370 Million worth of Bitcoin last week," he wrote. "Saylor FUDs are in disbelief now."

What Strategy's net leverage figure actually means

Strategy's disclosure that net leverage stands at 0.0% is a specific accounting metric rather than a statement that the company holds no debt. Strategy has raised billions through convertible notes and preferred stock offerings to fund Bitcoin purchases. Net leverage at 0.0% means the company's USD liquid assets match or exceed its debt obligations at the reported date, not that it has retired its borrowings. The company reported $6.71 billion in USD assets alongside its 845,050 BTC position. At current prices, the BTC stack is worth approximately $65.8 billion, which dwarfs the debt load, but the USD asset figure is what the net leverage calculation references.

Strategy formerly operated as MicroStrategy before rebranding in early 2025 to reflect its identity as a Bitcoin treasury company rather than a software business. The company pioneered the corporate Bitcoin treasury model in August 2020 when it made its first BTC purchase at around $11,000 per coin. That original thesis, that Bitcoin would outperform cash over time, has proven correct across the full holding period even as individual purchase tranches, including the most recent one, have sometimes been made near local price peaks.

The September seasonality pattern and what history shows

A widely circulated Bitcoin monthly returns table shows that every year Bitcoin closed both July and August in green, September produced a red monthly candle. The pattern has appeared consistently enough that traders treat it as a meaningful seasonal signal rather than noise.

Bitcoin's September performance history has been tracked by multiple on-chain data providers. CoinGlass data shows Bitcoin posted negative September returns in 2013, 2014, 2017, 2018, 2019, 2020, 2021, and 2022. The average September return across all years of Bitcoin's trading history is negative. The July-August double green condition narrows the sample further but does not break the directional pattern. September 2022 was also negative despite a broader macro environment that differed significantly from the current one.

The current price of $77,923 already sits below Strategy's $80,318 average purchase price from last week and below Strive's $79,431 average. Whether September follows historical precedent this year depends partly on macro data due throughout the first week of the month, including non-farm payrolls on September 4 and the ISM Services PMI on September 3, both of which will shape Federal Reserve rate expectations heading into the September meeting.

Strive's accumulation trajectory and who is behind it

Strive Asset Management was co-founded by Vivek Ramaswamy, who left the company to pursue political ambitions before Matt Cole took over as CEO. Under Cole, Strive shifted its Bitcoin strategy from passive ETF exposure to direct BTC accumulation on its balance sheet, positioning itself alongside Strategy as a publicly listed Bitcoin treasury vehicle. Strive's 23,156 BTC holding at current prices represents a position worth approximately $1.8 billion. The firm has moved quickly, with the 1,800 BTC purchase this week representing one of its larger single acquisitions.

The two purchases, Strategy's $370 million and Strive's $143 million, together add more than $513 million in institutional Bitcoin demand in a single week. Both were made at prices above the current spot level, which gives the Bitcoin-as-treasury trade a near-term paper loss on those specific tranches.

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