Two of the largest publicly traded bitcoin treasury companies disclosed fresh purchases on November 2, adding a combined 935 bitcoin at a time when the cryptocurrency traded below $80,000. Strive Inc. reported buying 124 bitcoin for roughly $10 million, bringing its total holdings to 43,124 bitcoin. Strategy Inc. separately acquired 811 bitcoin for $65.5 million, raising its stack to 849,327 bitcoin.

The purchases followed a period of price volatility linked to a major exchange security incident late in October. Both companies completed their transactions at average prices above the levels seen in early November trading, with bitcoin hovering near $77,000 to $78,000 on the day of the announcements.

Strive’s Smaller Purchase Follows Large Prior Week

Strive’s latest acquisition covered the period from October 24 to October 30. The company paid an average of $80,526 per bitcoin, inclusive of fees and expenses. The addition lifted holdings from approximately 43,000 bitcoin reported a week earlier. Chairman and CEO Matt Cole stated that existing cash funded most of the purchases.

Cash and cash equivalents declined from $504.4 million to $490.4 million over the same week. The company also activated its SATS at-the-market program for the first time. All weekly ATM proceeds came from sales of the Series A Perpetual Preferred Stock. SATS shares outstanding rose by 3,418 to 7,003,418. The ATM program, filed on October 26, authorizes sales of up to $1 billion of the preferred shares over time.

Strive’s Amplification Ratio stood at 62.7 percent after the transactions. The metric compares debt and preferred stock obligations against the market value of bitcoin holdings. The company continues to hold 505,000 shares of Strategy’s STRC preferred stock, valued at about $50.1 million as of October 30.

The latest buy marked a sharp reduction from the prior week, when Strive acquired 6,182 bitcoin for approximately $511 million at an average price of $82,732. That earlier purchase had pushed holdings to 43,000 bitcoin. Chief Investment Officer Ben Werkman addressed the more measured pace.

Strive ranks fourth among public companies by bitcoin holdings. It trails Twenty One Capital, which holds 43,514 bitcoin, and Metaplanet, which holds 44,000 bitcoin. Strategy remains far ahead with its much larger position. At recent prices, the gaps to the companies immediately ahead of Strive equate to roughly $30 million and $67 million respectively.

Strategy Resumes Accumulation After Brief Pause

Strategy purchased its 811 bitcoin between October 26 and November 1 at an average price of $80,846 per coin, including fees and expenses. The transaction raised total holdings to 849,327 bitcoin, acquired at an overall average cost of $75,451 across the portfolio. Aggregate purchase cost for the entire position reached approximately $64.08 billion.

The company financed the bitcoin buy through sales of 1,178,552 shares of MSTR common stock under its at-the-market program. Those sales generated about $164 million in net proceeds. Of that amount, $65.5 million went toward bitcoin while the remaining $98.5 million was added to USD cash balances. No preferred shares were sold during the period.

Alongside the bitcoin purchase, Strategy spent $208.2 million repurchasing 2,092,035 shares of its STRC preferred stock using existing USD cash. The company reported $748.6 million remaining under its preferred stock repurchase authorization after the transactions. It also drew $43.4 million from its USD Reserve to cover preferred dividends. At the end of the period, the USD Reserve stood at $4.79 billion and USD cash at $132.7 million.

Available capacity under Strategy’s common stock ATM program remained substantial at more than $18.6 billion as of November 1. Preferred stock capacity across its various series also stayed significant.

Financing Approaches and Shareholder Implications Differ

The two companies employed distinct capital approaches in the latest period. Strategy issued new common shares to fund its bitcoin purchase while simultaneously reducing preferred stock obligations through buybacks. Strive relied primarily on cash reserves and introduced limited preferred share issuance through its new SATS program.

One analysis noted that Strategy’s share issuance outpaced the bitcoin added on a per-share basis, resulting in a modest decline of about 0.17 percent in bitcoin per diluted share. Strive’s diluted share count remained essentially unchanged while bitcoin holdings rose, producing an approximate 0.29 percent increase in bitcoin per diluted share for the week.

Strive’s SATS preferred stock carries a fixed 15 percent annual dividend on its stated value and began accruing daily payments in November. The company has previously raised hundreds of millions through preferred offerings, including a $630 million SATS transaction in October. Strategy has similarly used preferred securities extensively while more recently emphasizing buybacks to manage dividend obligations.

Both firms continue to operate as dedicated bitcoin treasury companies, providing equity investors with exposure to bitcoin through publicly traded shares. Their latest disclosures keep weekly purchase transparency as a standard practice among this group of companies. Bitcoin’s price movement below recent purchase averages places the newest coins underwater on a mark-to-market basis, though both companies maintain long-term accumulation strategies.

Strive remains positioned to challenge for higher rankings among public holders if it sustains even moderate weekly additions while competitors pause or slow their buying. Strategy continues to dominate the category by a wide margin, with holdings nearly twenty times larger than Strive’s current total.