Strategy and Strive purchased a combined 2,773 bitcoin worth $232.5 million last week, doubling down on corporate treasury accumulation even as the broader bitcoin-treasury model comes under strain.

Strategy, the largest corporate holder of bitcoin, disclosed Monday that it bought 1,665 BTC for $142.7 million — its second consecutive purchase after a brief pause — according to a Form 8-K filed with the Securities and Exchange Commission. The Nasdaq-listed company also repurchased $152 million of its preferred stock, STRC.

The filing puts Strategy's total holdings at 847,666 bitcoin, valued at roughly $70.5 billion.

Strive, the fifth-largest bitcoin treasury, said separately that it acquired 1,107 BTC for $94.5 million over the same period, lifting its holdings to 27,462 coins.

Why does this matter now?

The purchases arrive at an awkward moment for the sector. Several major treasuries — including Strategy itself, Satsuma, Smarter Web Company, Sequans, Nakamoto and Empery Digital — have sold bitcoin this year to repay debt, fund operations or finance buybacks. Others have folded entirely or pivoted to AI infrastructure as their share prices collapsed.

Equity markets have punished the strategy. Strategy stock (MSTR) has lost more than 50% of its value over the past year, while Strive (ASST) is down over 30% in the same window.

Bitcoin traded near $83,409 on Monday, off about 3% over the past week.

What are executives saying?

Both companies have pushed back against the notion that the treasury model is breaking.

Strive CEO Matt Cole has repeatedly emphasized that the company is debt-free, with zero margin requirements and zero encumbered bitcoin — a balance sheet, in his words, built to thrive through volatility.

Strategy CEO Phong Le has defended his firm's earlier bitcoin sales, describing the company as now holding a "bullet-proof balance sheet" and calling the decision to sell "the right trade at the time."

What's next on the capital-structure side?

Strategy announced last week that it plans to pay daily dividends on four of its preferred stocks: STRF, STRC, STRK and STRD. The shift toward more frequent distributions on preferred instruments, combined with the STRC buyback, signals the company is actively managing its equity stack as it continues accumulating bitcoin.

For Strive, the debt-free posture leaves room to keep buying without the refinancing pressure that forced peers into sales this year.

Whether the two firms can sustain accumulation through a drawdown that has already halved Strategy's equity value will be the test for the treasury model over the coming quarters.