The race among publicly traded companies to stockpile Bitcoin is heating up, with two major developments signaling a new phase of corporate treasury competition. Adam Back, the cryptographer and CEO of Blockstream, is launching a Bitcoin treasury company called Bitcoin Standard Treasury Company (BSTR), while existing player Strive has expanded its fundraising plans by $4.2 billion to fuel further BTC purchases.
BSTR aims to rival Saylor’s Strategy with active management
Adam Back, often speculated to be Satoshi Nakamoto due to his invention of Hashcash—the proof-of-work system cited in the Bitcoin whitepaper—is now positioning BSTR as a direct competitor to Michael Saylor’s Strategy (formerly MicroStrategy). In a public statement, Back said, "We intend to be active, to seek a return on Bitcoin using fund management strategies." This marks a departure from Strategy’s buy-and-hold model; BSTR plans to combine active fund management with capital markets mechanisms rather than relying solely on cold storage and NAV premiums.
Co-founded with CIO Sean Bill, BSTR has filed regulatory documents and is awaiting approval. Until then, Back limits disclosures to already submitted details. His comment on government Bitcoin adoption—“Everybody buys Bitcoin at the price they deserve”—underscores a relaxed view on sovereign entry, emphasizing that corporate treasury demand remains a powerful bullish force.
Strive ramps up funding to buy more Bitcoin
Meanwhile, Strive CEO Matthew Cole announced a $4.2 billion expansion of the company’s at-the-market programs for ASST and SATA securities. Each program will increase by $2.1 billion, reflecting surging liquidity and investor demand. This follows Strive’s recent purchase of 1,109 BTC for $85.4 million at an average price of about $76,988 per coin. The acquisition pushed Strive’s holdings to 16,500 BTC, surpassing Coinbase (16,492 BTC) and Riot Platforms (15,680 BTC).
Data from Bitcoin Treasuries indicates Strive’s SATA offering raised roughly $194.3 million in a single week, enough to buy around 2,621 BTC at current prices. The yield on SATA has climbed to 13%, edging out the 11.50% offered by Strategy’s STRC preferred stock.
Strategy pauses accumulation as rivals accelerate
In a rare move, Strategy disclosed the sale of 32 BTC for approximately $2.5 million, the first non-tax-related sale since December 2022. The proceeds are earmarked for distributions tied to its preferred stock offerings. With 843,706 BTC still on its balance sheet, Strategy remains the largest corporate holder by a wide margin. However, the contrasting strategies highlight an evolving landscape: while Strive and BSTR aggressively expand their treasury models, even a giant like Strategy is occasionally rebalancing.
These developments reinforce the narrative that institutional accumulation of Bitcoin is not slowing. With BSTR entering the arena and Strive scaling up its capital-raising machinery, corporate demand for BTC looks poised to remain a defining force in the market.
