BTCperShare
BTCPERSHARE RESEARCH

Bitcoin treasury filing analysis.

SEC filings and treasury activity analyzed through BTC/share, capital structure and the shareholder-level result.

Filing analysis
Strategy September 21 filing analysis: 950 BTC purchased while STRC repurchases continued.
FILING ANALYSIS · STRATEGY (MSTR)Strategy Bought 950 BTC. BTC/Share Rose 0.11% While STRC Buybacks Continued.

Strategy bought 950 BTC with USD Cash, sold no ATM shares, and still spent $174 million repurchasing STRC. ADSO BTC/share increased approximately 0.11%.

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Strive September 21 filing analysis: 1,355 BTC acquired and BTC per share increased 3.2%.
FILING ANALYSIS · STRIVE (ASST)Strive Added 1,355 BTC. BTC/Share Increased 3.2% as Warrants Began Exercising.

Strive added 1,355 BTC while effective common shares rose 2.1%. BTC/share still increased 3.2% as warrant exercises joined SATA in the financing mix.

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Strategy repurchased $139 million of STRC
FILING ANALYSIS · STRATEGY (MSTR)Strategy Spent Another $139 Million Buying Back STRC. BTC/Share Stayed Essentially Flat.

Strategy repurchased 1.42 million STRC shares for $139.3 million while holding 845,050 BTC. The buybacks reduced preferred claims and annualized dividends without directly increasing BTC/share.

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Strive added 469 BTC; Bitcoin per share increased 1.9%.
FILING ANALYSIS · STRIVE (ASST)Strive Added 469 BTC. BTC/Share Increased 1.9%.

Strive reached 25,000 BTC as SATA crossed $1 billion in notional outstanding. Bitcoin grew approximately 1.9%, while effective common shares rose just 0.04%.

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Strategy filing analysis: $176 million of STRC repurchases
FILING ANALYSIS · STRATEGY (MSTR)Strategy Bought No Bitcoin. It Spent $176M Buying Back STRC Instead.

Why Strategy chose to retire STRC rather than add Bitcoin—and what the capital allocation decision means for BTC/share.

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Strive filing analysis feature graphic
FILING ANALYSIS · STRIVE (ASST)Strive Added 1,375 BTC. BTC/Share Increased 4.1%.

Strive increased its Bitcoin holdings to 24,531 BTC while its effective common share count also increased. Bitcoin grew faster than the denominator.

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