Strategy and Strive Expand Bitcoin Reserves as Debt Refinanced

Strategy and Strive Asset Management increase Bitcoin holdings. Strategy refinances $1.5B debt without selling BTC, while Strive's reserves hit $1.25B.

This strategic move highlights how public companies are increasingly leveraging capital markets to bolster their Bitcoin reserves, moving away from traditional cash-heavy balance sheets.

Strategy Reduces Debt and Boosts BTC Yield

Michael Saylor’s company, Strategy, announced the completion of a $1.5 billion buyback of its 2029 convertible debt. The transaction was executed at approximately an 8% discount to par value.

According to the firm, this operation generated an additional “BTC Yield” of 0.7% while successfully reducing total corporate debt to roughly $6.7 billion.

Alongside these figures, Strategy reported that its annualized Bitcoin yield has reached 13.3%, with the company’s total reserves growing to 843,738 BTC.

The firm continues to cement its status as the world’s largest publicly traded corporate holder of the leading digital asset. Their average acquisition price remains near $75,700 per token, bringing the total estimated value of the reserve to over $60 billion.

Critically for the market, Strategy managed to restructure its liabilities without selling any Bitcoin—a scenario investors had been watching closely in recent weeks.

Strive Increases Bitcoin Reserves

In a parallel move, Strive Asset Management announced the purchase of an additional 1,109 BTC for approximately $85.4 million, at an average price of roughly $76,988 per token.

Following this acquisition, the company’s total reserves have reached 16,500 BTC, valued at more than $1.25 billion at current market prices.

The company reported a quarter-to-date (QTD) BTC Yield of 11%, while the year-to-date figure has climbed to 23.4%. Strive also disclosed an “amplification ratio” of 45.2%, an internal metric designed to measure how effectively the capital structure increases exposure to Bitcoin.

The Corporate Bitcoin Model Continues to Expand

The latest operations by Strategy and Strive demonstrate that the BTC reserve model remains a dominant theme in the crypto sector throughout 2026.

Even as ETF inflows temporarily cool due to high interest rates and geopolitical tensions, public companies continue to view Bitcoin as a strategic reserve asset and a vehicle for long-term shareholder value creation.

Analysts point out that Strategy’s successful refinancing without BTC liquidations has significantly eased fears of forced selling in the sector. This development has stabilized sentiment for both Bitcoin and crypto-related equities.

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