Focusing on the week prior to mid-September 2026, according to AiCoin data, multiple institutions chose to concentrate their purchases as Bitcoin was hovering at relatively high levels of around $76,000 to $79,000, with a total weekly buying scale of approximately 2,305 BTC: among them, Strive bought 1,355 BTC at an average price of about $79,475, investing approximately $107.7 million, pushing its corporate treasury holdings to about 26,355 BTC; Strategy added about 950 BTC during the same timeframe, investing around $80.5 million, increasing its holdings from approximately 845,050 BTC to about 846,000 BTC; the Hong Kong-listed gaming company Boyaa Interactive announced that it bought approximately 152 BTC in batches in the open market, investing about 90.63 million Hong Kong dollars (approximately $11.56 million), raising its holdings to about 4,468 BTC. These actions were disclosed around September 21, with some of the buying scale having been tracked on-chain at large address levels for a long time, forming a factual basis for Strive, Strategy, Boyaa Interactive, and other listed companies incorporating Bitcoin into their balance sheets and continuously increasing their positions at high prices, signaling a shift from initial tentative allocations to a more normal and institutionalized approach; this has become an increasingly significant structural demand force in the current Bitcoin market.
Strive's High-Volume Purchasing and Warrant Monetization
According to the company’s disclosure in mid-September, Strive bought 1,355 BTC at an average price of about $79,475 while Bitcoin remained in the range of about $76,000 to $79,000, investing about $107.7 million and choosing to increase its holdings at relatively high prices. After this operation, its Bitcoin holdings increased to about 26,355 BTC, further enlarging the company’s exposure to a single asset, with some holdings being continuously marked by the market at large address levels on-chain, making every new holding action by this company an important sample for observing the boundaries of corporate demand.
Notably, during the same period, Strive exercised warrants to gain about $21.2 million in revenue and clarified in its announcement that this revenue was one source of funding for this round of Bitcoin purchases. In other words, the company is both realizing profits on equity instruments and converting the proceeds into on-chain positions, creating a closed loop between warrant monetization and the expansion of its Bitcoin treasury, reinforcing the signal that Strive is viewing Bitcoin as the core asset in its long-term balance sheet configuration.
Strategy's Coin Purchases and Share Repurchase Reorganization
Unlike Strive, which reallocated through warrant monetization, Strategy followed a dual-track path of “buying coins + repurchasing” during the same week. It was disclosed that Strategy added approximately 950 BTC that week, investing about $80.5 million, increasing its Bitcoin holdings from approximately 845,050 BTC to about 846,000 BTC, further solidifying its position as one of the largest corporate holders. According to AiCoin data, these large-scale holdings have been continuously tracked at on-chain large addresses, with each disclosure almost synchronously aligned with changes in on-chain positions, providing a rare high-frequency sample for external observers of its balance sheet strategy.
More importantly, while expanding its Bitcoin position, Strategy announced a share repurchase of approximately $174 million in STRC preferred stock and confirmed its inclusion in the management of digital credit capital strategy. This means that the company is increasing its Bitcoin holdings on the asset side while proactively adjusting the existing stock of its digital credit instruments on the capital side, reassessing the asset allocation and the capital usage of credit on the same balance sheet. The combination of coin purchases and repurchases essentially represents a repricing of the risk-return curves for “holding BTC” versus “issuing (or maintaining) STRC preferred stock”: choosing to further increase the weight of Bitcoin positions while making contraction-style adjustments to the capital costs and risk exposures of its own credit products, thus revealing Strategy's new order of preference for the long-term returns and volatility characteristics of both.
Boyaa Interactive in Hong Kong Continues Accumulating BTC
In the same week that American companies reshaped their asset portfolios through adjustments to preferred stock and BTC weights, the Hong Kong-listed gaming company Boyaa Interactive also chose to continue increasing its Bitcoin holdings in the open market. According to the company's announcement, it spent approximately 90.63 million Hong Kong dollars (about $11.56 million) to purchase about 152 BTC at an average price of approximately $75,899, also falling within this round's relatively high price range of approximately $76,000 to $79,000.
After this increase, the total amount of Bitcoin held by Boyaa Interactive rose to approximately 4,468 BTC, continuing the path of incremental accumulation in the secondary market over the past few weeks. This indicates that, in addition to Strive and Strategy in the U.S. stock market, there are examples within the Hong Kong stock system of companies incorporating BTC into their corporate treasury and continuously increasing their positions at high prices, indicating that cross-market corporate balance sheets are forming more synchronous allocation behaviors around Bitcoin.
Corporate Treasury Buying Becomes a New Pivot
From the U.S. stock market to the Hong Kong stock market, listed companies concentrated their increases in the same week, making corporate treasuries a new pivot on the demand side for Bitcoin. According to the company's disclosures, Strive increased its holdings by 1,355 BTC at prices in the range of about $76,000 to $79,000, raising its treasury holdings to about 26,355 BTC; Strategy purchased about 950 BTC in a similar price range, elevating its holdings from about 845,050 BTC to about 846,000 BTC; and Hong Kong's Boyaa Interactive increased its holdings by 152 BTC at an average price of about $75,899, bringing its total holdings to about 4,468 BTC. Various publicly available materials indicate that these three entities emphasized that the purpose of holding coins is more towards treasury and long-term holding, rather than high-frequency trading accounts, with U.S. and Hong Kong companies synchronously increasing their positions at price peaks, reinforcing the market narrative of “corporate holding coin as a standard.”
On-chain, the market typically observes the disclosed holdings of these companies parallel to their corresponding large addresses, to assess the concentration of chips and potential selling pressure structures. Positions like Strive’s and Strategy’s large treasury holdings are often viewed as signals of concentrated addresses and low turnover long positions; coupled with the continuous accumulation by Hong Kong entities such as Boyaa Interactive, according to AiCoin data, investor expectations that “long-term chips are more in the hands of corporate balance sheets” have been further amplified, making corporate treasury buying regarded as an important variable in changing the medium to long-term chip structure.
What Corporate Actions to Watch Next
From the week in mid-September 2026, Strive, Strategy, and Boyaa Interactive continued to increase their holdings at relatively high levels of $76,000 to $79,000, further reinforcing the attribute of Bitcoin being incorporated into their balance sheets, indicating that this narrative has clearly exceeded a single company case and evolved into practices validated repeatedly by several listed companies. Moving forward, two clues should be closely observed: first, whether more U.S. and Hong Kong companies will follow up with disclosures of treasury allocations or purchase plans, which will directly determine whether the narrative of “corporate treasury assets” can continue to expand; second, whether entities like Strive and Strategy, which already hold large positions, will experience a slowdown, pause, or acceleration in announcements and on-chain large address activity, as some large holding addresses have been continuously tracked by the market. For investors, it is necessary to correlate the announcements from listed companies with the holding changes of these known large addresses to determine whether corporate buy-ins are a temporary behavior or still part of a spreading long-term trend.
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