Strive’s SATA funds nine straight days of Bitcoin buys as sector demand fades

According to a September 1 post from BitcoinTreasuries.NET, Strive’s preferred stock has raised enough money to fund Bitcoin (BTC) purchases for nine days in a row, most recently buying 104 BTC on Tuesday. It is noteworthy that while corporate balance sheets have become essential for Bitcoin demand, the number of buyers has sharply decreased. Thus, Strive’s purchases are among the few regular bids for the cryptocurrency at approximately $77,000.

The amount of $77,000 refers to the spot market price, rather than Strive’s acquisition cost. According to BitcoinTreasuries.NET, the live dashboard put BTC at $77,100, whereas Strive paid $79,431, in fees and costs included, between August 24 and August 28.

A lone bid in a market that lost its buyers

The timing of this trend is important. According to the Glassnode Strategy Watch Report on August 27, it was reported that Bitcoin treasury vehicles were net purchasers in July, even if the corporate buying had dropped as the spot ETF demand returned. The amounts held in these treasuries ranged from 2,300 Bitcoins to 7,600 Bitcoins, meanwhile, the flows for ETFs changed from -70,400 Bitcoins at the beginning of July to +5,400 Bitcoins by the end of July. Glassnode explained that this was a sign of growth of regulated demand and the decrease in balance sheet activity.