Strive and MicroStrategy Purchase 1,490 Bitcoin Amid Market Recovery

Strive and MicroStrategy have made significant Bitcoin purchases totaling 1,490 BTC on October 19, as the cryptocurrency market begins to recover from a recent downturn. Strive acquired 1,223 BTC, increasing its total holdings to 36,818 BTC. The company has not disclosed the purchase price, but at Bitcoin's market price of approximately $82,500, the new coins are valued around $101 million.

Meanwhile, MicroStrategy, led by Michael Saylor, purchased 267 BTC for $22.1 million during the same period, raising its total holdings to 848,517 BTC. This acquisition was largely financed through sales of MSTR shares, amounting to about $22 million.

The purchases come as Bitcoin attempts to bounce back from a sharp selloff that saw its price dip below $80,000. As of October 19, Bitcoin has recovered above $82,000, aided by declining oil prices and US Treasury yields, which have eased pressure on risk assets.

Despite these corporate purchases, broader institutional demand remains uncertain, as evidenced by approximately $228 million in net outflows from US spot Bitcoin ETFs last week. Analysts are closely watching the upcoming US crude oil inventory report, which could influence Bitcoin's price further.

Strive's recent acquisitions are part of a broader strategy that has seen its Bitcoin holdings grow significantly, positioning it as a major player in the corporate Bitcoin treasury landscape.