Strive Closes In on Metaplanet for Second-Largest Bitcoin Treasury Spot
Strive holds between 43,000 and 43,124 BTC depending on the source and date, roughly 876 to 1,001 BTC behind Metaplanet for second place among public Bitcoin treasuries. Its recent growth has relied on preferred stock sales rather than traditional debt, and the gap could close within weeks at its latest weekly buying pace.
Written by CoinArticle’s AI Newsroom · from 2 cited sources. How we work
Where the Holdings Stand
Strive, Inc. (ASST) is fourth among publicly traded Bitcoin treasuries, behind Strategy, Metaplanet and Twenty One Capital. The two sources disagree on the exact figure. Crypto Briefing reports 43,000 BTC as of October 26, 2026, and says Strive needs 1,001 more to pass Metaplanet. Decrypt, citing an SEC filing and Bitcoin Treasuries data, puts Strive at 43,124 BTC after a 124 BTC purchase in the week of October 24 to October 30, which implies a gap of 876 BTC to Metaplanet's 44,000.
The discrepancy likely reflects timing and the cutoff date each outlet used. Decrypt's figure is the more precise and is the only one tied to a filing. Under either number, Strive trails Metaplanet by less than 1,100 BTC and sits about 390 BTC behind Twenty One Capital, which holds 43,514 BTC.
The Recent Buying Pattern
Strive's holdings were roughly 7,500 BTC at the end of 2025, so the company has added well over 35,000 BTC in under a year. The largest single step came in October, when Crypto Briefing reports a 6,182 BTC purchase for about $511 million. Decrypt's reporting describes the most recent week differently: a 124 BTC buy for about $10 million at an average of $80,526 per coin, with most funding coming from existing cash rather than new capital.
The two accounts also differ on the pace of rivals. Crypto Briefing describes Metaplanet's Q3 2026 growth as a net increase of 1,000 BTC, while Decrypt reports Metaplanet at 44,000 BTC with a stated target of 100,000 by the end of 2026. Neither source gives a full quarterly breakdown for Metaplanet, so the comparison rests on point-in-time holdings.
How the Purchases Are Funded
Strive has avoided traditional debt. Its main funding tools are perpetual preferred stock, marketed as SATA and SATS, and warrant exercises. Decrypt reports that Strive sold 7 million SATS shares at $90 each in an October offering that raised about $630 million. The shares carry a 15% annual dividend on a $100 stated value, paid every business day starting November 9. Crypto Briefing describes the same instrument as a 15% dividend rate and notes that warrant exercises have brought in additional cash.
Decrypt reports that on October 26 Strive opened an at-the-market program for up to $1 billion more SATS, and that the company expects to fund dividends mainly by raising additional capital. It also says Strive holds 18 months of dividends in reserve and reported no debt as of October 23. Its amplification ratio, which measures preferred stock and debt against Bitcoin value, stood at 62.7%.
Risks and Open Questions
A 15% dividend obligation is a heavy recurring cost. If Strive relies on new share sales to pay it, purchases depend on continued investor demand for the preferred stock. Crypto Briefing frames this as a cost to shareholders, while Decrypt's detail on the reserve and the at-the-market program suggests the company has some cushion. Neither source quantifies how long the reserve would last under sustained buying.
Strive's own leadership is measured about the target. CEO Matt Cole has described ending 2026 as the second-largest public holder as possible but not the base case, according to Decrypt's quote from a September podcast appearance. At the latest weekly pace of 124 BTC, Decrypt estimates Strive would pass Twenty One Capital in about four weeks and Metaplanet in about eight, assuming neither rival buys more. Those projections are arithmetic rather than forecasts, and both rivals are also buying.
Strategy remains the dominant holder at 849,327 BTC, nearly 20 times Strive's position, according to Decrypt. The race for second place is therefore a contest among smaller treasuries, and Crypto Briefing notes that Twenty One Capital, despite leadership changes and a share price down more than 80% from its highs, sits closer to Metaplanet than Strive does.
Why It Matters
For Traders
Weekly Strive purchases of 124 BTC are small against daily volume, so treasury buying alone is unlikely to move price, but watch SEC filings for any larger block purchase.
For Investors
The race for second place shows corporate Bitcoin treasuries are funded increasingly through preferred equity, which shifts risk to shareholders paying high fixed dividends.
For Builders
Preferred-stock funding with 15% dividends and at-the-market programs is a structure teams building treasury or yield products should model carefully against dilution.
This article is for information only and is not financial advice. Read the full disclaimer.
