Bitcoin Treasuries This Week: Strive Hits 25,000 BTC, Metaplanet Reverses Course, and a UK First Takes Shape

Bitcoin-holding public companies own an estimated 1,270,867 BTC, worth an estimated $97.33 billion, as of September 17. At an estimated average price of $76,583, this represents a decrease from the 1,271,205 BTC public companies reported holding on September 10. The net change from September 10 to September 17 was a slight decrease of 338 BTC. The small change was due to adjustments and reductions made by the 196 other public companies, and an increase of 469 BTC made by Strive.

The largest change this week was not reflected in the overall holdings report. This week's most notable changes included Strive's crossing of the 25,000 BTC threshold, a public company changing its previously granted executive compensation packages after shareholder protests, and the first public company preferred Bitcoin stock offering by the UK.

Strive Finance bought 469 Bitcoin between the 8th and the 11th of September. The average cost per coin was $77,954. After the purchase, Strive had 25,000 Bitcoin worth about $1.9 billion. Funding for the purchase came from Strive's perpetual preferred stock (SATA). Strive's CEO Matt Cole said on X that 100% of the funding for the purchase came from SATA. As a result, SATA notched its first billion-dollar print. About 402,541 additional shares of SATA were issued at the company's $100 stated price, bringing the total notional amount to $1.04 billion. One week prior to the purchase, SATA shares were trading at a notional amount of $999.5 million. Common share issuance barely moved with this purchase, a different mix from the week before, when SATA supplied only 70% of the raise, and the rest came from new Class A shares.

Metaplanet shrinks executive option Pool by 41% (11 September)

Metaplanet announced a decrease in the size of its Series 10 share option pool by 41.1% from 319.464 million shares to 188.19 million shares. The conversion ratio decreased from 696 shares to 410. In the process, Metaplanet removed over $220 million of warrant liability and increased its fully diluted Bitcoin holdings by about 8.8%. According to its CEO, Simon Gerovich, this change was made to increase shareholder value. Previously, shareholders were critical of Gerovich for continuously issuing shares to finance Bitcoin purchases, increasing Metaplanet's share option pool. Gerovich converted 64 million shares in August at a discount and has the right to purchase an additional 49.1 million shares at the same discounted price. Since the August conversion, the price of Metaplanet's shares has declined by about 15-17% and traded at a discount to the value of Bitcoin it holds, a situation we reported in our last update.

On 11 September, Smarter Web announced it would be the first UK company to issue a stock supported by Bitcoin.

Smarter Web is the largest public UK company, by market capitalization, with holdings in Bitcoin. It has now announced its intention to list a perpetual sterling preferred stock on the London Stock Exchange, with the ticker MORE. MORE is yet to be created and, at this time, is seeking approval from its shareholders on 28 September to create the class, as well as the approval of the Financial Conduct Authority to issue and list the stock. Andrew Webley, CEO of Smarter Web, stated that MORE would be the first perpetual preferred stock in the UK, listed on the London Stock Exchange, with a treasury strategy of Bitcoin, similar to the SATA/STRC structure in the US. MORE is looking to raise between £15 to £25 million. The target raise must have at least three market makers, and upon listing, more than 50% of the preferred shares must be in the public market.

Top 5 Bitcoin Treasury Companies

1. Strategy (MSTR) - 845,050 BTC, worth $64.72 billion.

2. Twenty One Capital (XXI) - 43,514 BTC, worth $3.33 billion.

3. Metaplanet Inc. (MPJPY) - 43,000 BTC, worth $3.29 billion.

4. MARA Holdings (MARA) - 35,577 BTC, worth $2.73 billion.

5. Strive - 25,000 BTC, worth $1.92 billion. Hit 25,000 BTC this week with an all-SATA buy, up from 24,531 last time.

The Bitcoin Standard Treasury Company has 30,021 BTC, and while that is still more than Strive, it is outside the site's top 5, and so is deserving of an asterisk rather than a number.

Top 5 Bitcoin-Holding ETFs

1. iShares Bitcoin Trust (IBIT) - 771,640 BTC, worth $59.98 billion.

2. Fidelity Wise Origin Bitcoin Fund (FBTC) - 173,308 BTC, worth $13.47 billion.

3. Grayscale Bitcoin Trust (GBTC) - 131,528 BTC, worth $10.23 billion.

4. Grayscale Bitcoin Mini Trust - 60,555 BTC, worth $4.71 billion.

5. Bitwise Bitcoin ETF (BITB) - 37,752 BTC, worth $2.94 billion.

The holdings of the trusts remained the same, but the value of the holdings changed with market movement.

Top 5 National Bitcoin Holdings

1. United States - 328,372 BTC, worth $25.34 billion.

2. China - 190,000 BTC, worth $14.66 billion.

3. United Kingdom - 61,245 BTC, worth $4.73 billion.

4. Ukraine (public officials only) - 46,351 BTC, worth $3.58 billion.

5. El Salvador - 7,771 BTC, worth $600 million.

Other tracked national governments total 650,019 BTC, worth $50.17 billion.

Top 5 Ethereum Treasury Companies

1. BitMine Immersion Technologies (BMNR) - 5,929,198 ETH, worth $14.72 billion.

2. Sharplink, Inc. (SBET) - 890,376 ETH, worth $2.21 billion.

3. The Ether Machine - 495,362 ETH, currently worth 1.23 billion USD.

4. Bit Digital (BTBT) - 162,081 ETH, worth 402 million USD.

5. Coinbase (COIN) - 150,193 ETH, worth 373 million USD.

The ETH holdings of the top five are unchanged from last week. Total ETH holdings of publicly disclosed entities are 7,808,106 ETH, worth 19.38 billion USD.

The five Digital Credit Instruments with the largest notional amounts are as follows:

1. STRC - Market cap of approximately 9.45 billion USD, with each share valued at 98.04 USD. The dividend is 11.73% on an annual basis.

2. STRF - A market cap of 1.25 billion USD with each share valued at 97.00 USD. A dividend of 10.3% is fixed. This is the company's most senior preferred stock.

3. SATA - A market cap of 1.04 billion USD with each share valued at 99.99 USD. The dividend is fixed at 13% and is the highest of the five. SATA crossed one billion dollars in notional value this week.

4. STRK - A market cap of 1.01 billion USD, with each share valued at 72.21 USD. STRK's dividend is fixed at 8%, and the yield is 11.1%

5. STRD - A market cap of 841 million USD with each share valued at 59.98 USD. The dividend is fixed at 10%, and the yield is 16.67%

SATA has taken center stage this week in the race for digital credit. The nine-month-old instrument, issued by the smaller of the two firms, has broken into the top three of Bitcoin-backed Preferred Stock. And it accomplished this without needing to tap Common Equity in its most recent financing.

What It All Means

Preferred Stock raises funds for real acquisitions and proves equity dilution isn't always necessary. There are international implications of the SATA and STRC model, and the Smarter Web vote will show if there's interest in Bitcoin-backed Finance companies outside of the U.S. and U.K.

Let's See What Happens Next

The plays in Bitcoin's price this week were few and far between. The Preferred Stock of companies like Strategy didn't see any changes. Smarter Web is in focus because of changes in the capital structure of companies and who ultimately owns it. Will SATA be able to maintain its spot over STRK and their parent company, STRF?

Data as of September 17, 2026, on BitcoinTreasuries.net.