Bitcoin Treasuries Week: Strategy and Strive Both Buy, Metaplanet's Board Responds, and the UK Joins Digital Credit

Strategy Returns to Buying Funded by Stock Sales, Not Cash

From September 21 to September 27, an 8-K confirmed Strategy bought 1,666 Bitcoin. Between September 14 and September 20, they bought 950 Bitcoin. The most interesting part of this purchase is that Strategy funded this week's purchase with $142.7 million of net proceeds from the sale of MSTR Stock, whereas prior purchases were funded with cash on hand. They also used $103.5 million of net proceeds from MSTR stock to purchase their preferred shares (STRC). As of September 27, they had $6.02 billion in USD Cash and Bitcoin on their balance sheet.

Strategy Files Proxy for Daily Dividend Votes (25 September)

Strategy recently filed a preliminary proxy seeking approval for the conversion of dividends for STRC, STRF, STRK, and STRD from their current schedules of payment to be accrued daily. Shareholders are expected to vote around 28 October. The total amount of dividends owed would not change, but the number of payment periods would increase from two per year for STRC to approximately 90 for STRD, with STRF and STRK falling somewhere in between. Assuming the proposals are approved, STRC would begin paying daily dividends on 2 November 2026, with STRF, STRK, and STRD following on 4 January 2027.

According to Michael Saylor, daily dividends increase “price stability, liquidity, and demand.” STRC's outstanding shares have increased to over $9 billion in just the last three months, after the company approved its last change in dividend frequency (from monthly to semi-monthly).

Strive Buys 1,107 More Bitcoin, With Another ~1,310 Possibly in Progress.

An 8-K filed on 28 September confirmed Strive bought 1,107 Bitcoin between September 21 and September 25 at an average price of $85,396 including fees, taking total holdings to 27,462 BTC. Separately, and not yet confirmed by an SEC filing, BitcoinTreasuries.net's SATA tracker estimates Strive raised a further $110.16 million through SATA issuance in the week of September 28, which at recent prices would convert to roughly 1,310 Bitcoin, with Friday's trading session still open at the time of writing. This second figure is an estimate only, pending Strive's next 8-K.

Metaplanet's Board Defends Executive Warrant Plan but Leaves Key Questions Open (30 September)

After slashing the Series 10 share pool by 41% on September 11, Metaplanet's independent directors defended the move by releasing a letter and fact sheet. The letter explains that executives “paid fair value” for the rights during the 2023 financial crisis when Metaplanet, formerly a hotel operator, faced an existential crisis as Bitcoin plummeted. They indicate that the exercised and unexercised Series 10 rights make up about 12.5% of the total shares and that lockups on already exercised shares last until August 2031. The letter failed to answer key questions that remain the focus of investor concerns, namely, the 64 million shares of CEO Simon Gerovich that were exercised in August, as well as his personal economic interest in shareholder MMXX Ventures. Metaplanet's stock closed up 2% at ¥286 on the day the letter was released.

The UK's First Bitcoin-Backed Preferred Stock is Live (28-29 September)

In our previous update, an upcoming proposal was described. This proposal has now been approved by the shareholders. Smarter Web shareholders approved the issuance of MORE, their sterling perpetual preferred, on 28 September. The FCA approved the prospectus the next day, and the combined institutional/UK-retail IPO opened immediately. Terms: 12% initial dividend on a £100 par value, offered to investors at £90 (13.33% yield to the investor at issue), paid weekly, and cum-dividend. Minimum investment is £500. Available on Hargreaves Lansdown, AJ Bell, and Interactive Investor. The offer is open until 9 October, with first day of trading on the London Stock Exchange's Main Market set for 14 October. Of the £15-25 million raised, £5-8 million will be used to purchase additional Bitcoin. As of 30 September, Smarter Web's stock was up 66.4% this year, closing at 69.49 pence.

Top 5 Bitcoin Treasury Companies

Strategy (MSTR) - 847,666 BTC, worth $71.75 billion. + 1,666 BTC this week.

Twenty One Capital (XXI) - 43,514 BTC, worth $3.68 billion. Unchanged.

Metaplanet Inc. (MPJPY) - 43,000 BTC, worth $3.64 billion. Unchanged.

MARA Holdings (MARA) - 35,577 BTC, worth $3.01 billion. Unchanged.

Strive (ASST) - 27,462 BTC, worth $2.33 billion. + 1,107 BTC this week.

Bitcoin Standard Treasury Company holds 30,021 BTC, still outside the top 5.

Top 5 Bitcoin-Holding ETFs

iShares Bitcoin Trust (IBIT) - 800,535 BTC, worth $67.69 billion.

Fidelity Wise Origin Bitcoin Fund (FBTC) - 184,058 BTC, worth $15.56 billion.

Grayscale Bitcoin Trust (GBTC) - 131,528 BTC, worth $11.12 billion.

Grayscale Bitcoin Mini Trust - 62,874 BTC, worth $5.32 billion.

Bitwise Bitcoin ETF (BITB) - 38,189 BTC, worth $3.23 billion.

Top 5 Government Bitcoin Holdings

United States - 328,372 BTC worth $27.65 billion.

China - 190,000 BTC worth $16.00 billion.

United Kingdom - 61,245 BTC worth $5.16 billion.

Ukraine - 46,351 BTC worth $3.90 billion.

El Salvador - 7,792 BTC worth $656 million.

Tracked governments collectively hold 645,585 BTC worth $54.35 billion.

Top 5 Ethereum Treasury Companies

BitMine Immersion Technologies (BMNR) - 5,929,198 ETH worth $15.93 billion.

Sharplink, Inc. (SBET) - 890,376 ETH worth $2.39 billion.

The Ether Machine - 495,362 ETH worth $1.33 billion.

Bit Digital, Inc. (BTBT) - 162,081 ETH worth $435 million.

Coinbase Global (COIN) - 150,193 ETH worth $403 million.

Total ETH in corporate treasuries: 7.81 million ETH worth $20.98 billion, across 29 entities.

Top 5 Digital Credit Instruments

STRC (Strategy) - $9.24 billion market cap, trading at $99.16, with a yield of 11.60% against an 11.50% rate.

STRF (Strategy) - approximately $1.25 billion market cap, trading at approximately $97, with a yield of approximately 10.4% against a fixed 10.00% rate.

SATA (Strive) - $1.03 billion market cap, trading at $100.00, exactly at par, with a yield of 13.00%.

STRK (Strategy) - approximately $1.01 billion market cap, trading at approximately $72.00, the only convertible instrument of the five.

STRD (Strategy) - approximately $841 million market cap, trading at approximately $60.00, with an effective yield of approximately 16.67%, the highest of the group.

Things are Looking Up

Strategy went back to funding Bitcoin purchases with stock sales instead of cash, as it asks shareholders to let all four preferred shares pay daily instead of monthly or quarterly. It is binding shareholders in both these ways and is clearly moving to bring order to its capital structure. Strive has narrowed the gap again this week. Metaplanet's governance battle continues, and the board's letter answered some questions and blatantly left others unanswered. Plus, the UK has real life proof their version of this model works, not just on paper. Watch the close on the Smarter Web offer, 9 October, Strive's next 8-K to possibly confirm this week's SATA buying, and Strategy's shareholder vote around 28 October.

Source: BitcoinTreasuries.net, as of 2 October 2026.