Strategy bought 334 BTC and booked a $21 billion Q3 gain (5 October)
Strategy opened voting for daily dividends (5 October)
Strive buys 2,000 BTC and adds a $500 million SATA buyback facility (5 October)
Metaplanet confirms it sold BTC for the first time, and later bought it back (5 and 6 October)
Robinhood purchases $25 million of Bitcoin for its own balance sheet (7 October)
Smarter Web’s MORE preferred remains open for orders.
Top 5 Bitcoin Treasury Companies
Top 5 Bitcoin-Holding ETFs
Top 5 Government Bitcoin Holdings
Top 5 Ethereum Treasury Companies
Top 5 Digital Credit Instruments
Where This Leaves Things
Public companies hold 1,278,917 BTC across 199 companies, an increase of 3,233 BTC from the week prior.
Strategy added 334 BTC to reach 848,000 BTC and reported a $20.91 billion Q3 gain on its digital assets.
Strive added 2,000 BTC this week, more than each of its previous five weekly buys, and holds 29,462 BTC. It trails Bitcoin Standard Treasury Company by 559 BTC.
Metaplanet sold 10,000 BTC and bought back 11,000 BTC. It holds 44,000 BTC, is now second among listed companies, and targets a credit rating.
Robinhood announced its first corporate Bitcoin purchase of $25 million, or roughly 294 BTC (a BitcoinTreasuries.net estimate).
Strategy’s shareholders vote on 28 October on daily dividends. STRC would move from 24 record dates a year to 365.
BitMine holds 6,016,414 ETH, or about 4.9% of the total supply, and roughly 76% of all corporate ETH.
Part of a seriesBitcoinTreasuries.net estimates public companies hold 1,278,917 BTC across 199 companies as of 9 October, worth $104.61 billion at $81,798 per coin. That’s 3,233 more than the 1,275,684 BTC the site tracked on 2 October. Disclosed moves total 3,628 (+334 Strategy, +2,000 Strive, +1,000 Metaplanet, and an estimate of +294 for Robinhood), and small adjustments elsewhere on the tracker account for the difference.
In the first days of October, Bitcoin was trading in the mid-$80,000s. Strategy averaged $85,839 on its buys on 1 to 4 October. According to BitcoinTreasuries.net, the weekly average was $84,960. The site showed $81,798 on 9 October.
There were four main stories for the week. Strategy booked a $21 billion gain on its quarter, and opened voting on daily dividends. Strive purchased 2,000 BTC. Metaplanet sold some Bitcoin, but bought more back. Robinhood also placed its first Bitcoin buy on its balance sheet.
In an 8-K filed on 5 October, Strategy disclosed the purchase of 334 BTC for $28.7 million (an average of $85,838.80 per coin) between 1 and 4 October. Strategy indicated the purchase was funded by $15.7 million of at-the-market sales of MSTR and $13.0 million of USD Cash. With this purchase, Strategy’s total BTC holdings are 848,000. The total cost of the purchases is $63.97 billion, an average cost of $75,440.70 per coin. Strategy holds roughly 4% of the total Bitcoin supply of 21 million. Strategy did not purchase BTC between 28 and 30 September; therefore, the 334 BTC purchased accounts for the whole move from 847,666 BTC at quarter-end.
For Q3, Strategy estimates an unrealised, fair-value gain on its digital assets of $20.91 billion for the three months to 30 September (unaudited). Strategy rounded its Q3 gain to $21 billion in its posts on X. The gain came with a $1.88 billion deferred tax expense. That expense would have been around $6.00 billion, but about $4.12 billion of it was offset by the release of a valuation allowance on the deferred tax asset tied to the June loss. The carrying value of Bitcoin as of 30 September was $70.82 billion.
STRC took more cash than Bitcoin did this week. Between 28 September and 4 October, Strategy repurchased 1,773,802 shares of STRC for $176.3 million. This is about six times what it spent on the coins. Of the STRC share repurchase, $154.1 million was from USD Cash and $22.2 million from interest on cash and short-term investments. Strategy also pulled $142.5 million from the USD Reserve to fund dividends on its preferred stock. As of 4 October, the USD Reserve was $4.88 billion, and USD Cash was $833.4 million, for a total of about $5.7 billion. Strategy sold no preferred shares.
Voting is now open on the definitive proxy, filed 5 October by Strategy. The Special Meeting is 28 October at 10:00 am Eastern. Shareholders are being asked to approve a change that would allow the four US-listed preferreds, STRC, STRF, STRK and STRD, to accrue dividends daily, including weekends and holidays. If passed, STRC’s first daily record date would be 1 November, with payment on 2 November. For STRF, STRK and STRD, the first record date would be 1 January 2027, with payment on 4 January.
Holders of MSTR common stock as of 25 September are eligible to vote. The last change, moving STRC from monthly to semi-monthly dividends in June, passed with 97.5% of STRC votes and 99.9% of MSTR common votes. This change would take STRC from 24 record dates a year to 365, and the three other preferreds from four (quarterly) to 365.
Strive bought 2,000 BTC for approximately $169 million between 28 September and 2 October for an average of $84,422 including fees. Its holdings went from 27,462 to 29,462 BTC. This is larger than each of its previous five weekly buys, which ran from 469 to 1,800 BTC. The numbers are in a Form 8-K filed on 5 October, and Strive’s CEO, Matt Cole, posted them on X the same morning, where he also said 61.5% of the capital raised came from SATA. Saylor replied, “Well stacked, Matt.” The SATA share comes to approximately 1,230 coins for $104 million. Warrant exercises also raised approximately $56.7 million. Shares of SATA outstanding increased by 1,304,902 to 13,498,082, which comes to approximately $1.35 billion based on the $100 per share stated amount. Class A shares increased by 3,255,119 to 91,708,804. Cash increased by $35.9 million to $284.7 million, and debt remained at $0. BitcoinTreasuries.net’s SATA tracker estimated Strive would buy more than 1,300 coins from SATA this week, so it was close.
The filing also stated Strive added a repurchase facility of up to $500 million for SATA. As of 30 September, Strive held 28,000 BTC at an average cost of $90,170, and it bought 8,137 BTC in the third quarter at an average of $78,885. Strive also stated Bitcoin looks attractively priced. While Bitcoin stays under $100,000, management’s objective is to increase its amplification ratio above 60% and keep it there. It was 55.3% at the end of September.
Strive is 559 BTC short of Bitcoin Standard Treasury Company (30,021 BTC), and is 6,115 BTC behind MARA (35,577 BTC), which holds the fourth numbered spot.
In a filing dated 5 October, Metaplanet said it sold 10,000 BTC during the third quarter for an average of ¥12,470,098 per coin, totalling ¥124.7 billion. It later bought back 11,000 BTC for an average of ¥13,626,928 per coin, for a total of ¥149.9 billion. The net gain was 1,000 BTC, bringing total holdings to 44,000 BTC as of 30 September. This makes Metaplanet the second-largest Bitcoin treasury company among listed companies, behind only Strategy and ahead of Twenty One Capital.
The reason for the sale was credit. Metaplanet wants to prove to rating agencies and bond investors that its Bitcoin can be turned into cash. The sale proceeds were greater than Metaplanet’s bonds, borrowings and other interest-bearing liabilities, but the debt was not repaid. The cash was held and then used to buy back the coins. CEO Simon Gerovich said, “We answered by doing it.” The filing stated it intends to seek a credit rating, with no assurance it will be rated.
The buyback cost more. According to BitcoinTreasuries.net, the buyback price was about 9% higher than the sale price, which comes to roughly ¥11.6 billion for the 10,000 coins replaced. That works out to $73 million to $80 million, depending on the yen rate. Metaplanet estimates a deferred tax asset of approximately $97 million, as the coins were sold below cost and created a capital loss for US tax purposes. That estimate is preliminary, and it may not be recognised.
As part of the disclosure, Metaplanet also announced its new Net Interest Income Strategy. The company plans to raise funds through preferred stock, bonds and a Bitcoin-backed credit line, and will invest mainly in income-producing assets, including preferred securities from other Bitcoin treasury companies. For the first time, up to 15% of assets may sit outside Bitcoin. Net Bitcoin additions slowed to 1,000 in Q3 from 2,823 in Q2. Its Bitcoin options business had revenue of ¥848 million in Q3, down from ¥1.75 billion in Q2.
Not everyone was a fan. HODL15Capital called the update misleading. According to them, common shareholders took the brunt of the impact of the round trip. The filing does not state when in the quarter the sale occurred. Gerovich said in August that no Bitcoin was sold after a 5,014 BTC wallet transfer. According to BitcoinTreasuries.net, Metaplanet trades at 0.71 times its Bitcoin value (mNAV) against 1.51 for Strive.
Johann Kerbrat, Senior Vice President and General Manager of Crypto and International, said the company added $25 million of BTC to its balance sheet during an interview on The Starting Block, broadcast from Digital Asset Summit Asia. For now, he said, they are “just holding” the coins. Kerbrat said this is a signal rather than a treasury programme, and that the amount is small compared with the company’s overall valuation of around $100 billion. Customer crypto is held in segregated wallets, and therefore this purchase was not customer crypto.
Robinhood did not disclose a coin count. BitcoinTreasuries.net estimates about 294 BTC, dividing $25 million by this week’s average price near $84,960, and ranks it 74th among public holders. That is an estimate and will be replaced by the reported figure in the next filing.
The IPO of MORE, the Smarter Web Company’s sterling perpetual preferred, has opened after the FCA approved the prospectus and remains open. The offer closes on 9 October. If the raise clears the £10 million floor and the other listing tests are cleared, dealings will commence on the LSE’s Main Market at 8:00am on 14 October. The CEO of the company, Andrew Webley, said in his 3 October weekly update that the company had also released its quarterly investor update on 1 October, outlining an early repayment of Smarter Convert, the completed £210 million capital reduction, and a smaller Coinbase credit facility. Smarter Web holds 2,747 Bitcoin.
1. Strategy (MSTR) - 848,000 BTC, worth $69.36 billion. Up 334 BTC this week, or approximately 4.04% of the 21 million supply.
2. Metaplanet (MPJPY) - 44,000 BTC, worth $3.60 billion. Up a net 1,000 BTC and jumped from 3rd to 2nd.
3. Twenty One Capital (XXI) - 43,514 BTC, worth $3.56 billion. Unchanged, down to 3rd.
4. MARA Holdings (MARA) - 35,577 BTC, worth $2.91 billion. Unchanged.
5. Strive (ASST) - 29,462 BTC, worth $2.41 billion. Up 2,000 BTC this week.
Bitcoin Standard Treasury Company holds 30,021 BTC, worth $2.46 billion, which is more than Strive. However, the tracker keeps the company outside the numbered ranking and marks it with an asterisk.
1. iShares Bitcoin Trust (IBIT) - 806,037 BTC, worth $65.93 billion. Up 5,502 BTC since 2 October.
2. Fidelity Wise Origin Bitcoin Fund (FBTC) - 184,058 BTC, worth $15.06 billion.
3. Grayscale Bitcoin Trust (GBTC) - 131,528 BTC, worth $10.76 billion.
4. Grayscale Bitcoin Mini Trust - 62,874 BTC, worth $5.14 billion.
5. Bitwise Bitcoin ETF (BITB) - 38,189 BTC, worth $3.12 billion.
Xapo (38,931 BTC) sits just ahead of Bitwise in the raw table, but is a custodian, not an ETF, so it is not included here. Across all 49 tracked ETFs and exchanges, 1,610,446 BTC is under management, worth about $131.73 billion.
1. United States - 328,372 BTC, worth $26.86 billion.
2. China - 190,000 BTC, worth $15.54 billion.
3. United Kingdom - 61,245 BTC, worth $5.01 billion.
4. Ukraine (holdings of public officials) - 46,351 BTC, worth $3.79 billion.
5. El Salvador - 7,797 BTC, worth $638 million. Up 5 BTC this week.
Total tracked governments have 645,590 BTC, worth $52.81 billion.
1. BitMine Immersion Technologies (BMNR) - 6,016,414 ETH, worth $14.73 billion. Up 15,112 ETH this week.
2. Sharplink, Inc. (SBET) - 890,376 ETH, worth $2.18 billion.
3. The Ether Machine - 495,362 ETH, worth $1.21 billion.
4. Bit Digital, Inc. (BTBT) - 162,081 ETH, worth $397 million.
5. Coinbase Global (COIN) - 150,193 ETH, worth $368 million.
As of 4 October, according to its 5 October update, BitMine reported Ethereum holdings of 6,016,414 ETH. This represents about 4.9% of the total Ethereum supply, roughly 0.1 percentage point (around 88,600 ETH) short of the company’s goal of 5%. Of this amount, 5,067,309 ETH is staked. As of this time, BitcoinTreasuries.net had not updated its figures, therefore the numbers provided by BitMine are the most up-to-date. With this adjustment, it is estimated that corporate treasuries are holding approximately 7.9 million ETH, with a current value of approximately $19.33 billion, based on the tracker’s ETH price of $2,448. Of this, approximately 76% is being held by BitMine.
1. STRC (Strategy) - $9.25 billion market cap, trading at $99.34. Yield of 11.58% against an 11.50% rate.
2. SATA (Strive) - approximately $1.35 billion, at 13,498,082 shares, trading at $99.71. Yield of 13.04% against a 13.00% rate, which is the highest of this group.
3. STRF (Strategy) - $1.33 billion market cap, trading at $103.73, above its $100 par. Yield of 9.64% against a fixed 10.00% rate.
4. STRK (Strategy) - $1.05 billion market cap, trading at $74.89. Yield of 10.68% against a fixed 8.00% rate. This is the only convertible of the group.
5. STRD (Strategy) - $1.02 billion market cap, trading at $72.65. Yield of 13.76% against a fixed 10.00% rate.
The size of SATA comes from the 8-K filed by Strive on 2 October. The tracker itself had not updated SATA’s market cap ($1.02 billion) to reflect this new issuance.
The pattern that has run all quarter continues. Strategy and Strive keep raising capital and purchasing coins with it, and Metaplanet is working on a credit story for its coins. The new participant is Robinhood, which invested only $25 million, but a $100 billion company holding BTC on purpose is a bigger signal than another small-cap or miner.
Keep an eye on four dates and numbers. The Smarter Web offer ends on 9 October, and the first trade date is scheduled for 14 October. Strive is currently 559 BTC away from overtaking Bitcoin Standard Treasury Company and 6,115 BTC away from MARA. Strategy’s shareholders vote on daily dividends on 28 October. And of course, Metaplanet still has to show that a credit rating comes out of its round trip.
Sources: BitcoinTreasuries.net, as of 9 October 2026; Strategy 8-K and proxy materials; Strive 8-K; Metaplanet TSE filing; BitMine press release; Smarter Web weekly update.
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