Strive buys 3,311 BTC, passes Bitcoin Standard Treasury Company, then adds 2,822 more (13 and 14 October)
Strive prices an upsized $630 million SATS IPO (13-15 October)
Metaplanet Announces ¥52 Billion Bond to Fund Buybacks and Bitcoin-backed Loan Repayment (13 October)
Strategy purchased 250 BTC and repurchased $192 million of STRC (12 October)
Smarter Web’s MORE Preferred started trading on the London Stock Exchange (12 and 14 October)
Trump discloses another Strategy stock purchase (9 October)
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What Happened Last Week
There are now 200 public companies that collectively own 1,285,230 BTC, up 6,313 BTC from last week.
Strive purchased 3,311 BTC and then 2,822 BTC, amassing a total of 35,595 BTC. Strive is now fourth, passing Bitcoin Standard Treasury Company and MARA.
Strive has priced the upsized $630 million IPO of SATS at $90, a perpetual preferred with a 15% rate, and set settlement for 20 October.
Strategy acquired 250 BTC and repurchased $192.4 million of STRC, decreasing USD Cash to $640.5 million.
Metaplanet is offering a ¥52 billion zero-coupon bond to fund share buybacks and repay about ¥23.6 billion of its Bitcoin-backed loan. Holdings remain at 44,000 BTC.
Smarter Web’s MORE preferred began trading on the LSE after raising £10.0 million.
BitMine’s 12 October update shows 6,028,946 ETH (about 4.9% of total supply), roughly 76% of corporate ETH.
Strategy shareholders will vote on 28 October on daily dividends.
Part of a seriesAs of 16 October, BitcoinTreasuries.net puts the total number of Bitcoins held by public companies at 1,285,230 across 200 companies, worth $105.57 billion at a price of $82,138. This represents an increase of 6,313 BTC since the last report on 9 October. Breaking down the tracked moves, Strive bought 6,133 BTC in two buys, Super League bought 1 BTC, and Strategy bought 250 BTC. Small adjustments elsewhere on the tracker account for the difference.
There were several big news items this week. Strive bought 3,311 BTC, then another 2,822, and moved to the fourth spot. It then priced an upsized $630 million IPO of a new 15% preferred, SATS. Metaplanet announced a ¥52 billion convertible bond to repurchase shares and partially repay its Bitcoin-backed loan. Lastly, Smarter Web’s sterling preferred, MORE, started trading on the London Stock Exchange.
Strive bought 3,311 BTC between 5 and 9 October at an average of about $84,500 a coin including fees, roughly $280 million in total. The numbers are in a Form 8-K filed on 13 October, and CEO Matt Cole posted them on X the same morning. Holdings rose from 29,462 to 32,773 BTC, past 30,000 for the first time and ahead of Bitcoin Standard Treasury Company (30,021 BTC) by 2,752 BTC.
Warrants funded most of the spending. Warrant exercises raised $208 million, up from $56.7 million the week prior, and SATA raised about $53.2 million, roughly 630 of the coins. Class A shares rose by 9,461,103 to 101,169,907, about 8 million of them from warrant exercises. SATA shares outstanding rose by 532,094 to 14,030,176. Cash rose to $310.3 million from $284.7 million, and debt remains at zero. Strive also holds 505,000 STRC shares, worth $50.3 million. Cole wrote that about 15.3 million warrants remain, and they expire on 13 October at 5 pm ET.
The 8-K also formalised a $100.00 minimum sale price for SATA issuance, now a binding restriction in the governing documents, which, until now, has been company guidance. “It’s now a strict policy for SATA,” Cole said.
On 14 October, Cole posted a second buy: 2,822 BTC for approximately $235 million, raising Strive’s holdings to 35,595 BTC. The cost per Bitcoin works out to approximately $83,300, but the average price and funding split have not been disclosed. Strive is 4th on the tracker, 18 BTC ahead of MARA and 5,574 BTC ahead of Bitcoin Standard Treasury Company. It is 7,919 BTC behind Twenty One Capital.
Strive announced a proposed IPO of 5 million shares of SATS on 13 October. SATS is a 15% cumulative, fixed-rate perpetual preferred stock with a $100 stated amount, approximately $500 million. Dividends are paid in cash every business day when declared. SATS is junior to SATA and any debt and senior to common stock and has no common stock voting rights. Strive said it will set aside 18 months of SATS dividends ($22.50 a share) at the time of the closing of the IPO. Cole said a second preferred “materially improves the potential total returns.”
Strive priced the deal at 22:06 ET on 15 October. It was upsized by 2 million shares to 7,000,000 shares at $90, for about $630 million, prior to fees. At $90, the $15 annual dividend equates to a yield of about 16.7%, which is our calculation and not Strive’s. Settlement is expected on 20 October. Barclays and Cantor are the joint book-runners. Proceeds can be used for general corporate purposes, which include buying Bitcoin and buying back Class A common stock or SATA.
Metaplanet has announced the sale of ¥52 billion (about $329 million) of zero-coupon convertible bonds due in 2031 (the “Bonds”), which are listed in Singapore and will not be available to US investors. The expected net proceeds of the issuance of the Bonds are ¥51.9 billion. Of the proceeds, up to ¥28.3 billion will be used to fund share buybacks between October and December, and about ¥23.6 billion will be used to repay part of the Bitcoin-backed loan (the “BTC Loan”) in November. The conversion price is to be determined, and the holders of the Bonds will have the right to put the Bonds to the company after three years.
The company also approved a new buyback of up to 200 million shares for a total amount not exceeding ¥60 billion, which will run from 14 October 2026 to 13 October 2027. Its predecessor, a ¥75 billion programme, never bought a single share. On 14 October, the company purchased 73,981,400 shares through the off-auction ToSTNeT-3 system at ¥261 a share, for a total of ¥19.3 billion, less than the ¥25.3 billion it had earmarked. Simon Gerovich, the company’s CEO, will lend up to 55 million of his own shares to the bond manager for hedging, so no new shares are issued, with a 45-day lock-up.
The loan is for up to $800 million, and as of 30 September, $649.5 million had been drawn. This represented about 17.7% of the value of the pledged Bitcoin, and Metaplanet aims to keep this under 10%. Repaying it would free up pledged Bitcoin. Gerovich said buybacks happen “at a discount to net asset value” and the repayment gives “greater financial flexibility to acquire more bitcoin.” He also said total debt will increase, but its composition will improve. Holdings of Bitcoin are unchanged at 44,000.
Metaplanet’s planned Super League deal also moved. On 10 October, Super League purchased its first Bitcoin, one coin at $83,041.40, per an 8-K. Under the August agreement, Metaplanet contributes 2,100 BTC and $2.5 million for 44,859,400 new Super League shares at $3.00, plus preferred shares and warrants. The company would be renamed Superplanet (SUPA), with Metaplanet owning approximately 95.7% of the common stock. The closing is expected in the fourth quarter.
Strategy announced it had purchased 250 BTC for approximately $21.5 million between 5 and 11 October, and that the funds were raised by the sale of $21.0 million of MSTR stock (125,183 shares, at-the-market), and $0.5 million in USD Cash. The average price of the coins was $86,194, including fees. Holdings are now 848,250 BTC, bought for $64.00 billion at an average of $75,444, about 4% of the total supply of Bitcoin.
STRC took more cash than Bitcoin again this week. Strategy repurchased 1,932,145 shares of STRC for $192.4 million, almost nine times the amount spent on Bitcoin, and up from $176.3 million the week before. Together, that is $368.7 million in two weeks. Approximately $354.8 million is left in the repurchase programme, down from $547.2 million. USD Cash fell by $192.9 million to $640.5 million, and the USD Reserve was $4.88 billion, or about $5.5 billion in total. Strategy sold no preferred stock. On X, Michael Saylor wrote: “As of 10/11/26, we hold 848,250 BTC and $5.5B of USD Assets.”
The Smarter Web Company raised £10.0 million in the IPO of MORE, its sterling perpetual preferred. This is the minimum needed to close the deal and was raised below the £15 million to £25 million target. It sold 111,112 shares at £90 to raise the capital, and another 100,000 went into an at-the-market facility with Tennyson Capital. So, a total of 211,112 shares were admitted. About 75% of the capital raised was from retail investors. Trading commenced at 8:00 am on 14 October on the London Stock Exchange Main Market under the ticker MORE.
The dividend starts at 12% a year on a £100 reference amount, is cumulative, and is paid weekly. The first payment is £0.2301 per share, with ex-dividend on 22 October and the latest payment date 9 November. Net proceeds are about £8.35 million and £4.0 million of these proceeds are earmarked for Bitcoin. A purchase of Bitcoin has not been announced. Andrew Webley, the CEO, said, “I know £10 million is at the lower range of what we were targeting, and I won’t pretend otherwise,” and said institutional demand was “disappointing.” Webley also said that this was the first preferred share from a Bitcoin treasury company listed on a main market outside of the United States. This has not been verified by BitcoinTreasuries.net. At the end of September, Smarter Web held 2,747 BTC.
An OGE Form 278-T, which was received on 25 September and certified on 6 October, shows that the President purchased shares of Strategy in the $1,001 to $15,000 range on 10 August. The White House says that the President does not give these instructions. Shares are held in discretionary accounts, and the President’s name is on the report as he is the beneficiary of the account.
1. Strategy (MSTR) - 848,250 BTC, worth $69.67 billion. Up 250 BTC this week, about 4.04% of the 21 million supply.
2. Metaplanet (MPJPY) - 44,000 BTC, worth $3.61 billion. Unchanged.
3. Twenty One Capital (XXI) - 43,514 BTC, worth $3.57 billion. Unchanged.
4. Strive (ASST) - 35,595 BTC, worth $2.92 billion. Up 6,133 BTC this week, and up from fifth.
5. MARA Holdings (MARA) - 35,577 BTC, worth $2.92 billion. Unchanged, down to fifth.
Bitcoin Standard Treasury Company holds 30,021 BTC ($2.47 billion). It is now behind Strive, but the tracker has it outside the ranked positions and marked with an asterisk.
1. iShares Bitcoin Trust (IBIT) - 806,037 BTC, worth $66.21 billion.
2. Fidelity Wise Origin Bitcoin Fund (FBTC) - 184,058 BTC, worth $15.12 billion.
3. Grayscale Bitcoin Trust (GBTC) - 131,528 BTC, worth $10.80 billion.
4. Grayscale Bitcoin Mini Trust - 62,874 BTC, worth $5.16 billion.
5. Bitwise Bitcoin ETF (BITB) - 38,189 BTC, worth $3.14 billion.
Holdings across the top 5 are unchanged this week. Xapo (38,931 BTC) is just ahead of Bitwise, but as it’s a custodian, not an ETF, it’s not included. Across 49 ETFs and exchanges tracked, 1,610,446 BTC are under management, worth about $132.28 billion.
1. US - 328,372 BTC, worth $26.97 billion.
2. China - 190,000 BTC, worth $15.61 billion.
3. UK - 61,245 BTC, worth $5.03 billion.
4. Ukraine (public official holdings) - 46,351 BTC, worth $3.81 billion.
5. El Salvador - 7,805 BTC, worth $641 million. Up 8 BTC this week.
1. BitMine Immersion Technologies (BMNR) - 6,028,946 ETH, worth $14.71 billion. Up 12,532 ETH this week, per BitMine.
2. Sharplink, Inc. (SBET) - 890,376 ETH, worth $2.17 billion.
3. The Ether Machine - 495,362 ETH, worth $1.21 billion.
4. Bit Digital, Inc. (BTBT) - 162,081 ETH, worth $395 million.
5. Coinbase Global (COIN) - 150,193 ETH, worth $366 million.
According to BitMine’s 12 October update, the company is currently holding 6,028,946 ETH. This accounts for approximately 4.9% of the total Ethereum supply. The BitcoinTreasuries.net table still shows 5,929,198 ETH, so the number above comes from BitMine. Corporate treasuries in total are estimated to be holding approximately 7.90 million ETH, worth about $19.26 billion, using the tracker’s ETH price of $2,440. About 76% of this is held by BitMine.
1. STRC (Strategy) - market cap $9.26 billion, price $99.35, yield 12.08% against a 12.00% rate.
2. SATA (Strive) - about $1.40 billion, 14,030,176 shares, price $98.16. Yield 13.24% against a 13.00% rate. This is the highest in the group.
3. STRF (Strategy) - $1.34 billion, price $104.08, above its $100 par. Yield 9.61% against a fixed 10.00% rate.
4. STRK (Strategy) - $1.06 billion, price $75.60. Yield 10.58% against a fixed 8.00% rate. This is the only convertible in the group.
5. STRD (Strategy) - $1.01 billion, price $72.33. Yield 13.83% against a fixed 10.00% rate.
The size of SATA is a result of Strive’s share count at 9 October. The market cap field of the tracker ($1.01 billion) has not been changed to reflect the new issuance. The new SATS, a 15% instrument, will be added to the list when it begins to be tracked.
Strive did what it said it would do. It passed Bitcoin Standard Treasury Company, took fourth place, and raised $630 million in a new preferred to buy more. Elsewhere, in about the same week, Strategy spent about nine times as much on STRC as on Bitcoin and Metaplanet is swapping a Bitcoin-backed loan for convertible bonds. Smarter Web’s trading debut showed the UK version of this model is live, even if the raise came in at the low end.
There are four dates and numbers to keep an eye on. Strive’s SATS offering settles on 20 October, and its next 8-K should confirm the purchase of 2,822 BTC. Strategy’s shareholders vote on daily dividends on 28 October. Metaplanet’s bond-funded buybacks run through December, and the conversion price of the bonds is still to be determined. As it stands, Strive is only 18 BTC ahead of MARA, so fourth place could easily switch.
Source: BitcoinTreasuries.net, as of 16 October 2026; Strategy 8-K and press release; Strive 8-Ks and SATS pricing release; Metaplanet filings; BitMine press release; Smarter Web announcements; Super League 8-K.
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