Corporate Bitcoin buying accelerates as Strategy, Strive and Metaplanet expand BTC treasuries

Strategy (MSTR) and Strive (ASST) boosted their Bitcoin (BTC) treasuries last week, while Japan-based Metaplanet revised its capital allocation framework to keep Bitcoin as the dominant asset on its balance sheet.

Strategy pushes Bitcoin holdings to 848,000 BTC

Strategy announced a modest purchase of 334 BTC for $28 million last week, according to a Form 8-K filing with the Securities and Exchange Commission (SEC) on Monday.

The purchases, funded by $15.7 million in net proceeds from sales of its Class A common stock and $13 million using USD cash, brought Strategy’s total Bitcoin holdings to 848,000 BTC.

Strategy also said it holds roughly $4.8 billion in USD reserves, along with $833 million in USD cash available for Bitcoin purchases and other treasury purposes. Third-quarter estimates showed a $20.91 billion gain on digital assets, partially offset by deferred tax considerations.

MSTR is trading at $164.9, up 3% on the day.

Strive’s treasury near 30,000 BTC

Alongside Strategy, Strive also expanded its Bitcoin treasury, acquiring 2,000 BTC last week for roughly $169 million. The purchases increased Strive’s holdings from 27,462 BTC to 29,462 BTC.

Strive’s latest Bitcoin purchases were funded largely through the issuance of its Variable Rate Series A Perpetual Preferred Stock (SATA).

The company also established a facility of up to $500 million to support potential SATA repurchases. Its amplification ratio stood at 55.3%, with Strive targeting a level above 60% while Bitcoin remains below $100,000.

In the third quarter, Strive acquired 8,137 BTC at an average purchase price of $78,885 per Bitcoin.

ASST is trading at $30.50, up 1.6% on Monday.

Metaplanet shifts toward a broader Bitcoin treasury platform

While Strategy and Strive boosted their Bitcoin holdings, Metaplanet took a different step by revising its capital allocation policy.

The Japanese company has positioned its Bitcoin Treasury Business at the center of its corporate strategy since 2024, with holdings now totaling 44,000 BTC.

Under its revised policy, the company will allocate roughly 85% to 90% of its total assets to Bitcoin as a long-term core treasury reserve. The strategy is explicitly focused on maximizing BTC Yield, according to a Monday filing.

The remaining 10% to 15% of assets will be directed toward strategic investments, including mergers and acquisitions aimed at building a Bitcoin-based financial platform.

Metaplanet also plans to allocate capital toward income-generating assets under a new Net Interest Income Strategy, as well as its asset-management operations.

The company also said its financing strategy will prioritize permanent equity capital through perpetual preferred stock and selective common-stock issuance, with common shares generally issued only when its market net asset value (mNAV) exceeds 1.0x.

Bitcoin is trading at $85,700, up 0.4% in the past 24 hours at the time of writing.