Bitcoin Treasury Firms Split on Accumulation Strategy
Public companies holding Bitcoin face a choice between buying more and returning capital through buybacks or debt paydown.
Updated on Nov. 2, 2026 in Business Strategy
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Strive, Inc. (Nasdaq: ASST) bought 124 Bitcoin, lifting its total holdings to 43,124 BTC, more than five times its roughly 7,500 BTC at the end of 2025. The purchase comes as rival Metaplanet paused its own Bitcoin accumulation to prioritize share buybacks and debt reduction, a shift that matters for companies weighing treasury-asset strategies.
Why it matters
Strive has financed much of its buying with perpetual preferred stock rather than debt, a funding choice that shapes its balance sheet and dilution risk. Metaplanet's pivot toward buybacks and debt paydown signals that some public treasury holders are reprioritizing capital once accumulation becomes expensive relative to other uses.
Strive's 43,124 BTC holding is more than five times its roughly 7,500 BTC at the end of 2025, and its single-week purchase of 6,182 BTC cost about $511 million. Metaplanet's roughly 44,000 BTC position sits at an average cost basis between $88,551 and $98,454 per BTC.
The players
Strive, Inc. (Nasdaq: ASST)
A publicly traded Bitcoin treasury company that finances its holdings largely through perpetual preferred stock and is pursuing the second-largest public Bitcoin treasury position.
Metaplanet
A Japanese-listed company that accumulated a large Bitcoin treasury and recently paused purchases to focus on buybacks and debt repayment.
Strategy
The largest public Bitcoin treasury holder, with roughly 848,000 BTC, against which Strive measures its ambitions.
The details
Strive has relied mostly on perpetual preferred stock to fund purchases rather than traditional debt, raising about $630 million from its SATS preferred shares in mid-October. Metaplanet, by contrast, has halted its Bitcoin buying to direct capital toward share buybacks and reducing debt. Strive's stated goal is to become the second-largest public Bitcoin treasury, behind only Strategy, which holds roughly 848,000 BTC.
Timeline
2025: Strive closes the year with about 7,500 BTC.
October 2026: Strive makes several large purchases, including 2,000 BTC for about $169 million and 3,311 BTC for about $280 million.
Mid-October 2026: Strive raises about $630 million from SATS preferred shares.
Late October 2026: Strive holds 43,124 BTC after the latest 124 BTC purchase.
Market Landscape
Strive is positioning itself as the second-largest public Bitcoin treasury behind Strategy, which holds roughly 848,000 BTC. Metaplanet's decision to pause accumulation in favor of buybacks and debt repayment departs from the pattern set by Strategy's large-scale corporate Bitcoin buying.
Operators evaluating treasury assets should weigh how funding through perpetual preferred stock affects dilution and capital structure compared with debt. Finance leaders should consult qualified accountants before making any decisions about holding volatile digital assets.
The takeaway
Track how public treasury holders reconcile accumulation with buybacks and debt paydown, since Metaplanet's pause shows the tradeoff is live. Operators should review the funding mix behind any such strategy with qualified financial advisors.
Further reading
For broader context on how companies pursue these moves, see Business Strategy coverage.
Source note: This article includes information reported by Crypto Briefing.
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