Strive Nears Second Place in Corporate Bitcoin Holdings Race
Strive, Inc. is on the cusp of securing the second-largest corporate Bitcoin treasury globally, needing just 1,001 more Bitcoin to surpass Metaplanet.
As of October 26, 2026, Strive held 43,000 BTC. Metaplanet, a Tokyo-listed treasury firm, reported holding 44,000 BTC in early October.
The current public company rankings for Bitcoin treasuries are as follows:
- Strategy: [Amount not specified, but significantly larger than others]
- Metaplanet: 44,000 BTC
- Twenty One Capital: 43,514 BTC
- Strive: 43,000 BTC
- MARA Holdings: [Amount not specified, but behind Strive]
It is important to note that Strive is technically in fourth place, not third. Twenty One Capital is positioned between Strive and Metaplanet, meaning a move to second place would involve overtaking two companies simultaneously.
Furthermore, Strategy maintains a commanding lead, holding a Bitcoin reserve that dwarfs the combined holdings of all other companies on the list. The competition for second place is intense, but the top spot remains far out of reach for current contenders.
Strive’s Bitcoin holdings have seen a dramatic increase, growing from approximately 7,500 BTC at the end of 2025 to 43,000 BTC by late October 2026. A significant catalyst for this growth was a recent acquisition of 6,182 BTC for roughly $511 million in October 2026, a single transaction that substantially narrowed the gap with Metaplanet.
In contrast, Metaplanet has expanded its holdings at a more measured pace. The Japanese firm reported a net increase of 1,000 BTC in the third quarter of 2026, a figure attributed to liquidity-related transactions during that period.
Strive’s Financing Strategy
Strive has funded its aggressive Bitcoin acquisition strategy not through traditional debt, but by leveraging perpetual preferred stock offerings, known as SATA and SATS, and warrant exercises. These financial instruments have generated hundreds of millions of dollars for its Bitcoin purchases.
The company has offered perpetual preferred shares with a 15% dividend rate, a competitive yield that has proven effective in attracting capital. Warrant exercises also provide a crucial funding mechanism, as they allow holders to purchase shares at a predetermined price, injecting fresh cash into the company upon exercise.
Ambitions and Market Dynamics
Strive CEO Matt Cole has publicly stated the company’s objective to surpass Metaplanet in treasury size. He has characterized this goal as an ambitious target rather than a guaranteed outcome. The stated ambition is to become the second-largest public Bitcoin treasury by the end of 2026, trailing only Strategy. With only 1,001 BTC separating Strive from this objective, the timeline appears to be a matter of execution rather than a distant aspiration.
The landscape of corporate Bitcoin treasuries has evolved significantly, moving from a niche strategy to a competitive arena. Strategy pioneered the model of holding Bitcoin as a primary reserve asset and raising capital through securities. Metaplanet adapted this approach for the Japanese market, establishing one of the largest Bitcoin treasuries outside the United States. Twenty One Capital and Strive have since emerged as aggressive new players in this space. MARA Holdings, which accumulated its Bitcoin reserves through mining operations, now ranks behind Strive.
For the broader Bitcoin market, the competition among these treasury firms represents a significant source of corporate demand. Strive’s substantial single purchase of 6,182 BTC in October, and its addition of over 35,000 BTC since the end of 2025, underscore this impact.
However, Strive’s financing model, while avoiding traditional debt, carries a substantial recurring cost due to the 15% dividend rate on its preferred stock.
The presence of Twenty One Capital, with its 43,514 BTC, adds another layer of complexity to the race for second place. Its holdings place it closer to Metaplanet than Strive, suggesting that the competition for the runner-up position involves three serious contenders.
