Bitcoin Treasuries in September 2026: Who's Buying, Who's Passing Who, and Where the Money Actually Sits

According to BitcoinTreasuries.net, Bitcoin treasuries of 198 public companies reported 1,271,205 BTC, worth $97.47 billion, as of September 11, 2026. This is an increase from 1,269,583 BTC reported on September 4, 2026. The increase was attributed to 1,622 new BTC purchased by 198 companies during the period.

The story of this month, however, is not just the number of BTC that increased during this period. It is also about a smaller company beating a larger company on the stock exchange while holding less BTC, a preferred stock structure coming close to reaching $1 billion, and a company finally cashing the cheque that it announced two weeks prior.

Bitcoin Buying This Month (So Far)

Two buys confirmed this month:

- Strive purchased 1,375 BTC between 31 August and 4 September for a total spend of about $109 million at an average price of $79,281. Strive's BTC increased from 23,156 to 24,531.

- Capital B purchased 376 BTC on 7 September for €25.3 million ($29.4 million) at €67,400 ($78,166) per coin.

Beyond the two disclosed buys and small transactions conducted by 196 other public companies, total public company BTC holdings increased by 1,622 BTC in the first week and a half of this month. There were no significant mega buys in this period. It was a sustained, distributed accumulation, which in this context is a more interesting and consistent narrative than a single company's large purchase.

Top Updates on BTC Treasuries

Strive passes Metaplanet in market cap, with 43% less Bitcoin (9 September)

Despite holding about 24,531 BTC to Metaplanet's roughly 43,000, Strive closed at $27.16 a share for an overall value of $2.32 billion, surpassing Metaplanet's value of $2.10 billion. This disparity is not about the number of coins, but how the market values each coin. Metaplanet's coin is trading at a valuation of about 0.6x. Strive is set at about 1.2x. Strive's CEO Matt Cole led the company to believe that it is perfectly reasonable to achieve the goal of becoming the world's second-largest Bitcoin holder before 2026. Cole was direct in saying he does not consider this his main goal. Achieving this goal would mean Strive would have to outperform  MARA, Metaplanet, and Twenty One Capital.

70% of Strive's 1,375 Bitcoin buy came from SATA (8 September)

We now have confirmation on how Strive's latest purchase was executed. SATA, Strive's Variable Rate Series A Perpetual Preferred Stock, constituted about 70% of the $132 million, with the outstanding notional value of the preferred stock now sitting at $999.5 million, nearly at Cole's goal of a billion-dollar mark. SATA pays an annual dividend of 13% daily. Strive can issue SATA and purchase Bitcoin without any debt.

Capital B makes its largest buy of 2026 with 376 BTC (7 Sept)

Capital B completed its purchase this week of 376 BTC after closing the deal one week earlier at €7.6 million for 3,521 BTC. Unlike most firms, Capital B's acquisitions improve average cost. This purchase provides Capital B with an average cost lower than it would have incurred at €87,878 ($102,100). Capital B is just 84 BTC behind Germany's Bitcoin Group SE for the title of the second-largest listed Bitcoin stock in Europe.

Top 5 Bitcoin Treasury Companies, With Full Detail

1. Strategy (MSTR) - 845,050 BTC, worth $64.80 billion. Still nearly 4.5% of the total supply of 21 million Bitcoins. No company comes close to these numbers.

2. Twenty One Capital (XXI) - 43,514 BTC, worth $3.34 billion.

3. Metaplanet Inc. (MPJPY) - 43,000 BTC, worth $3.30 billion. Its stock fell around 17% over two days due to a governance issue that caused a dispute over the executive share pool, which now gives the stock a Bitcoin NAV discount.

4. MARA Holdings (MARA) - 35,577 BTC, worth $2.73 billion.

5. Strive (ASST) - 24,531 BTC, worth $1.88 billion. Added 1,375 BTC this week alone, and an actively growing name within the top 5.

Bitcoin Standard Treasury Company holds more BTC than Strive on paper (30,021 BTC), but the company still marks it outside the numbered top 5 with an asterisk rather than ranking it.

Top 5 Bitcoin-Holding ETFs

• iShares Bitcoin Trust (IBIT) - 771,640 BTC, worth $59.57 billion. Larger than every public company's holdings combined, several times over.

• Fidelity Wise Origin Bitcoin Fund (FBTC) - 173,308 BTC, worth $13.38 billion.

• Grayscale Bitcoin Trust (GBTC) - 131,528 BTC, worth $10.15 billion.

• Grayscale Bitcoin Mini Trust - 60,555 BTC, worth $4.68 billion.

• Bitwise Bitcoin ETF (BITB) - 37,752 BTC, worth $2.91 billion.

Across all tracked ETFs and exchanges, 1.55 million BTC sits under management, worth $119.68 billion. That single category alone holds more Bitcoin than public companies, private companies, and governments combined.

Top 5 Government Bitcoin Holdings

• United States - 328,372 BTC, worth $25.33 billion.

• China - 190,000 BTC, worth $14.66 billion, largely from seized assets despite its domestic trading ban.

• United Kingdom - 61,245 BTC, worth $4.73 billion.

• Ukraine (holdings of public officials) - 46,351 BTC, worth $3.58 billion.

• El Salvador - 7,771 BTC, worth $600 million. Still the only country holding Bitcoin as a deliberate, declared national strategy rather than as a byproduct of seizures.

Tracked governments collectively hold 650,019 BTC, worth $50.15 billion.

Top 5 Ethereum Treasury Companies

1. BitMine Immersion Technologies (BMNR) - 5,929,198 ETH, worth $14.58 billion. Still over 75% of all ETH held in corporate treasuries.

2. Sharplink, Inc. (SBET) - 890,376 ETH, worth $2.19 billion.

3. The Ether Machine - 495,362 ETH, worth $1.22 billion.

4. Bit Digital, Inc. (BTBT) - 162,081 ETH, worth $398 million.

5. Coinbase Global (COIN) - 150,193 ETH, worth $369 million.

Total ETH in corporate treasuries: 7.81 million ETH, worth $19.19 billion, across 29 entities.

What This Actually Shows

Bitcoin dominance amounts to 93.6% of known digital asset treasuries, with Ethereum showing 5.6%. For September, Bitcoin treasury purchases did not include that big one, end of story headline. Rather, it was a variety of smaller purchases of between 24 and 26 Bitcoin occurring one week or the other. Strive, instead of debt, issued preferred stock. Capital B, two weeks prior to its funding, had made a public announcement of its funding target. The market has priced companies on their capital structure and NAV premiums and has been valuing companies on their cash holdings. Watch for SATA crossing $1 billion in notional, watch Capital B versus Bitcoin Group SE for the second spot in Europe, and watch Strive's warrant conversion in the middle of October to determine if it's sufficiently funded.

Top 5 Digital Credit Instruments

Preferred stock backed by a company's reserve of Bitcoin at a $100 par value is the newest addition to the layers of Bitcoin Treasuries, digital credit. A fixed or variable dividend is paid to investors as capital is raised by treasury companies to grow Bitcoin per share. The issuance of Bitcoin as an additional per-share balance would negatively impact shareholders, as the price would be below net asset value. The five digital credit instruments ranked by market capitalisation are:

• STRC ($9.44 billion market cap; trading at $97.98) - Dividend yield of 11.74% for anticipated 11.50% annual yield. STRC has by far and away the largest and most liquid preferred instrument, greater than 7X the next largest.

• STRF ($1.25 billion market cap; trading at $97.03) – Yield of 10.31% for an anticipated 10.00% annual yield. STRF is Strategy's most senior preferred stock with governance rights and dividend step-up provisions if payments are missed.

• STRK ($1.01 billion market cap; trading at $72.19) – Yield of 11.08% for an anticipated 8.00% annual yield. Unlike the rest, STRK is convertible, meaning 0.1 MSTR common stock is what each share will be converted into, giving it dividend upside as well.

• SATA ($906.0 million market cap; trading at $99.98) – Yield of 13.00% for anticipated 13.00% annual yield. Having the highest of all dividend yield at 13% is SATA, with a price just under its par.

• STRD ($841.1 million market cap; trading at $59.98) – Yield of 16.67% for an anticipated 10.00% annual yield. Being the most price-eroded of the group, STRD's effective yield of 16.67% is the highest.

With a combined $12.5 billion market cap, the 4 instruments of Strategy (STRC, STRF, STRK, STRD) compared to Strive's SATA are a greater investment opportunity. But SATA's growth is the one to watch: it is the newest of the five, already approaching a billion dollars in notional, and is currently the primary engine behind Strive's climb up the Bitcoin holdings ranking.

Summary

Public companies added BTC. Strive made a move. Capital B filled in the space it previously left. SATA is close to hitting a billion-dollar valuation with a single print. This all took place without a bull run.

This warrants the most attention, I think. The last major cycle hinged on retail buying spot BTC and the rest of the market buying through ETFs. This cycle incorporates balance sheets and preferred stock. These structures are designed to purchase regardless of the price movement. Keep an eye on October. If Strive's warrants do not get exercised, then the Strategy gap will remain and will continue to be discussed on podcasts.

Source: BitcoinTreasuries.net, as of 10 September 2026.