Bitcoin Treasuries Just Crossed $100 Billion: Here's Who's Actually Buying in September 2026

1,269,583 BTC. That's how much Bitcoin public companies are sitting on right now, according to BitcoinTreasuries.net. Across 198 companies. Worth $101.09 billion at today's price of $79,621.

And the story isn't just the number. It's who's moving, and how fast.

Strategy Just Joined the World's Top 500

Michael Saylor's Strategy (formerly MicroStrategy) climbed into the world's top 500 companies on 3 September, after its stock jumped 17.5% in a single session, closing at $144.82. That move added $10.10 billion to its market cap in one day, taking it from $47.43 billion to $57.53 billion. That's good enough for No. 445 globally and No. 210 in the United States. This isn't a small milestone. Strategy holds 845,050 BTC, more than 4% of Bitcoin's entire 21 million supply cap. No other public company comes close.

The company also bought 4,603 BTC after a 10-week pause and kept running its STRC buyback programme. Ten weeks is a long gap for Strategy. The fact that it resumed buying tells you the pause wasn't a change in strategy. It was a pause in price.

Strive Breaks Into the Top 5

Strive, run by CEO Matt Cole, bought 1,800 BTC this week and moved into the number 5 spot by holdings, with 23,156 BTC total. That's up from 21,356 just days earlier.

Cole didn't stop there. On the One Share podcast, he floated the idea that Strive could finish 2026 as the world's second-largest corporate Bitcoin holder, calling it "not out of the realm of possibility" while stressing it isn't his base case. To get there, Strive would need to close a 20,358 BTC gap to Twenty One Capital's 43,514. Cole's case rests on roughly $700 million in Strive warrants, struck at $27 and expiring mid-October, which could unlock another $700 million in "digital credit" capacity if exercised, up to $1.4 billion in total buying power. It's a scenario, not a plan.

Bitcoin Standard Treasury Company still holds more BTC on paper, 30,021, but sits outside the site's numbered top 5 ranking, marked with an asterisk instead. The site doesn't explain why. Worth watching once that's clarified.

The Top 5 Bitcoin Treasury Companies Right Now

1. Strategy (MSTR) – 845,050 BTC

2. Twenty One Capital (XXI) – 43,514 BTC

3. Metaplanet Inc. (MPJPY) – 43,000 BTC

4. MARA Holdings (MARA) – 35,577 BTC

5. Strive (ASST) – 23,156 BTC

Strategy alone holds more BTC than the next 15 companies combined. That gap isn't closing. It's widening.

More Companies Are Joining, Not Leaving

Adam Back put €7.6 million into Capital B this week, a private placement that could fund 376 more BTC and take the French company's potential holdings to 3,521 BTC, up from its current 3,145. That's a target, not a completed purchase. The site's news feed also resurfaced Orange Juice this week, a Bitcoin treasury company Lyn Alden co-founded with Nico Lechuga and Jeff Booth back in July, backed by $40 million and anchored by Mexican billionaire Ricardo Salinas. It's not new news, but it's a reminder that the names getting into Bitcoin treasuries aren't just Wall Street's usual leveraged-buyer playbook.

Bitcoin's overall dominance across all tracked digital asset treasuries sits at 93.8%. Ethereum holds 5.4%. Solana, BNB, and XRP combined sit at just 0.8%. Whatever the narrative around "multi-chain treasuries" might suggest, the actual money says something else.

Ethereum Treasuries: One Company Owns the Category

On the Ethereum side, treasuries hold 7.78 million ETH, worth $19.03 billion. But this market looks nothing like Bitcoin's. It's not spread across a competitive top 5. It's dominated by one name.

The Top 5 Ethereum Treasury Companies Right Now

1. BitMine Immersion Technologies (BMNR) - 5,901,112 ETH

2. Sharplink, Inc. (SBET) - 890,376 ETH

3. The Ether Machine - 495,362 ETH

4. Bit Digital, Inc. (BTBT) - 162,081 ETH

5. Coinbase Global (COIN) - 150,193 ETH

BitMine alone holds 5.9 million ETH. That's over 75% of all ETH sitting in tracked corporate treasuries. Sharplink, in second place, holds under a million. BitMine's stake is worth roughly $14.43 billion. Every other company on the Ethereum list combined comes to about $4.6 billion.

What This Actually Tells You

Bitcoin treasury adoption is broadening. New entrants, fresh capital, a genuine top 5 with real competition for the number 5 spot. Ethereum treasury adoption is concentrating. One company, BitMine, defines the entire category.

Watch Strive's warrants in mid-October. If they get exercised and Cole deploys that capital fast, the gap between number 4 and number 5 on this list changes quickly. And watch whether a second serious challenger to BitMine shows up on the Ethereum side, because right now, there isn't one.

Data sourced from BitcoinTreasuries.net, as of 4 September 2026.