Strive buys 1,223 BTC, taking holdings to 36,818 BTC (19 October)
Strive Closes Upsized $630 Million SATS IPO (20 October)
Strategy bought 267 BTC, made a $193M repurchase of STRC, and raised its buyback to $3 billion (19 October)
STRC declares November cash dividends of 12% (subject to 28 October vote)
Metaplanet’s 2,100 BTC deal is approved by Super League shareholders (16 and 19 October)
Alpha Modus joins the tracker with 3,170 BTC (22 October)
Tesla and SpaceX report Q3 with their Bitcoin intact (20 and 21 October)
Two quick items
Top 5 Bitcoin Treasury Companies
Top 5 Bitcoin Holding ETFs
Top 5 Government Bitcoin Holdings
Top 5 Ethereum Treasury Companies
Top 5 Digital Credit Instruments
Where This Leaves Things
Public companies hold 1,289,883 BTC across 201 companies, an increase of 4,653 BTC from last week.
Strive bought 1,223 BTC, bringing its total to 36,818 BTC, and closed its upsized $630 million SATS IPO, a 15% perpetual preferred which is now traded on Nasdaq.
Strategy bought 267 BTC, bringing its total to 848,517 BTC, repurchased $193.1 million of STRC and increased its preferred buyback programme from $2.0 billion to $3.0 billion.
Strategy declared November STRC dividends at 12.00%, payable daily if shareholders approve on 28 October.
Super League’s shareholders approved Metaplanet’s 2,100 BTC deal. Closing is expected in the fourth quarter, and the company would become Superplanet (SUPA).
Alpha Modus joined the tracker with 3,170 BTC, ranking 27th.
Tesla and SpaceX reported Q3 results with their combined 30,221 BTC unchanged, according to BitcoinTreasuries.net.
BitMine holds 6,041,481 ETH, about 4.9% of supply and roughly 76% of corporate ETH.
Part of a seriesPublic companies hold 1,289,883 BTC across 201 companies, with a total value of $105.46 billion at an average price of $81,763 per coin, as tracked by BitcoinTreasuries.net on 23 October. This reflects an increase of 4,653 BTC from the 1,285,230 BTC tracked on 16 October. Disclosed purchases totalled 4,662 (3,170 by Alpha Modus, 1,223 by Strive, 267 by Strategy, and 2 by Super League), with small adjustments elsewhere on the tracker making up the difference.
Strive bought 1,223 BTC and closed its upsized SATS IPO. Strategy bought 267 BTC, continued repurchasing STRC, and declared STRC dividends for November ahead of the 28 October vote. Super League’s shareholders voted to approve Metaplanet’s 2,100 BTC purchase. Alpha Modus joined the tracker with 3,170 BTC. Additionally, Tesla and SpaceX both released their Q3 results.
In a Form 8-K filed on 19 October, Strive disclosed the purchase of 4,045 BTC from 12 to 16 October for approximately $82,803 per coin, including fees, for a total of approximately $335 million. The company previously disclosed the purchase of 2,822 BTC from 12 to 13 October for approximately $83,266 per coin. The new disclosure reflects the purchase of 1,223 BTC from 14 to 16 October for approximately $81,734. CEO Matt Cole announced the purchase on X. Holdings increased from 32,773 to 36,818 BTC.
They cashed in. There were 273,493,909 traditional warrants exercised on 12 and 13 October, for 13,674,703 Class A shares, yielding ~$369.2 million in gross proceeds. The rest of the warrants expired unexercised on 13 October, so there are no warrants remaining. Class A shares increased from 101,169,907 to 114,847,610, and effective common shares increased from 110,387,204 to 124,064,126. SATA shares remain unchanged at 14,030,176. Cash increased from ~$310.3 million to ~$317.5 million. Strive also owns 505,000 STRC shares worth ~$49.3 million. Strive’s Chief Risk Officer, Jeff Walton, commented that Strive has no debt or maturities and is “focused on a single obligation, the dividend.”
Strive remains in fourth place on the tracker, 1,241 BTC ahead of MARA. They are also 6,696 BTC behind Twenty One Capital (43,514 BTC) and 7,182 BTC behind Metaplanet (44,000 BTC).
Strive completed its upsized IPO of its 15% Series A SATS Preferred Stock on 20 October. It sold 7,000,000 shares at $90 (up from 5,000,000 shares) for gross proceeds of $630 million and a stated amount of $700 million. Strive estimates net proceeds at $608.15 million. Barclays and Cantor were joint book-runners.
SATS is listed on Nasdaq. According to Cole, “SATS is now listed on Nasdaq.” SATS pays 15% cash dividends on the $100 stated amount, when declared by the board of directors, and the first payment is due on 9 November 2026, including dividends accrued since the closing. At $90, the $15 annual dividend implies a yield of about 16.7%, or about $105 million a year across the 7 million shares, which are the tracker’s calculations. SATS ranks ahead of common stock and behind SATA. Strive set aside the first 18 months of SATS dividends, $22.50 per share ($157.5 million), in its dividend reserve, funded from existing cash and securities. According to Cole, “the offering marks a critical milestone in our strategy to maximise long-term total returns.”
Strive has not stated how much of the proceeds will go to Bitcoin. The prospectus lists working capital, income-generating assets, and repurchases of Class A common stock or SATA as some of the uses of the proceeds. According to BitcoinTreasuries.net, $608.15 million would buy about 7,328 BTC at an average price of $82,984. Strive would then have 44,146 BTC, 146 above Metaplanet, in second place.
That’s their arithmetic, not a Strive plan.
In an 8-K filed on 19 October, Strategy disclosed the purchase of 267 BTC for $22.1 million, an average of $82,900 including fees, between 12 and 18 October. It was funded by an at-the-market sale of 140,872 shares of MSTR for $22.0 million and $0.1 million of USD Cash.
Holdings are now 848,517 BTC, which were purchased for $64.02 billion. The average buy price is $75,446, and the holdings are about 4.04% of the 21 million total supply of Bitcoin.
STRC took much more cash than Bitcoin again. Strategy repurchased 1,938,780 STRC shares for $193.1 million, compared to the $22.1 million spent on the coins. That’s $561.8 million in STRC repurchases in three weeks ($176.3 million, then $192.4 million, then $193.1 million). Strategy also increased the digital credit repurchase programme from $2.0 billion to $3.0 billion, with approximately $1.16 billion available. USD Cash fell by $193.2 million to $447.3 million. The USD Reserve also dropped to $4.83 billion from $4.88 billion as $45.5 million was used for preferred dividends. Together, that comes to approximately $5.28 billion. Strategy sold no preferred stock. Saylor wrote on X, “We found room for more orange.”
In an 8-K filed on 15 October, Strategy announced the STRC dividend rate would stay at 12.00% for November record dates. The board then declared daily cash dividends of $0.03 or $0.04 a share for each day from 1 to 30 November, $1.00 a share in total, payable the next business day. The dividends are payable if shareholders approve the daily dividend amendments by 5pm New York time on 31 October, and if the amended terms become effective at 12:01am on 1 November. If not, the 15 November dividend is paid and STRC stays on its semi-monthly schedule.
Management will recommend keeping the rate at 12.00% until STRC shows “sustained, healthy trading near $100 per share.” The November dividends are expected to be non-taxable returns of capital, up to a holder’s tax basis, as of 16 October. The special meeting is set for 28 October at 10:00am Eastern, and only common holders as of 25 September can vote. In a filing of proxy materials, Saylor said daily dividends should “increase liquidity and strip volatility and increase optionality,” and Chaitanya Jain said he was “confident and optimistic” the proposal would pass.
Super League stockholders approved all proposals at the annual meeting held on 16 October, as reported in an 8-K filed on 19 October. The key proposal to issue up to 435,859,500 shares passed, with 1,055,621 votes for and 25,314 against. For 2,100 BTC (valued at $170.0 million on 16 October) and $2.5 million in cash, Metaplanet will get 44,859,400 shares at $3.00, 100 shares of convertible perpetual preferred with governance and voting rights, and ten-year warrants to buy up to 381,000,000 shares at prices from $3.00 to $33.50. Metaplanet will also have the right to subscribe, over 24 months, for up to 2,100,000 shares of the company’s non-convertible junior liquidity preferred at $100 per share, for up to an additional $210.0 million. The common shares of Metaplanet will be locked up for five years.
Dylan LeClair expects Metaplanet would own about 93.7% of the common stock at closing. The company would be renamed Superplanet and is expected to trade on Nasdaq under the symbol “SUPA”, with closing expected in the fourth quarter. Metaplanet CEO Simon Gerovich called the move “an important step in our transformation from a bitcoin treasury company into a global bitcoin-native financial platform.” Super League CEO Matt Edelman said, “If the transaction closes, we would no longer be defined solely by our current scale.” Super League also purchased 2 BTC on 16 October, for an average cost of $81,444.82, bringing its total holdings to 3 BTC on the tracker. Metaplanet’s own holdings remain at 44,000 BTC.
Alpha Modus Holdings (AMOD) told investors it owns 3,170 BTC, which the company values at over $250 million, against a stock market cap of $59.2 million. Investors paid in Bitcoin for 51.6 million new shares and 51,621,560 warrants, with an exercise price of $4.36. The transaction closed on 30 September. The BTC is held in a new subsidiary in Singapore. The company ranks 27th on the BitcoinTreasuries.net tracker, which is why the company count rose to 201.
The stock jumped 198% to $3.49 on 2 October, its first trading day after the closing was announced. It hit $2.27 on 21 October, then closed at $1.03, down 20%, on 114.2 million shares traded. The company filed an S-3 on 13 October to let investors resell their shares. The CEO, William Alessi, said, “Alpha Modus today is fundamentally different from the company investors were evaluating just a few months ago.”
SpaceX and Tesla reported earnings on 20 and 21 October, respectively. Tesla’s 10-Q put its digital assets at $962 million at the end of September, up from $674 million at the end of June. BitcoinTreasuries.net says SpaceX holds 18,712 BTC and Tesla 11,509. Combined that’s worth about $2.54 billion at the end of September, and neither sold. SpaceX’s Bitcoin was valued at $1.098 billion at the end of June and $1.573 billion at the end of September. Tesla’s digital assets were valued at $674 million and $962 million at the end of June and September respectively. On the tracker, SpaceX ranks 7th and Tesla 11th, and combined they would rank 6th.
The two companies have formed special committees of independent directors to evaluate a combination. Musk, who cannot take part, said “some people out there assume that a SpaceX and Tesla merger is a certainty” and that this “would be overstating it.” As of now, no deal has been announced.
In Q3, the Louisiana State Employees’ Retirement System (LASERS) added 1,700 Strategy shares, making its total stake 23,000 shares worth $3.52 million at the end of the quarter.
According to BitcoinTreasuries.net’s Q3 report, public company Bitcoin holdings could reach up to $400 billion by 2030. The site admits this is more of a scenario than a forecast, and places the current value of digital credit at around $15 billion.
The top five companies listed on BitcoinTreasuries.net are:
• Strategy (MSTR), with 848,517 BTC, valued at $69.38 billion, and increased by 267 BTC this week (about 4.04% of the 21 million supply).
• Metaplanet (MPJPY), with 44,000 BTC, valued at $3.60 billion, and unchanged this week.
• Twenty One Capital (XXI), with 43,514 BTC, valued at $3.56 billion, and unchanged this week.
• Strive (ASST), with 36,818 BTC, valued at $3.01 billion, and increased by 1,223 BTC this week.
• MARA Holdings (MARA), with 35,577 BTC, valued at $2.91 billion, and unchanged this week.
Bitcoin Standard Treasury Company holds 30,021 BTC ($2.45 billion). The tracker puts it outside the ranked list and marks it with an asterisk.
The top five Bitcoin-holding ETFs are:
• The iShares Bitcoin Trust (IBIT), with 811,115 BTC, valued at $66.32 billion, and increased by 5,078 BTC this week.
• The Fidelity Wise Origin Bitcoin Fund (FBTC), with 184,058 BTC, valued at $15.05 billion, and unchanged this week.
• The Grayscale Bitcoin Trust (GBTC), with 131,528 BTC, valued at $10.75 billion, and unchanged this week.
• The Grayscale Bitcoin Mini Trust, with 62,874 BTC, valued at $5.14 billion, and unchanged this week.
• The Bitwise Bitcoin ETF (BITB), with 38,189 BTC, valued at $3.12 billion, was unchanged this week.
Xapo (38,931 BTC) is just ahead of Bitwise in the raw data, but as a custodian, not an ETF, it has been left out. Across the tracked ETFs and exchanges, 1,615,524 BTC is under management, valued at about $132.09 billion.
The top five government Bitcoin holdings are:
• United States, with 328,372 BTC, valued at $26.85 billion.
• China, with 190,000 BTC, valued at $15.53 billion.
• United Kingdom - 61,245 BTC, worth $5.01 billion.
• Ukraine (holdings of public officials) - 46,351 BTC, worth $3.79 billion.
• El Salvador - 7,813 BTC, worth $639 million, up 8 BTC this week.
• BitMine Immersion Technologies (BMNR) - 6,041,481 ETH, worth $14.52 billion, up 12,535 ETH this week.
• Sharplink, Inc. (SBET) - 890,376 ETH, worth $2.14 billion.
• The Ether Machine - 495,362 ETH, worth $1.19 billion.
• Bit Digital, Inc. (BTBT) - 162,081 ETH, worth $390 million.
• Coinbase Global (COIN) - 150,193 ETH, worth $361 million.
The 19 October update from BitMine puts its ETH holdings at 6,041,481 on 18 October, representing about 4.9% of the total Ethereum supply, and the tracker has caught up with that figure this week. 5,067,309 ETH, about 84% of its total ETH holdings, is staked. Its total crypto, cash and other holdings are $15.1 billion, with $582 million of cash and marketable securities. BitMine aims to hold 5% of Ethereum supply and is “99% of the way” there, according to the company. Corporate treasuries hold about 7.91 million ETH worth about $19.01 billion, using the tracker’s price of $2,404 per ETH. About 76% of that ETH is held by BitMine.
• STRC (Strategy) - $9.23 billion market cap, trading at $99.05. Yield of 12.12% against a 12.00% rate.
• SATA (Strive) - about $1.40 billion at 14,030,176 shares, trading at $98.55. Yield of 13.19% against a 13.00% rate, the highest in the group.
• STRF (Strategy) - $1.34 billion market cap, trading at $104.08, above its $100 par (16 October figure, not refreshed). 10.00% fixed rate.
• STRK (Strategy) - $1.02 billion market cap, trading at $73.23. Yield of 10.93% against a fixed 8.00% rate. Convertible.
• STRD (Strategy) - $1.01 billion market cap, trading at $72.33 (16 October figure, not refreshed). 10.00% fixed rate.
SATA’s size comes from Strive’s share count, because the tracker’s own market-cap field ($1.01 billion) has not caught up with the issuance. The new SATS has a stated amount of $700 million, so it just misses the top five.
Strive spent the week turning its capital into a bigger balance sheet. It used up its warrants, raised $630 million of SATS and bought another 1,223 BTC. It is within reach of Metaplanet’s second place if the new money goes into Bitcoin. Strategy kept shrinking its STRC float and expanded its programme to $3 billion, while the daily-dividend vote on 28 October is quickly approaching. Alpha Modus, Tesla and SpaceX also showed that Bitcoin treasuries are no longer only about dedicated treasury companies.
Keep an eye on four things. First, Strategy’s shareholder vote on daily dividends takes place on 28 October. Next, Strive’s next 8-K should disclose where the SATS money is going. For now, at least, fourth place is safe, with Strive 1,241 BTC ahead of MARA. Lastly, Strategy’s USD Cash has dipped to $447.3 million.
Source: BitcoinTreasuries.net, as of 23 October 2026; Strategy 8-Ks; Strive 8-Ks and SATS closing release; Super League 8-K and press release; Tesla 10-Q; BitMine press release; Alpha Modus announcements.
India Crypto Research operates independently. The information presented herein is intended solely for educational and informational purposes and should not be construed as financial advice. Before making any financial decisions, it's essential to undertake your own thorough research and analysis. If you're uncertain about any financial matters, we strongly recommend seeking guidance from an impartial financial advisor.
