Bitcoin Treasuries Week: Strive Hits 43,000 BTC, Strategy Wins Its Daily Dividend Vote, Posts $21B Q3

BitcoinTreasuries.net shows public companies hold 1,265,439 BTC as of 31 October, across 199 companies, at a value of $97.89 billion with an average price of $77,353 per BTC. That is 24,444 BTC less than the 1,289,883 BTC held on 23 October, even though 6,182 BTC was purchased in the week, all of it by Strive. The drop appears to come from the tracker's list rather than from selling. Bitcoin Standard Treasury Company, which the tracker listed at 30,021 BTC last week with an asterisk, is no longer listed, and the company count is now 199, down from 201. Small changes elsewhere explain the rest. The price also fell, from $81,763 on 23 October to $77,353, after Bitcoin dipped below $80,000 on 27 October.

Strive purchased 6,182 BTC, its largest purchase to date, and initiated a $1 billion SATS at-the-market programme. Strategy purchased no Bitcoin, repurchased another $204.9 million of STRC, and won its daily dividend shareholder vote. Strategy also reported Q3 results and announced that its CFO will leave the company. US spot Bitcoin ETFs took in about $408 million from 23 to 29 October. Capital Group's stake in Metaplanet passed 10% this week.

Strive buys 6,182 BTC, bringing total BTC holdings to 43,000 (26 October)

On 26 October, in an 8-K filing, Strive disclosed the purchase of 6,182 BTC between 17 and 23 October for approximately $511.4 million, or an average of approximately $82,732 per coin, including fees. It is Strive's largest purchase to date, according to BitcoinTreasuries.net, and the fourth week in a row its purchases increased: 2,000, then 3,311, then 4,045, then 6,182 BTC. Strive CEO Matt Cole wrote on X, "Strive acquired 6,182 $BTC for $511.4M at an average cost of $82,732 per bitcoin, bringing total holdings to ₿43,000." Holdings rose from 36,818 to 43,000 BTC.

The 8-K did not disclose how the purchase was funded. The money from SATS did land that same week. Cash rose from $317.5 million to $504.4 million, and cash plus marketable securities, including 505,000 STRC shares worth $50.2 million, rose by $187.7 million to $554.6 million. Class A shares rose by 3.27 million to 118.1 million, and SATA shares stayed at 14,030,176. A prospectus supplement filed on 23 October put the total cost of the 43,000 BTC at $3.8 billion, an average of $87,785 per coin, against a fair value of $3.5 billion. Strive had no debt outstanding.

Fourth place looked secure last week, and it is more secure now, with a lead of 7,423 BTC over MARA. The bigger interest is the gap above Strive. It is now 514 BTC behind Twenty One Capital (43,514 BTC) and 1,000 BTC behind Metaplanet (44,000 BTC). Cole's goal is to end the year as the "second-largest public bitcoin holder."

Strive announces a $1 billion SATS ATM (26 October)

Alongside the purchase, Strive launched an at-the-market programme to sell up to $1 billion of its 15.00% Series A Perpetual SATS Preferred Stock. Strive can use the proceeds for general corporate purposes, including buying Bitcoin. The sales agents can earn a commission of up to 2.0% of the proceeds from the sale of SATS.

The SATS IPO, which closed on 20 October, sold 7,000,000 shares at $90 per share for gross proceeds of approximately $630 million. SATS pays a dividend of 15.00% a year on the $100 stated amount, payable each business day when declared, and ranks behind SATA and ahead of common stock. The first SATS dividend, $0.8710 per share, is payable on 9 November 2026.

Last week's math showed the estimated $608.15 million of net proceeds from the IPO could buy approximately 7,328 BTC. This week's purchase cost about $511.4 million, roughly 84% of that figure. Strive has not connected the two, so treat this comparison as ours, not a company statement.

Strategy buys no Bitcoin and repurchases $204.9 million of STRC (26 October)

In a filing on 26 October, Strategy reported that between 19 and 25 October it neither bought nor sold Bitcoin, and made no at-the-market sales. However, it did repurchase 2,068,459 STRC shares for $204.9 million from USD Cash, around $99.06 per share in our calculation.

There have now been four weeks in a row of STRC repurchases. The totals for the weeks were $176.3 million, $192.4 million, $193.1 million, and now $204.9 million. That's a total of $766.7 million. About $956.8 million is left in the $3.0 billion programme. USD Cash was down to $242.4 million from $447.3 million. The USD Reserve held at $4.83 billion, making USD assets about $5.07 billion. Holdings are at 848,517 BTC, bought at an average of $75,446 each for a total of $64.02 billion.

Strategy shareholders approve daily dividends (28 October)

At the 28 October special meeting, Strategy shareholders voted in favour of a change that moves Strategy's preferred shares to daily dividends. Michael Saylor posted preliminary results on X showing 99.3% of votes in favour, saying, "$MSTR shareholders have approved the Daily Dividends amendment." The final count, given in the Q3 release, was 381,373,199 votes for and 2,236,551 against.

STRC will move to daily dividends on 1 November. STRF, STRK and STRD will move on 1 January 2027. Each calendar day will be a record date, and each dividend will be paid on the next business day. The first daily STRC dividend has a 1 November record date and is paid on 2 November. The old 15 November dividend will not be payable. Rates will not change, just the timing. STRC stays at 12.00% for November, $1.00 a share for the month.

Weekends will be handled differently as well. Record dates from Friday 6 November to Sunday 8 November will all be paid on Monday 9 November. Someone who buys on 6 November will not receive any of the three dividends, while someone who sells on that day will receive all three. Saylor and CEO Phong Le wrote that "we believe daily dividends represent the next step in the evolution of our Digital Credit platform." STRC traded at $99.71 on 28 October and $99.97 on 29 October, close to its $100 stated amount.

Strategy reports $21 billion Q3 operating income as its CFO steps down (29 October)

Strategy reported record Q3 operating income of $20.91 billion, almost all of it from a $20.91 billion gain on its Bitcoin. Net income for Q3 was $19.53 billion, or $44.75 per diluted share, compared to $2.79 billion, or $8.42 per diluted share, in Q3 of last year. At the end of Q3, the carrying value of Strategy's Bitcoin was $70.82 billion, compared to $49.67 billion at the end of Q2. Losses in Q1 and Q2 still leave a nine-month net loss of $1.23 billion. Software revenue decreased by 3% to $125.4 million.

Strategy purchased 7,218 BTC for $588.1 million in Q3 and sold 5,552 BTC, using the proceeds for $239.9 million of preferred dividends and $108.6 million of STRC repurchases. The company's own BTC Yield measure was -3.7%, which means Bitcoin per diluted share has fallen in 2026. So far this year, Strategy has repurchased 20,980,508 STRC shares for about $2.04 billion, at an average price of $97.39, and has paid $1.48 billion in preferred dividends to date. USD assets of $5.07 billion cover about 3.4 years of dividends and interest.

CFO Andrew Kang leaves on 5 November for personal reasons and will remain an adviser until 31 December. Phong Le will be the principal financial officer from 6 November, and Reza Virasteh, EVP of Operations, will be CFO from 1 January 2027. "We're at the beginning of the next bitcoin bull market," said Saylor, pointing to Bitcoin trading 21% above its 200-week moving average.

Capital Group's Metaplanet stake passes 10% (23 October)

Capital Group, through Capital Research and Management Company, held 143,301,084 Metaplanet shares (11.11%) on 16 October, up from 125,455,820 shares (9.32%) on 8 September. That is worth about $243 million, based on Metaplanet's close of ¥265. About 17.8 million extra shares were bought. The rest of the jump in percentage came from Metaplanet itself, which shrank its share count when it bought back 73,981,400 shares on 14 October. With the increase, Capital Group is now a principal shareholder under Japanese disclosure rules. Metaplanet's holdings remain at 44,000 BTC.

Two quick items

US spot Bitcoin ETFs took in a net $407.6 million from 23 to 29 October, with IBIT responsible for $393.3 million. Only 23 October was negative, with an outflow of $31.5 million, and 29 October was the fourth inflow day in a row, at $34.2 million.

Standard Asset Company, a private company based in Abu Dhabi Global Market, announced a planned $1.5 billion strategy combining a Bitcoin reserve and UAE real estate, with Coinbase Asset Management as its exclusive Bitcoin manager. It has not said how much Bitcoin it holds.

Top 5 Bitcoin Treasury Companies

The top five companies listed on BitcoinTreasuries.net are:

·       Strategy (MSTR), holding 848,517 BTC worth $65.64 billion, unchanged this week (about 4.04% of the 21 million supply).

·       Metaplanet (MPJPY), holding 44,000 BTC worth $3.40 billion, unchanged this week.

·       Twenty One Capital (XXI), holding 43,514 BTC worth $3.37 billion, unchanged this week.

·       Strive (ASST), holding 43,000 BTC worth $3.33 billion, increased by 6,182 BTC this week.

·       MARA Holdings (MARA), holding 35,577 BTC worth $2.75 billion, unchanged this week.

Bitcoin Standard Treasury Company, which ended its planned listing with Cantor Equity Partners I in August, is no longer listed on the tracker.

Top 5 Bitcoin Holding ETFs

The top five Bitcoin-holding ETFs are:

·       iShares Bitcoin Trust (IBIT), holding 811,115 BTC worth $62.74 billion.

·       Fidelity Wise Origin Bitcoin Fund (FBTC), holding 184,058 BTC worth $14.24 billion.

·       Grayscale Bitcoin Trust (GBTC), holding 131,528 BTC worth $10.17 billion.

·       Grayscale Bitcoin Mini Trust, holding 62,874 BTC worth $4.86 billion.

·       Bitwise Bitcoin ETF (BITB), holding 38,189 BTC worth $2.95 billion.

The tracker's ETF holdings have not moved since last week. Its ETF and exchange total is still 1,615,524 BTC, now worth about $124.97 billion, even though flow data shows about $408 million going in, mostly to IBIT. The holdings listed are last week's, valued at this week's price, so IBIT is probably understated. Xapo (38,931 BTC) is left out again because it is a custodian, not an ETF.

Top 5 Government Bitcoin Holdings

The top five government Bitcoin holdings are:

·       The United States, with 328,372 BTC, valued at $25.40 billion.

·       China, with 190,000 BTC, valued at $14.70 billion.

·       The United Kingdom, with 61,245 BTC, valued at $4.74 billion.

·       Ukraine (public official holdings), with 46,351 BTC, valued at $3.59 billion.

·       El Salvador, with 7,813 BTC, valued at $604 million (last week's figure, not updated this week).

Top 5 Ethereum Treasury Companies

The top five Ethereum treasury companies are:

·       BitMine Immersion Technologies (BMNR), with 6,051,933 ETH, valued at $14.26 billion, up 10,452 ETH this week.

·       Sharplink, Inc. (SBET), with 890,376 ETH, valued at $2.10 billion.

·       The Ether Machine, with 495,362 ETH, valued at $1.17 billion.

·       Bit Digital, Inc. (BTBT), with 162,081 ETH, valued at $382 million.

·       Coinbase Global (COIN), with 150,193 ETH, valued at $354 million.

BitMine's 26 October update shows it added 10,452 ETH in the week and now holds 6,051,933 ETH, approximately 4.95% of the Ethereum supply. Of that, 5,227,037 ETH (about 86%) is staked. BitMine's total crypto, cash, and other holdings come to about $15.0 billion and include 215 BTC. Values in this section use BitMine's ETH price of $2,356. Corporate treasuries hold approximately 7.92 million ETH, worth about $18.66 billion, and BitMine holds about 76% of it.

Top 5 Digital Credit Instruments

·       STRC (Strategy) - $9.29 billion market cap, trading at $99.71 (28 October). Yield of 12.03% against a 12.00% rate.

·       SATA (Strive) - about $1.40 billion at 14,030,176 shares, trading at $98.55 (23 October figure, not refreshed). 13.00% rate.

·       STRF (Strategy) - $1.34 billion market cap, trading at $104.08 (16 October figure, not refreshed). 10.00% fixed rate.

·       STRK (Strategy) - $1.02 billion market cap, trading at $73.23 (23 October figure, not refreshed). 8.00% fixed rate. Convertible.

·       STRD (Strategy) - $1.01 billion market cap, trading at $72.33 (16 October figure, not refreshed). 10.00% fixed rate.

STRC is the instrument to watch. It traded close to $100 in the week of the vote, and management wants sustained trading near $100 before it changes the 12.00% rate. SATS, with a $700 million stated amount, is just outside the top five, and that could change as the new $1 billion ATM starts selling.

Where Things Stand

Strive and Strategy moved in opposite directions this week. Strive put cash roughly equal to most of its new preferred raise into Bitcoin, and set up an ATM to raise up to $1 billion more. Strategy bought no Bitcoin, spent another $204.9 million of cash on STRC, and got the daily dividend change it asked shareholders for. With STRC now trading just under $100, the question is whether Strategy's cash goes back to buying Bitcoin. The headline total fell, but that was mostly the tracker dropping a company and a lower Bitcoin price, not selling.

Keep an eye on four things. First, STRC's first daily dividend is paid on 2 November, and the December rate is due by 15 November. Second, Strategy's USD Cash is down to $242.4 million, so another week of STRC buybacks at this pace would use most of it. Third, Strive is 514 BTC from third place and 1,000 BTC from second, with a $1 billion SATS ATM now open. Lastly, the first SATS dividend is due on 9 November.

Source: BitcoinTreasuries.net (31 October 2026); Strategy 8-Ks and Q3 release; Strive 8-K and SATS ATM filing; Metaplanet shareholding report; BitMine update; Farside/Bitbo ETF flows.