Public companies held 1.27 million BTC across 197 entities as of September 24, 2026, according to BitcoinTreasuries.net. Four firms — Strategy (MSTR), Metaplanet (3350.T), Twenty One Capital (XXI), and Strive (ASST) — control roughly 968,500 BTC between them, worth approximately $82 billion at cu...
"We need product in order to support tokenized equities within the ATS, and client demand really isn't there because the product doesn't exist." — Amy Oldenburg, Head of Digital Assets, Morgan Stanley
Public companies held 1.27 million BTC across 197 entities as of September 24, 2026, according to BitcoinTreasuries.net. Four firms — Strategy (MSTR), Metaplanet (3350.T), Twenty One Capital (XXI), and Strive (ASST) — control roughly 968,500 BTC between them, worth approximately $82 billion at current prices. A fifth player, MARA Holdings (MARA), once ranked among the top accumulators but reversed course in H1 2026, selling 23,093 BTC for $1.63 billion.
What separates these firms is no longer whether they hold bitcoin. It is how they finance it. In the span of seven days ending October 13, 2026, Metaplanet priced ¥52 billion ($329 million) in five-year zero-coupon convertible bonds, Strive filed for a $500 million perpetual preferred stock at a 15% fixed dividend, and Strategy added a comparatively modest 250 BTC for $21.5 million. Each structure carries distinct risk profiles — from Strategy's $8.2 billion in staggered convertible debt to Strive's equity-like perpetual instrument that eliminates refinancing risk entirely. MARA, meanwhile, used BTC sales proceeds to retire $1 billion in convertible notes at a discount.
This report examines the four dominant financing models, their capital costs, maturity profiles, and what each implies for the sustainability of the corporate Bitcoin treasury thesis.
As of October 13, 2026, the top five public-company BTC holders rank as follows:
| Company | Ticker | BTC Held | Approx. Value | Avg. Cost/BTC | |---------|--------|----------|---------------|---------------| | Strategy | MSTR | 848,250 | ~$72B | ~$67,000 | | Metaplanet | 3350.T | 44,000 | ~$3.7B | $88,551 | | Twenty One Capital | XXI | 43,514 | ~$3.7B | — | | MARA Holdings | MARA | 35,577 | ~$3.0B | — | | Strive | ASST | 32,773 | ~$2.8B | ~$84,450 |
Strategy alone accounts for 66.8% of all publicly held corporate bitcoin. The next four combined hold roughly 155,864 BTC, or 12.3% of the public-company total. The remaining 192 companies account for the balance.
The concentration is notable: five firms control 79% of all corporate BTC. This creates systemic exposure to the financing strategies these firms employ. A forced liquidation at any of the top five would move spot markets.
Strategy, formerly MicroStrategy, pioneered the corporate BTC treasury model in August 2020 under Executive Chairman Michael Saylor. The company has issued approximately $8.2 billion in convertible senior notes with maturities stretching from 2027 to 2032.
Debt structure (as of Q1 2026):
The weighted average annual fixed interest rate across the portfolio stands at 0.421%, according to SEC filings. Most of the capital was raised at zero or near-zero coupon rates, meaning Strategy pays almost nothing in cash interest. The trade-off: note holders receive equity conversion rights, creating dilution pressure if and when they convert.
Strategy's key performance metric is "BTC Yield" — the percentage change in BTC held per diluted share. Year-to-date through October 2026, this metric reads 1.2%, equating to a notional gain of 7,826 BTC worth approximately $576 million.
In May 2026, Strategy repurchased $1.5 billion of its 2029 convertible notes, reducing near-term maturity pressure. The company reported $5.5 billion in USD assets on its balance sheet as of Q2 2026.
Risk profile: The model works as long as MSTR shares trade at a premium to the net asset value (mNAV) of underlying BTC holdings. When the stock trades above mNAV, equity issuance is accretive — Strategy can raise more dollars per BTC than market price implies. When it trades below, the flywheel breaks.
Metaplanet, the Tokyo-listed firm that adopted a BTC treasury strategy in April 2024, announced on October 13, 2026, that it would issue ¥52 billion ($329 million) in five-year zero-coupon convertible bonds. The bonds will list on the Singapore Exchange on October 29. Merrill Lynch served as bookrunner.
Use of proceeds:
The zero-coupon structure means Metaplanet pays no interest for five years. Principal is repaid only at maturity in 2031, minimizing near-term cash flow pressure. This mirrors Strategy's approach but adds a share buyback component designed to offset the conversion dilution inherent in convertible instruments.
Metaplanet holds 44,000 BTC at an average purchase price of $88,551. With bitcoin trading near $85,000 in mid-October, the company carries approximately $156 million in unrealized losses on a mark-to-market basis. During the Q2 2026 drawdown, when bitcoin hit $58,605, unrealized losses briefly exceeded $1.3 billion.
The stock trades at ¥261 per share as of October 13, 2026 — down approximately 80% from its all-time high. Management has stated the balance sheet can withstand an 86% decline in bitcoin price while still covering all liabilities and preferred stock obligations.
Metaplanet generates additional revenue through bitcoin options writing, which drove operating profit up nearly 1,700% in FY2025. The company targets ¥16 billion in revenue and ¥11.4 billion in operating profit for FY2026.
Strive (ASST), which acquired Semler Scientific in an all-stock transaction to combine their BTC treasuries, has pursued a structurally different financing path: perpetual preferred stock with no maturity date.
On October 13, 2026, Strive filed for a $500 million offering of 15.00% Series A Perpetual SATS Preferred Stock at a stated amount of $100 per share. The instrument carries the highest explicit cost of capital among the four models — a fixed 15% annual dividend — but eliminates refinancing risk entirely. There is no maturity date, no principal repayment, and no conversion clause that would dilute common shareholders.
Prior capital raises:
As of September 30, 2026, Strive reported:
Between October 5 and October 13, 2026, Strive purchased an additional 5,311 BTC at approximately $84,450 per coin, bringing total holdings to 32,773 BTC.
Risk profile: Strive's bet is that bitcoin appreciates at a rate exceeding the 15% annual dividend cost. If bitcoin returns less than 15% annually over the instrument's life, the preferred stock destroys value. If it returns more, Strive's common equity benefits from the spread. Unlike convertible notes, this structure does not rely on an mNAV premium.
MARA Holdings (formerly Marathon Digital) represents the counter-model. The company held 53,822 BTC at year-end 2025, making it one of the largest holders. During H1 2026, MARA sold approximately 23,093 BTC for $1.63 billion.
What changed:
MARA used proceeds to reduce total debt from $3.3 billion to $2.3 billion — a 30% reduction — generating a $71 million accounting gain on the discounted repurchases. As of June 30, 2026, MARA held 35,577 BTC with 4,742 BTC loaned to third parties and 4,528 BTC pledged as collateral.
MARA's shift illustrates the tension between mining operations and treasury accumulation. As a miner, MARA faces ongoing capital expenditure requirements that pure treasury companies do not. When bitcoin prices fell during Q2 2026, the dual cash burn from mining operations and debt service forced the company to monetize holdings.
| Company | Instrument | Coupon/Dividend | Maturity | Refinancing Risk | |---------|-----------|----------------|----------|-----------------| | Strategy | Convertible notes | 0.0–2.25% (avg 0.421%) | 2027–2032 | Medium (staggered) | | Metaplanet | Zero-coupon convertible bonds | 0% | 2031 | Low (single maturity) | | Strive | Perpetual preferred stock | 15% fixed | None | None | | MARA | BTC sales + note buybacks | N/A (sold assets) | Reduced by $1B | Low (reduced leverage) |
Strategy carries the lowest explicit cost of capital but the most complex maturity profile. Metaplanet's zero-coupon structure mirrors Strategy's approach with a simpler, single-maturity design. Strive's 15% preferred dividend is expensive but permanent — it never needs to be refinanced, and it does not dilute common equity through conversion.
MARA chose the most conservative path: selling assets to reduce leverage. This approach carries no ongoing cost of capital but sacrifices upside exposure to bitcoin appreciation.
The viability of the convertible-note model depends on the mNAV premium — the ratio of market capitalization to the value of underlying bitcoin holdings.
mNAV readings (October 2026):
Strategy's mNAV briefly fell to 0.81x in September 2026 — only the second time in the strategy's history that shares traded below the value of their underlying bitcoin. The first occurrence was during the 2022 crypto winter.
This compression matters because it determines whether equity-financed BTC purchases are accretive or dilutive. At 1.07x mNAV, Strategy can still issue equity above the breakeven point, but the margin is thin. Below 1.0x, every share issued to buy bitcoin destroys per-share BTC exposure.
Strive's perpetual preferred model sidesteps this dynamic entirely. Because SATS preferred stock does not convert to common equity, there is no mNAV dependency. The model works as long as bitcoin's long-term return exceeds the 15% dividend cost — a function of bitcoin's price trajectory rather than the company's stock price.
The corporate bitcoin treasury model has survived its first full bear market cycle. What began as a single company's balance sheet bet has become a recognized corporate finance category with 197 public practitioners. The question is no longer whether companies will hold bitcoin on their balance sheets — it is how they will finance it, and at what cost.
The four models examined here represent a spectrum from low-cost, high-complexity (Strategy's staggered convertibles) to high-cost, low-complexity (Strive's perpetual preferred). None is categorically superior. Strategy's near-zero coupon debt is the cheapest capital available, but it creates maturity walls and conversion dilution. Strive's 15% dividend is expensive, but the absence of maturity risk means the company never faces a forced refinancing during a bitcoin drawdown.
MARA's decision to sell BTC and deleverage stands as a reminder that the treasury model breaks when operating cash needs compete with accumulation goals. Pure treasury companies — those without significant non-bitcoin business lines — have a structural advantage in this regard.
The next stress test will come from Strategy's maturity schedule: $1.01 billion in notes come due in 2027, $800 million in 2028, and $1.5 billion (post-buyback) in 2029. If bitcoin prices are below Strategy's average cost basis when these notes mature, the company faces a choice between dilutive equity issuance and asset liquidation — the same choice MARA made in 2026.
For now, the financing arms race continues. The October 13 filings from Metaplanet and Strive suggest that the appetite for leveraged bitcoin exposure remains, even with mNAV premiums at multi-year lows. The market will determine which capital structure proves most durable.