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Bitcoin Magazine

Bitcoin Treasury Analyst: MSTR, ASST & Metaplanet Digital Credit Outlook

Metaplanet couldn’t make preferreds work in Japan, so it took over a U.S. company to issue them here. Allard Peng explains what that unlocks: access to the same capital pool Strategy and Strive are competing for, where STRC was one of the biggest IPOs of 2025 and it was a preferred stock. He also addresses what still needs clarity about how Metaplanet supports its U.S. subsidiary, and why the move could be accretive to common shareholders.

Chapters:
0:00 Bitcoin ETFs Pull In $1 Billion in Three Sessions While Price Stalls Under $85K
1:28 Why Bitcoin Treasury Preferreds Crashed in June: Leveraged Looping Unwinds
3:51 The Traders Holding Preferreds Below Par and What Gets Them Back
5:28 Strive’s Fixed 15% Junior Pref vs. Variable-Rate SATA
7:37 How a Preferred Trading Above Par Adds to Net Bitcoin Per Share
10:49 What Has to Happen Before a Company Buys Its First Bitcoin
12:22 When Issuing a Preferred Below Par Still Makes Sense
14:52 Metaplanet’s U.S. Listing and the Capital Pool Strategy and Strive Compete For
18:08 Elon Musk, Tesla and SpaceX’s Bitcoin, and Why Money Won’t Become Irrelevant
21:12 Should Small Businesses Hold Bitcoin?

DISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.

This post Bitcoin Treasury Analyst: MSTR, ASST & Metaplanet Digital Credit Outlook first appeared on Bitcoin Magazine and is written by Patrick Green.

Bitcoin Magazine

Strive Buys 6,182 Bitcoin For $511 Million, Lines Up $1 Billion ATM To Buy More

Strive, Inc. (ASST) acquired 6,182 bitcoin for $511.4 million between October 17 and October 23, according to an SEC filing published on Monday. The company paid an average price of $82,732 per bitcoin.

The purchase lifts Strive’s holdings to 43,000 BTC. Cash and marketable securities rose by $187.7 million to $554.6 million over the same period.

The buy comes one week after Strive closed its upsized initial public offering of SATS, its 15% Perpetual Series A Preferred Stock. The company sold 7 million shares at $90 each for $630 million in gross proceeds. Dividends accrue at 15% on a $100 stated amount, which works out to a 16.67% yield at the issue price. Payments, if declared by the board, start November 9 and land on each business day.

Strive opened the SATS offering with a $500 million target and raised the size by 2 million shares on demand. The stock trades on the Nasdaq. The company has set aside a $157.5 million dividend reserve, which covers 18 months of payments on the new shares.

JUST IN: Public company Strive purchases 6,182 Bitcoin for $511.4 million! pic.twitter.com/5KImRceLzA

— Bitcoin Magazine (@BitcoinMagazine) October 26, 2026

A $1 billion ATM for SATS

The filing disclosed a new at-the-market program under which the company can sell up to $1 billion of SATS over time. Cantor Fitzgerald, Barclays, Clear Street, StoneX, B. Riley Securities, Maxim Group and H.C. Wainwright serve as sales agents.

The structure mirrors the one Strive built for SATA, its first preferred stock, which carries a variable dividend and pays cash each business day. Strive set up a $500 million ATM for SATA in December 2025. That vehicle absorbed more than the entire daily bitcoin mining supply on a single day in May.

Under the SATS program, Strive can issue preferred shares when demand supports the price and route the proceeds into bitcoin. The company has said proceeds may fund bitcoin purchases, income-generating assets, working capital, buybacks or acquisitions.

Strive’s climb up the treasury rankings

Strive went public as a bitcoin treasury company in 2025 through a reverse merger and completed its all-stock acquisition of Semler Scientific in January, the first case of one public bitcoin treasury buying another. Holdings stood near 7,525 BTC in December 2025. The figure has since grown to more than five times that amount.

The company reported 36,818 BTC on October 20 after a purchase of 4,045 BTC between October 12 and 16. Monday’s filing adds 6,182 BTC to that total.

Strive funds its purchases through common and preferred equity and carries no debt: no bonds, no credit lines and no leveraged positions. 

Chairman and CEO Matt Cole called the SATS IPO “a critical milestone in our strategy to maximize long-term total returns for our common equity investors.”

Strategy, the largest corporate holder with 848,517 BTC, proposed daily dividends across its five preferred stocks in September.

This post Strive Buys 6,182 Bitcoin For $511 Million, Lines Up $1 Billion ATM To Buy More first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Strive Buys More Bitcoin, Crosses 30,000 BTC Mark 

Nasdaq-listed Strive isn’t slowing down with its bitcoin buys.

The company now has more than 30,000 BTC after buying 3,311 coins last week, according to a Tuesday filing. 

Strive now holds 32,773 coins worth $2.7 billion at today’s prices, keeping its position as the  fifth biggest publicly traded bitcoin company, according to Bitcoin Treasuries. 

Strategy, Twenty One, Metaplanet, and MARA all hold more bitcoin than Strive.  

BREAKING: Public company Strive purchases 3,311 Bitcoin worth $275 million!

This brings their total to 32,773 BTC pic.twitter.com/oNguyCU24N

— Bitcoin Magazine (@BitcoinMagazine) October 13, 2026

Strive’s stock (ASST) was trading slightly lower on Tuesday. Unlike other treasuries, though, Strive shares are up significantly this year: year-to-date, ASST has risen by close to 60%. 

A number of top bitcoin treasuries have seen their stock plummet this year since the price of bitcoin took a hit. Some top treasuries have had to sell bitcoin or rethink their model altogether. 

Dallas, Texas-based Strive debuted as an official bitcoin treasury last year, following in the footsteps of software company Strategy, the biggest corporate holder of bitcoin. 

Unlike Strategy, though, Strive hasn’t used debt to buy the cryptocurrency. CEO Matt Cole has described the company as debt-free with zero margin requirements and zero encumbered bitcoin.

Like with other digital asset treasuries, the idea is that investors can get amplified returns from Strive’s stock. 

In January 2026, it completed the acquisition of Semler Scientific in an all-stock deal — the first instance of a publicly traded Bitcoin treasury company acquiring another such company. 

The company was founded by former Ohio gubernatorial candidate and tech entrepreneur Vivek Ramaswamy. 

This post Strive Buys More Bitcoin, Crosses 30,000 BTC Mark  first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.