Strive needs 1,001 more BTC to pass Metaplanet as the world's second-largest corporate Bitcoin treasury. Twenty One Capital sits between the two, so the race has three contenders.
Strive, Inc. needs 1,001 more BTC to pass Metaplanet and become the world's second-largest corporate Bitcoin treasury. The company held 43,000 BTC as of October 26, 2026, while Metaplanet held 44,000 BTC as of early October.
Strive is fourth, not third
Strive currently ranks fourth. Twenty One Capital holds 43,514 BTC, so a jump to second place means passing two companies at once. Strategy leads the list with roughly 848,000+ BTC, and MARA Holdings follows Strive with about 35,577 BTC.
Strive's stack has grown quickly. It held approximately 7,500 BTC at the end of 2025. Its most recent large move was a purchase of 6,182 BTC for around $511 million in October 2026.
Metaplanet, by contrast, posted a net increase of 1,000 BTC in Q3 2026.
Preferred stock pays for the buying
Strive has not funded the purchases with traditional debt. Instead, it has leaned on perpetual preferred stock offerings, known as SATA and SATS, along with warrant exercises. Those channels have brought in hundreds of millions of dollars for Bitcoin purchases.
The company has offered perpetual preferred shares carrying a 15% dividend rate. Cryptobriefing calls that a heavy recurring cost for shareholders and preferred stock holders, even without traditional debt. Warrant exercises add another source of cash, because holders who exercise them buy shares at a set price.
The CEO's target
Strive CEO Matt Cole has said the company aims to overtake Metaplanet in treasury size, and he has framed that goal as a challenging target rather than a sure thing. The stated ambition is to become the second-largest public Bitcoin treasury behind Strategy by the end of 2026.
Source: Crypto Briefing
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