Strive is a single Bitcoin purchase away from a podium finish. The company needs 1,001 more BTC to pass Metaplanet and become the world’s second-largest corporate Bitcoin treasury.
The scoreboard
Strive, Inc. (ASST) held 43,000 BTC as of October 26, 2026. Metaplanet (TYO:3350), the Tokyo-listed treasury firm, held 44,000 BTC as of early October.
The current public company rankings look like this:
- Strategy (MSTR): ~848,000+ BTC
- Metaplanet: 44,000 BTC
- Twenty One Capital: 43,514 BTC
- Strive: 43,000 BTC
- MARA Holdings: ~35,577 BTC
A quick note on that list: Strive is technically fourth, not third. Twenty One Capital sits wedged between Strive and Metaplanet, so any jump to second place means leapfrogging two companies at once.
Also worth noting is how far ahead Strategy remains. The fight for second place is real, but the leader holds a stack that dwarfs everyone else combined on this list.
How Strive got here so fast
Strive held approximately 7,500 BTC at the end of 2025. By late October 2026, that figure had climbed to 43,000 BTC.
The most recent big move was a purchase of 6,182 BTC for around $511 million in October 2026. That single acquisition did much of the heavy lifting in closing the gap with Metaplanet.
Meanwhile, Metaplanet has been growing at a more measured pace. The Japanese firm posted a net increase of 1,000 BTC in Q3 2026, a figure that reflects liquidity-related transactions during the quarter.
The financing playbook
Strive has not funded this buying spree 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.
Strive has offered perpetual preferred shares carrying a 15% dividend rate. That is a generous yield, and it explains how the company has attracted capital quickly.
Warrant exercises add another lever. Warrants give holders the right to buy shares at a set price, and when they exercise those rights, fresh cash flows into the company.
What the CEO is saying
Strive CEO Matt Cole has said the company aims to overtake Metaplanet in treasury size. He has also 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. With 1,001 BTC standing between Strive and that goal, the timeline looks less like a moonshot and more like a scheduling question.
Background: the treasury company boom
Corporate Bitcoin treasuries have evolved from a fringe strategy into a crowded field. Strategy pioneered the model of holding Bitcoin as a primary reserve asset and raising capital through securities to buy more. Metaplanet brought that approach to the Japanese market and built one of the largest stacks outside the US. Twenty One Capital and Strive have since emerged as aggressive newer entrants.
MARA Holdings, which built its stack as a Bitcoin miner, now sits behind Strive in the rankings.
What this means
For Bitcoin markets, the competition among treasury firms is a meaningful source of corporate demand. Strive alone absorbed 6,182 BTC in a single October transaction, and it has added well over 35,000 BTC since the end of 2025.
For Strive shareholders and preferred stock holders, the financing model avoids traditional debt, but a 15% dividend rate is a heavy recurring cost.
Twenty One Capital, at 43,514 BTC, is also a wildcard. It sits closer to Metaplanet than Strive does, so the race for second place has three serious contenders rather than two.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.