Corporate interest in holding Bitcoin as a primary treasury reserve asset continues to gather momentum across international markets. Fresh disclosures show major institutional participants Strategy and Strive committing substantial capital to acquire thousands of additional coins, while Japanese enterprise Metaplanet has formally revised its broader capital allocation framework to ensure the premier cryptocurrency anchors the vast majority of its corporate balance sheet. These dual movements in direct spot accumulation and structural balance sheet realignment highlight an intensifying trend of public companies adopting crypto-first treasury models.
Strategy Expands Holdings to 848,000 BTC
Publicly traded firm Strategy completed another spot acquisition by purchasing 334 BTC for an aggregate cash outlay of $28 million. With this transaction finalized, Strategy’s total balance sheet reserve has reached 848,000 Bitcoin. Financing for the purchase was structured through a combination of capital market access and existing liquidity, utilizing $15.7 million in net proceeds generated from the sale of its Class A common stock alongside $13 million drawn directly from corporate USD cash balances.
In its capital disclosures, Strategy confirmed holding approximately $4.8 billion in USD reserves, accompanied by $833 million in USD cash earmarked specifically for potential future Bitcoin acquisitions and generalized treasury functions. Financial estimates for the third quarter highlighted an unrealized gain of $20.91 billion on its aggregate digital asset holdings, an expansion partially counterbalanced by adjustments for deferred taxes. Following the announcement, shares of Strategy (MSTR) traded higher by 3% on the day to change hands at $164.9.
Strive Completes $169 Million Acquisition to Reach 29,462 BTC
Moving in parallel, asset manager Strive executed a large-scale balance sheet expansion by securing 2,000 BTC over the past week for roughly $169 million. This sizable acquisition lifted the company’s treasury reserves from 27,462 BTC up to 29,462 BTC, marking another step in its aggressive accumulation posture.
To support its ongoing corporate finance initiatives, Strive established a dedicated financial credit facility of up to $500 million aimed at funding prospective SATA repurchases. Corporate metrics revealed that Strive’s amplification ratio stood at 55.3%, with leadership targeting a operational ratio exceeding 60% as long as the market price of Bitcoin remains below the $100,000 milestone. Historical data indicates that across the third quarter, Strive accumulated 8,137 BTC at an average purchase valuation of $78,885 per coin. Reflecting these developments, equity shares of Strive (ASST) advanced 1.6% during Monday's trading session to settle at $30.50.
Metaplanet Revises Capital Allocation Framework Targeting Up to 90% BTC Exposure
While Western peers deployed direct cash toward immediate spot purchases, Japan-headquartered Metaplanet implemented structural governance changes to reinforce its ongoing corporate transition. Operating its Bitcoin Treasury Business at the core of its corporate model since 2024, the Tokyo-listed firm currently maintains a balance sheet holding of 44,000 BTC. Under the newly unveiled policy, the company will deliberately direct between 85% and 90% of its comprehensive asset base directly into Bitcoin.
The remaining 10% to 15% proportion of enterprise capital will be channeled toward targeted strategic investments, including prospective mergers and acquisitions designed to construct an integrated Bitcoin-centric financial services ecosystem. Metaplanet also intends to deploy capital into cash-flowing, income-generating instruments via a newly designated Net Interest Income Strategy, while simultaneously fortifying its asset management operations. On the capital raising front, the firm plans to prioritize permanent equity financing by issuing perpetual preferred shares alongside measured common equity offerings, retaining a strict discipline to issue common equity primarily when market net asset value (mNAV) trades above 1.0x.
Macro Crypto Environment and Token Dynamics
Amid steady corporate absorption, Bitcoin changed hands around $85,700, marking a 0.4% advance across a 24-hour window, while closely consolidating above $86,000 on Monday. This consolidation follows three back-to-back weeks of sustained market gains totaling more than 12% since the middle of September, heavily underpinned by steady institutional demand as spot BTC Exchange Traded Funds recorded their third straight week of positive inflows.
The broader digital asset sector exhibited varied performance. Ripple (XRP) held above $1.50 on Monday, facing a tug-of-war between strong support at $1.45 and overhead selling pressure near $1.60, even as major upward-trending moving averages and core momentum metrics maintained a constructive backdrop. Ethereum climbed past the $2,700 threshold while Ripple stabilized above $1.52. Simultaneously, artificial intelligence related tokens led shorter-term market rallies, with Artificial Superintelligence Alliance, Virtuals Protocol, and NEAR Protocol heading gains over a 24-hour stretch as market participants rotated liquidity away from decentralized finance (DeFi) platforms toward the AI vertical.
