Strive buys 124 Bitcoin, closes in on Metaplanet in treasury race

Strive, led by former Vivek Ramaswamy ally Matt Cole, has built its balance sheet around a bitcoin treasury model first popularized by Strategy under Michael Saylor since 2020. That approach turns a public company's stock into a leveraged proxy for bitcoin, funded through equity and debt raises rather than core business revenue. Metaplanet, the Tokyo-listed firm, has run the same playbook in Asia, creating a three-way race for scale among corporate holders.

The 124 BTC purchase came just a week after Strive's largest single acquisition to date, showing the company is buying in rapid, overlapping tranches rather than one-off moves. Holdings now stand at 43,124 BTC, and the $10 million outlay at roughly $80,500 per coin leaves Strive within striking distance of overtaking Metaplanet as the second-largest public corporate holder behind Strategy. Shareholders are effectively betting on execution speed and capital access as much as on bitcoin itself.

The next test is whether Strive's buying cadence, a fresh purchase roughly every week by its own recent pattern, pushes its 43,124 BTC past Metaplanet's holdings to claim the number-two spot outright. Any slowdown in capital raises, or a sustained price move below the $80,500 average cost on this latest buy, would show whether these companies can keep funding acquisitions at the pace investors have come to expect from Strategy's model.