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

Strategy popularized the corporate bitcoin treasury model in 2020, turning a software firm into the largest public holder of the asset. Strive, led by Matt Cole, entered this race later and has moved quickly, closing its largest single purchase just a week before this latest buy. The company's total now sits at 43,124 BTC, as it chases Metaplanet and Strategy for position among public holders.

Shareholders in Strive now hold exposure tied directly to bitcoin's price through a public equity wrapper, a structure that lets institutional and retail investors gain indirect access without custody. The company must keep raising capital, through equity or debt, to fund purchases like this $10 million buy at roughly $80,500 per coin. Rivals such as Metaplanet watch their relative rank shift with every disclosed acquisition.

Treasury companies like Strive and Strategy effectively convert public markets into a proxy for spot bitcoin exposure, raising the question of whether these firms are operating businesses or leveraged bitcoin funds with extra steps. Strategy's own 811-coin purchase on the same day, far larger than Strive's, underscores how concentrated this strategy remains among a handful of players. The race for second place is as much about market narrative as balance-sheet substance.

Whether Strive overtakes Metaplanet for the number two spot among public bitcoin holders depends on the pace of future purchases from both companies, which each disclose acquisitions through periodic filings and public statements. Strategy's own buying cadence, including its 811-coin purchase alongside Strive's latest, will keep shifting the ranking. The next disclosed purchase from either company will show whether Strive's push continues or stalls.

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