Strive Overtakes Metaplanet in Bitcoin Treasury Market Despite Fewer Coins

Strive has taken over Metaplanet in the Bitcoin treasury market despite holding significantly fewer coins. As of September 2026, Strive's valuation sits between $2.5 billion and $3 billion, surpassing Metaplanet's estimated value of $2 billion to $2.5 billion.

This development comes as Metaplanet's Bitcoin holdings dropped over 13% in value last week. In contrast, Strive has been aggressively acquiring Bitcoin, with its position growing by over 225% year-to-date.

The key driver behind Strive's buying spree is its SATA perpetual preferred stock, which offers a daily dividend of 13%. This financial instrument has enabled the company to raise capital and purchase more Bitcoin. As of September 2025, Strive had nearly $1 billion in SATA preferred stock outstanding, which it used to buy 1,375 BTC for approximately $109 million.

Metaplanet holds roughly 43,000 BTC worth around $3.4 billion but has seen its valuation decline despite holding more Bitcoin than Strive. The market appears to be valuing growth trajectory and accumulation velocity over current holdings alone.