Strive, Inc. has pulled off something counterintuitive. Despite holding roughly 24,531 BTC compared to Metaplanet’s approximately 43,000 BTC, Strive’s market capitalization has climbed to the $2.5B to $3B range, overtaking Metaplanet’s $2B to $2.5B valuation.
The development comes as Metaplanet’s Bitcoin holdings fell over 13% in value last week, while Strive has been on an acquisition tear that’s reshaping the corporate Bitcoin treasury leaderboard.
The Strive playbook: buy fast, finance creatively
Strive went public through a reverse merger with Asset Entities in September 2025, and has since built a Bitcoin position that now ranks it as the fifth-largest public corporate holder of the asset.
In the week ending September 4, 2026, Strive purchased 1,375 BTC for approximately $109 million, paying an average of around $79,281 per coin. That single-week buy brought total holdings to the 24,531 BTC figure, valued somewhere between $1.9B and $1.96B.
Year-to-date, Strive’s Bitcoin stash has grown by over 225%.
The engine behind this buying spree is Strive’s SATA perpetual preferred stock, a financial instrument that pays daily dividends at an annualized rate of 13%. The company has nearly $1B in SATA preferred stock outstanding, which has served as the primary vehicle for raising capital to buy more Bitcoin.
Metaplanet: more Bitcoin, less market love
Metaplanet, sometimes called the “Strategy of Japan” in a nod to Michael Saylor’s MicroStrategy, holds roughly 43,000 BTC worth approximately $3.4B. It added 2,823 BTC in the second quarter of 2026 alone.
Yet the market is assigning Metaplanet a valuation that sits below Strive’s, despite the former holding nearly $1.5B more in Bitcoin. Investors appear to be pricing in growth trajectory and accumulation velocity rather than current holdings alone.
The corporate Bitcoin treasury arms race
Strive CEO Matt Cole has publicly stated his ambition for the company to become the second-largest public holder of Bitcoin by the end of the year. Closing the gap from 24,531 BTC to Metaplanet’s 43,000 BTC would require Strive to nearly double its position.
By offering 13% annualized dividends on preferred stock to fund Bitcoin purchases, the company is creating a fixed-income product backed by a volatile asset. In a prolonged downturn, the obligation to pay daily dividends on nearly $1B in preferred stock while sitting on a depreciating asset would create serious pressure.