I took a look around this morning, and these Bitcoin treasury companies have really turned stacking sats into a leaderboard race.
Strive closed its SATS preferred stock offering yesterday: 7 million shares at $90 each, for $630 million gross and about $608 million net. What’s the money for? The announcement was slippery: “general corporate purposes, including the purchase of Bitcoin.” In plain English: they haven’t committed to how much they’ll buy or when.
But we can do the math: at a Bitcoin price of $82,500, $608 million would buy 7,372 BTC. Strive already holds 36,818, bringing its total to 44,190—just enough to edge past Metaplanet’s 44,000 and take the number two spot.
Here’s the interesting part. CEO Matt Cole publicly declared that they’ll be number two by the end of 2026. This isn’t just buying Bitcoin—it’s staking out a position.
Now look at the leader, Strategy: it holds 848,517 BTC, or 4.04% of Bitcoin’s total supply, putting it miles ahead in first place. But last week it bought just 267 BTC at an average price of $82,900. Its five-week buying streak is still alive, but the size of its purchases has withered.
At this stage, the game isn’t about who’s gutsier anymore. It’s about whose money-printing machine runs faster. SATS pays 15% annual interest, with distributions every business day starting November 9—that’s seriously expensive money. But it can still raise $600 million in one go.
Expensive money has its uses: if Bitcoin’s price rises, it’s an accelerator; if the price goes sideways, it’s the first to get cold feet. Rankings are intangible; interest payments are real. $BTC
Strive closed its SATS preferred stock offering yesterday: 7 million shares at $90 each, for $630 million gross and about $608 million net. What’s the money for? The announcement was slippery: “general corporate purposes, including the purchase of Bitcoin.” In plain English: they haven’t committed to how much they’ll buy or when.
But we can do the math: at a Bitcoin price of $82,500, $608 million would buy 7,372 BTC. Strive already holds 36,818, bringing its total to 44,190—just enough to edge past Metaplanet’s 44,000 and take the number two spot.
Here’s the interesting part. CEO Matt Cole publicly declared that they’ll be number two by the end of 2026. This isn’t just buying Bitcoin—it’s staking out a position.
Now look at the leader, Strategy: it holds 848,517 BTC, or 4.04% of Bitcoin’s total supply, putting it miles ahead in first place. But last week it bought just 267 BTC at an average price of $82,900. Its five-week buying streak is still alive, but the size of its purchases has withered.
At this stage, the game isn’t about who’s gutsier anymore. It’s about whose money-printing machine runs faster. SATS pays 15% annual interest, with distributions every business day starting November 9—that’s seriously expensive money. But it can still raise $600 million in one go.
Expensive money has its uses: if Bitcoin’s price rises, it’s an accelerator; if the price goes sideways, it’s the first to get cold feet. Rankings are intangible; interest payments are real. $BTC