Key facts
- Bitcoin treasury companies hold BTC with an aggregate cost basis of approximately $80,000.
- Bitcoin has traded above $80,000 daily since September 18, 2026.
- Strategy, the largest holder, bought 267 BTC last week at an average of $82,900.
- Strategy's board increased its share buyback cap to $3 billion.
- Strive acquired 1,223 Bitcoin after raising $630 million through its SATS IPO.
- Metaplanet launched a $122.4 million stock buyback and plans a U.S. Bitcoin treasury vehicle.
Bitcoin treasury companies have returned to profitability as the cryptocurrency's price has consistently stayed above their aggregate cost basis of approximately $80,000 since September 18, 2026. Despite this positive shift, accumulation of Bitcoin by these firms has slowed considerably. Strategy, a leading holder with 848,517 BTC, recently purchased 267 BTC for $22.1 million but has prioritized share buybacks and dividends, raising its buyback cap to $3 billion. Similarly, Metaplanet, the second-largest holder, launched a $122.4 million stock buyback and is exploring a U.S. treasury vehicle instead of directly increasing its Bitcoin holdings. Strive has been more active, adding 1,223 BTC after raising $630 million through its SATS preferred stock IPO, though this pace is slower than in previous years. Several factors contribute to this caution, including companies trading at low net-asset-value multiples, complex capital structures, and the potential impact of MSCI's upcoming index rule changes, due November 11, which could affect institutional demand for their shares.