The Tool Desk
Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →iTechGuides is reader-supported. When you buy through links on our site, we may earn an affiliate commission. As an Amazon Associate I earn from qualifying purchases. Learn more
Strategy (Nasdaq: MSTR) is the scale leader, Strive (Nasdaq: ASST) is the structured-finance experiment, and Metaplanet (Tokyo Stock Exchange: 3350; OTCQX: MTPLF) is the Japan-focused treasury company. Strategy reported 845,050 BTC on August 30, 2026; a March 31, 2026 comparative snapshot listed 13,628 BTC for Strive and 35,102 BTC for Metaplanet. Those totals are not a ranking of shareholder returns. The key test is whether financing, dividends, interest and dilution leave common shareholders with more bitcoin per diluted share.
MSTR uses common stock, several perpetual preferred series, debt and at-the-market (ATM) programs. ASST’s SATA perpetual preferred stock is intended to earn a spread between its financing cost and bitcoin’s potential long-term return. Metaplanet measures “BTC Yield,” the percentage growth in bitcoin per share, while raising equity and debt in Japan. Holdings, senior claims, liquidity and operating-company obligations must be analyzed together.
Which bitcoin treasury stock has the most BTC?
Among the three companies, Strategy has by far the largest disclosed holding in the cited figures. The dates and source types differ, so the numbers should not be treated as a same-day exchange ranking.
Quick wins for a faster PC:
Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Repair Windows errors before they cause bigger problemsFix Now →| Issuer | Holding figure and date | Financing design | Primary analytical lens |
|---|---|---|---|
| Strategy (MSTR) | 845,050 BTC, August 30, 2026 | Class A common stock, STRF, STRC, STRK, STRE, STRD, debt and ATM programs | BTC per diluted share, mNAV, reserve coverage, preferred dividends and interest |
| Strive (ASST) | 13,628 BTC in a March 31, 2026 comparative snapshot; company filing details 7,627 BTC at December 31, 2025, 5,048 BTC from the Semler Scientific merger and 953 BTC bought by March 17, 2026 | SATA perpetual preferred stock, open-market “beta” purchases and “alpha” M&A | Financing-cost/bitcoin-return spread, BTC per share, SATA coverage and dilution |
| Metaplanet | 35,102 BTC in the March 31, 2026 comparative snapshot; its cited official page does not give a dated post-March holding count | Japanese equity and debt financing | BTC Yield, bitcoin per share, leverage and access to Japanese capital markets |
The March 31 figures are from a secondary comparative snapshot. Issuer filings should supersede that table when dates or totals conflict.
Popular on Amazon
- Unparalleled Security: Protect your assets NDA-free EAL 6+ Secure Element, offering robust defense and complete transparency
- Simple & Secure Interface: Manage your digital assets easily with a clear OLED screen for secure on-device confirmations
- Supports 1000s of Coins & Tokens: Securely handle thousands of assets, including Bitcoin, Ethereum, and more, all in one wallet
- Effortless Asset Management: Monitor and transact seamlessly with Trezor Suite, our intuitive desktop and mobile app
- Enhanced Backup Solution: Rest assured with Multi-share Backup, eliminating single points of failure for secure cold wallet recovery
How does MSTR digital credit work?
Strategy describes its treasury reserve as excess cash and bitcoin and groups STRF, STRC, STRE, STRK and STRD under preferred stock or “digital credit.” It generally sells common stock and preferred securities through ATM programs, then allocates proceeds among bitcoin purchases, dividends, repurchases and liquidity.
What the latest allocation shows
In the August 2026 update, $369.7 million of MSTR sales funded bitcoin purchases, $50.7 million funded STRC dividends, $151.8 million funded STRC repurchases and $30.0 million increased USD Cash. These are issuer-reported allocations, not a forecast of future mix.
Why seniority changes the common-share outcome
Preferred dividends and debt interest are paid ahead of common equity. A capital raise can therefore increase gross BTC while producing little or no benefit for common holders if the new securities add larger senior claims or the share count expands faster than bitcoin holdings. The practical metric is bitcoin per diluted share after all in-the-money instruments and financing obligations are considered, not BTC held in isolation.
Do these 3 things before closing this tab:
1Clear out junk files and repair common Windows errors2Scan for outdated or missing drivers - takes under a minute3Repair Windows errors before they cause bigger problemsWhat the reserve numbers mean
Strategy reported an aggregate bitcoin purchase cost of $63.73 billion, a $5.10 billion USD Reserve and $1.61 billion USD Cash on August 30, 2026. An earlier June 30, 2026 disclosure listed 846,000 BTC; the later 845,050-BTC figure is the date-specific number to use for the August comparison. The reserve and cash balances are buffers for dividends, interest, repurchases and working-capital needs, but they do not remove bitcoin-price or refinancing risk.
Is ASST’s SATA preferred stock safer than common equity?
SATA is designed to provide investors with consistent cash flows and relatively low volatility while allowing Strive to capture the spread between SATA’s financing cost and bitcoin’s potential long-term return. “Designed” does not mean guaranteed: SATA remains exposed to issuer credit, liquidity, dividend, market and bitcoin risks.
Also popular on Amazon
- Unparalleled Security: Protect your assets with EAL 6+ Secure Element, offering robust defense and complete transparency
- Simple & Secure Interface: Manage your digital assets easily with a clear OLED screen for secure on-device confirmations
- Supports 1000s of Coins & Tokens: Securely handle thousands of assets, including Bitcoin, Ethereum, and more, all in one wallet
- Effortless Asset Management: Monitor and transact seamlessly with Trezor Suite, our intuitive desktop and mobile app
- Enhanced Backup Solution: Multi-share Backup eliminates single points of failure for secure cold wallet recovery
How Strive combines beta and alpha
Strive’s filing says its strategy can acquire bitcoin through open-market purchases using available cash (“beta”) or through strategic mergers and other transactions (“alpha”), subject to market conditions and short-term cash requirements. The filing reported 7,627 BTC at an average acquisition cost of $113,153 as of December 31, 2025. It then reported 5,048 BTC obtained through the Semler Scientific merger and 953 BTC purchased at approximately $81,092 on average from January 1 through March 17, 2026.
What an analyst must test
- Whether bitcoin’s realized and unrealized return exceeds SATA’s contractual or declared financing cost over the relevant period.
- Whether new common or preferred issuance increases BTC per share after dilution.
- Whether cash and liquid assets cover SATA obligations during a bitcoin drawdown.
- Whether trading liquidity allows investors to exit without a large discount.
- Whether third-party custody, private-key controls and blockchain reconciliations are documented and functioning.
Strive also retains asset-management and acquired healthcare operations. Those businesses can provide support or create additional execution and cash-flow demands, so ASST is not a pure bitcoin holding.
Recommended Free Tools
What is Metaplanet BTC Yield?
Metaplanet defines BTC Yield as the percentage growth in bitcoin per share and says management uses it to guide capital-market activity. It is a per-share accumulation measure: a company can add BTC and still have falling BTC Yield if share issuance grows faster than holdings.
Why the Japan context matters
Metaplanet is listed in Tokyo and also trades on OTCQX. Its manifesto presents bitcoin as the core reserve asset and describes equity and debt financing. Funding access, disclosure timing, yen-market conditions, interest rates and local investor demand can therefore affect the strategy differently from a U.S.-listed issuer.
The company also retains a Tokyo hotel and a Bitcoin Magazine Japan license. These operating activities mean an analysis should separate treasury performance from non-treasury assets, liabilities and cash flows. The cited official page does not provide a current post-March holding count, so the 35,102-BTC March 31 figure should be labeled as a secondary snapshot rather than a live balance.
Also popular on Amazon
- Dual-chip architecture for maximum protection: The next-gen, fully auditable TROPIC01 chip works alongside a certified EAL6+ Secure Element—completely NDA-free—to deliver radically transparent, industry-leading defense against physical attacks.
- Quantum-ready security: Get protection against future threats with the first-ever hardware wallet designed with quantum-ready architecture.
- See every detail with confidence: Our largest high-resolution color touchscreen makes it easy to navigate your assets, review transactions and manage your coins with clarity.
- Wireless freedom with encrypted Bluetooth control: Manage, buy, swap and stake securely using Trezor Suite on desktop or mobile. Qi2-compatible wireless charging keeps your Trezor powered up. No cables required—security meets convenience.
- Works seamlessly with Android, iOS and desktop: Connect wirelessly or via USB-C to your phone or computer. Manage your crypto anywhere with our companion Trezor Suite app.
How much dilution and financing risk do MSTR, ASST and Metaplanet have?
No single leverage ratio answers that question. Compare the following dimensions using the same reporting date wherever possible.
Free tools Windows power users keep installed
One-click scans. No signup required.
| Dimension | Strategy | Strive | Metaplanet |
|---|---|---|---|
| Per-share measure | BTC per diluted share; mNAV can show the market premium or discount | BTC per share and SATA coverage | BTC Yield and bitcoin per share |
| Senior claims | Multiple preferred series and debt ahead of common equity | SATA preferred claims plus any debt | Debt and any preferred or other senior claims disclosed in current filings |
| Funding access | Large U.S. equity and preferred markets, including ATMs | Dependent on bitcoin value, investor sentiment and public perception | Japanese equity and debt markets |
| Reserve/liquidity question | USD Reserve and Cash must cover dividends, interest and operations | Cash must cover SATA and working-capital needs during volatility | Assess yen liquidity, debt maturities and treasury commitments |
| Operating-business exposure | Treasury strategy dominates disclosed assets | Asset management and healthcare activities remain | Hotel and Bitcoin Magazine Japan license remain |
Strategy has the deepest disclosed scale and the broadest digital-credit stack. ASST offers the clearest explicit spread thesis but depends heavily on the cost and liquidity of SATA financing. Metaplanet offers a focused BTC Yield framework, but its Japanese jurisdiction and operating businesses add distinct risks.
What are the bull, base and stress cases?
Bull case
If bitcoin appreciates and investors continue to buy equity and preferred securities at accretive prices, each company can raise capital that increases bitcoin per share. Strategy benefits from diversified issuance channels; ASST benefits if SATA financing stays below bitcoin returns; Metaplanet benefits if Japanese funding remains open. These are scenario inferences from the disclosed strategies, not forecasts.
Base case
Results depend on the spread between bitcoin returns and financing costs, issuance premiums or discounts, dilution, preferred dividends, debt service and reserve policy. Gross BTC can rise while common-share returns weaken when senior claims or share count grow faster than holdings.
Stress case
A bitcoin drawdown, lower equity premiums or closed capital markets can force asset sales, expensive refinancing or slower accumulation. Strategy disclosed selling 2,225 BTC in July 2026 to fund preferred dividends and replenish its reserve. Strive warns that bitcoin can become illiquid in stressed markets and that financing depends on bitcoin value and investor sentiment.
Also popular on Amazon
- Effortlessly build your crypto portfolio via the all in one Ledger Wallet app: buy, sell, send, receive, swap, stake and more across popular blockchains. 15,000+ coins & tokens in a single dashboard. Keep a close eye on the market. Compare service providers. Track performance. Get timely alerts. Build your portfolio with confidence.
- Enjoy Bluetooth connectivity, iOS access, and hours of battery use with this mobile-first, secure backup signer. Freedom you can depend on.
- Genuine Check: confirm your signer is authentic during setup with the Ledger Wallet app.
- Protect your signer: keep it in mint condition at all times with a bespoke Pod or Case to avoid scratches and everyday wear and tear.
How should an analyst compare these treasury stocks?
- Fix the date. Put the as-of date beside every BTC, cash, reserve, debt and share figure.
- Reconcile holdings. Start with the issuer filing; use a secondary table only when it clearly identifies its snapshot date.
- Calculate per-share exposure. Divide BTC by fully diluted shares, then account for preferred conversion, warrants and other potentially dilutive instruments.
- Map the capital stack. List common equity, each preferred series, debt maturities, dividend rates and repayment or conversion features.
- Check coverage. Compare cash and reserves with near-term dividends, interest, operating costs and planned purchases.
- Separate treasury from operations. Include non-bitcoin businesses, custody arrangements, tax liabilities and jurisdiction-specific financing constraints.
- Stress the funding loop. Model what happens if bitcoin falls, the equity premium disappears and ATM or preferred issuance becomes unavailable.
Which company offers the cleanest bitcoin-per-share exposure?
There is no universal winner. Strategy offers the greatest scale and the most developed financing machinery, but also the most layered senior claims. ASST is the most direct expression of a financing-spread thesis, with SATA obligations and M&A execution risk. Metaplanet makes BTC Yield the clearest stated KPI, yet Japanese funding conditions and its hotel and licensing operations complicate a pure-treasury comparison.
The cleanest analysis is therefore date-specific: compare BTC per diluted share, acquisition cost, financing cost, reserve coverage, instrument seniority and liquidity access. Gross BTC is a scale statistic; per-share accretion determines whether that scale reaches common shareholders.
Frequently Asked Questions
Can a bitcoin treasury company increase its BTC and still hurt shareholders?
Yes. New shares or senior securities can grow holdings while reducing bitcoin attributable to each common share. Dividends, interest, issuance discounts and conversion features must be included in the per-share calculation.
Why does a company’s average bitcoin purchase cost matter?
It indicates the price level at which unrealized gains or losses begin, but it is not a valuation floor. The figure should be read with the acquisition date, funding source and any later purchases or sales.
Windows Errors? Fix Them Before They Spread
Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallOutdated Drivers Are Slowing You Down
One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchWhat should investors verify about bitcoin custody?
Check who controls private keys, how assets are segregated, what insurance or loss protections exist, and how wallet balances are reconciled to the general ledger. Custody controls can fail independently of the share-price thesis.
Why can two treasury companies with similar BTC totals trade differently?
Markets price their capital stacks, liquidity, jurisdiction, operating businesses and expected access to new financing. Preferred dividends, debt maturities and the ability to issue shares at a premium can create very different per-share outcomes.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
