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Bitcoin Treasury Companies Diverge as Strategy Buys Back STRC and Strive Adds BTC
Capital allocation splits while Metaplanet faces shareholder scrutiny
TL;DR
- Strategy made no new Bitcoin trades and redirected cash toward repurchasing STRC preferred shares.
- Strive and Capital B continued Bitcoin accumulation through fresh capital deployment.
- Metaplanet faced continued investor criticism over executive options and CEO Simon Gerovich’s ties to MMXX Ventures.
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Public-market Bitcoin treasury companies moved in sharply different directions on Sept. 8, 2026, as Strategy stopped buying or selling Bitcoin and focused on preferred-share repurchases, Strive and Capital B added to their BTC reserves, and Metaplanet shares completed a roughly 17% two-session decline amid unresolved investor concerns over executive compensation and corporate governance.
Strategy reported no Bitcoin purchases or sales during the previous week, leaving its holdings unchanged at 845,050 BTC, valued at about $66.1 billion. The position represented more than 4% of Bitcoin’s 21 million maximum supply and carried about $2.4 billion in unrealized gains at the market level cited in the information.
Instead of adding Bitcoin, Strategy repurchased 1.81 million STRC preferred shares for approximately $176.3 million. The company also increased the authorization for its digital credit securities repurchase program to $2 billion from $1 billion. Strategy said the STRC purchases were funded through its USD Cash reserve, while balances as of Sept. 7 stood at $5.1 billion for its USD Reserve and $1.44 billion for USD Cash.
Strategy prioritizes balance-sheet management after Bitcoin buying pause
Strategy’s latest allocation followed a roughly 10-week pause in Bitcoin purchases while the company strengthened its balance sheet. Strategy CEO Phong Le said the company reduced net debt from approximately $7 billion to zero and accumulated about $7 billion in total cash reserves during that period.
The balance-sheet restructuring included a sale of roughly 7,000 BTC at prices ranging from $60,000 to $65,000 to fund preferred dividends. Le defended that decision, saying the transaction was “the right trade at the time.”
Strategy later returned to Bitcoin accumulation between Aug. 24 and Aug. 30, acquiring 4,603 BTC for approximately $369.7 million at an average purchase price of $80,318 per coin. Le said the company’s capital-market framework justified the sequence of transactions: “It’s the right trade at this point in time to sell MSTR at a premium to buy bitcoin.”
Strategy also challenged MSCI over a proposal to exclude certain “non-operating asset” companies from the MSCI Global Investable Market Indexes. The company characterized the proposal as an effort that could remove digital asset treasury businesses from major indices.
A letter signed by Michael Saylor and Le said MSCI’s consultation “is discriminatory, arbitrary, and misguided” and called for the proposal to be withdrawn. Strategy added: “If adopted, the proposal would have no meaningful impact on Strategy's business, but it would profoundly harm MSCI's reputation as a reliable and neutral index provider.”
Bitcoin Treasuries data cited in the information showed 197 public companies had adopted some form of Bitcoin acquisition model. The other companies listed alongside Strategy among the five largest public-company Bitcoin treasuries were:
Strategy shares gained 6.6% over the previous week and closed Friday at $142.80. The stock was down 7.6% year to date after its recent recovery and remained 56.7% lower over the previous 12 months. Bitcoin rose 1.8% during the same weekly period.
Strive continues accumulation with another major Bitcoin purchase
Strive moved in the opposite direction from Strategy, with CEO Matt Cole announcing that the company acquired 1,375 BTC for $109 million at an average cost of $79,281 per Bitcoin. The purchase raised Strive’s total holdings to 24,531 BTC.
At the roughly $78,200 Bitcoin market level cited alongside the announcement, Strive’s treasury was valued at just over $1.9 billion.
Cole wrote: “Strive acquired an additional 1,375 BTC for $109M at an average cost of $79,281 per bitcoin, bringing total holdings to 24,531.”
Cole also said 70% of the capital Strive raised during the previous week came from SATA, which had reached $999 million in notional outstanding. “Time to break the billion-dollar wall,” Cole wrote.
The acquisition followed a larger purchase announced the previous week, when Strive added 1,800 BTC for $143 million at what was characterized as a similar average acquisition level. The newer announcement came about eight days after Strategy had also disclosed its first Bitcoin purchase in more than two months before again moving to the sidelines.
Capital B raises equity and directs proceeds into Bitcoin
Capital B SA disclosed through a Sept. 7, 2026 regulatory release that it completed a €25.3 million capital increase and deployed the proceeds into Bitcoin, purchasing 376 BTC at an average price of €67,287 per coin.
The transaction raised Capital B’s treasury reserve to more than 1,800 BTC. Unlike a treasury purchase funded by existing surplus cash, the transaction paired a new capital raise directly with Bitcoin accumulation, making the purchase part of the company’s broader financing strategy.
The information characterized the model as one in which access to fresh capital can allow corporate Bitcoin balances to expand quickly when financing terms remain acceptable to shareholders. It also identified dilution, broader market conditions and Bitcoin’s market value as factors affecting whether that approach remains attractive.
Capital B’s equity may consequently trade partly as a Bitcoin proxy rather than solely on operating performance, according to the supplied discussion. That dynamic can attract investors during rising Bitcoin markets while increasing pressure on the shares when Bitcoin declines.
Metaplanet stock falls as option-pool dispute continues
Metaplanet’s share decline stood apart from the relatively stable Bitcoin market during the same period. The Tokyo-listed company fell 9.9% on Tuesday to 244 yen, equivalent to about $1.56, after dropping 7.5% on Monday following a public note from CEO Simon Gerovich.
Bitcoin had traded mostly flat over the previous three days and was down 1% over the preceding day at $78,464, while Metaplanet’s shares continued falling amid criticism over the company’s Series 10 executive option structure and Gerovich’s relationship with MMXX Ventures.
The Series 10 plan was adopted in December 2022, before Metaplanet shifted to a Bitcoin treasury strategy in April 2024. The original structure allowed the executive award pool to adjust automatically so that it represented 20% of the company’s fully diluted share count instead of fixing the number of underlying shares.
As Metaplanet issued and sold equity to finance Bitcoin purchases, the executive option pool expanded from roughly 46 million shares to about 319 million. Investors and critics argued that the structure caused the potential executive award pool to expand while existing shareholders were being diluted through repeated equity issuance.
Gerovich’s ties to MMXX Ventures, a disclosed Metaplanet shareholder, became a second point of scrutiny. Company filings said Gerovich indirectly held a majority of MMXX’s voting rights, prompting conflict-of-interest questions from investors.
Responding to the criticism, Gerovich wrote that Metaplanet “had not done a good enough job” communicating its plans and corporate structure to shareholders.
Gerovich said Metaplanet changed the option arrangement on Aug. 18, 2026 by eliminating the automatic adjustment mechanism and freezing the pool. The revised structure fixed the potential award count at 319.46 million shares while retaining an exercise price of 10 yen per share and imposing a five-year lock-up lasting through Aug. 17, 2031.
“We are continuing to review our governance and compensation policies and will share any updates when that work is complete,” Gerovich said.
Gerovich separately described himself as a “significant but non-majority shareholder” of MMXX’s parent company. He said he is not an MMXX director or officer and has “no role” in the investment vehicle’s investment or trading decisions.
Investor objections persisted because freezing the award pool prevented additional expansion without reversing the increase that had already occurred. Critics have called for cancellation of rights covering roughly 273 million additional shares.
X user “Ragnar” wrote: “There is no choice but to cancel the additional 273 million shares and replace them with a new incentive program applied retroactively.”
Another investor writing under the pseudonym “The Bitcoin Pharaoh” said Gerovich exercised 92,000 Series 10 units and received more than 64 million shares ten days after the option pool was capped.
“Admitting the structure was wrong and keeping what it produced is a contradiction, and no amount of communication resolves it,” The Bitcoin Pharaoh wrote.
Questions surrounding MMXX also remained part of the shareholder dispute. Investors pointed to earlier Japanese filings describing Gerovich as holding indirect majority voting rights in MMXX and treating the vehicle as affiliated with company officers and close relatives.
Those investors asked Metaplanet to identify MMXX’s owners and address whether Gerovich or affiliated parties received economic benefits when MMXX sold Metaplanet shares during the company’s 2024 rally. Metaplanet had been contacted for additional comment on those issues.
This article has been refined and enhanced by ChatGPT.
