Bitcoin treasury companies

What it is

A bitcoin treasury company is a listed business whose main purpose is to hold Bitcoin on its balance sheet, funding those purchases through the equity and debt markets rather than through ordinary trading profits. The template was set in the United States and has since been copied around the world. Its appeal is straightforward: shareholders gain leveraged exposure to Bitcoin without touching an exchange or a private key, and management gains a mandate to keep buying. The catch is that the same mechanism runs in reverse when the price falls, and 2026 has offered the clearest test yet of what that reversal looks like.

The Metaplanet model

Metaplanet, listed in Tokyo as 3350.T, held 44,000 BTC on 30 September 2026, according to its 5 October filing. It sold 10,000 BTC and bought 11,000 during the third quarter, increasing its holdings by 1,000 BTC overall. Its existing borrowings remained outstanding.

The company’s revised capital policy sets an allocation guideline of 85–90% Bitcoin and 10–15% strategic assets. It says permanent equity should be the main source of money for BTC purchases and sets a guideline for BTC-related borrowing below approximately 10% of BTC net asset value. Metaplanet previously announced targets of 100,000 BTC by the end of 2026 and 210,000 by the end of 2027 in its 16 March financing filing. The October policy describes how it intends to allocate and finance its assets.

The reflexivity problem

That self-reinforcement is the reflexivity problem, and it sits at the heart of any bitcoin treasury company. Reflexivity means the strategy works in both directions. On the way up, a rising coin price lifts the share premium, which makes new equity cheap to issue, which funds more buying, which supports the price. On the way down, the premium can collapse into a discount, at which point issuing shares destroys value rather than creating it, the buying stops, and a firm that was a source of demand can turn into a source of supply. The model does not fail gently; it amplifies whatever the market is already doing.

Companies can sell their bitcoin

Treasury companies can buy and sell Bitcoin according to their financing needs and board decisions. Strategy’s dated ledger records purchases and sales, while Metaplanet’s October filing describes active management of its holdings. Shareholders therefore own both exposure to Bitcoin and the risks of the company’s debt, share issuance and investment decisions.

How much bitcoin Strategy holds

Strategy held 848,250 BTC on 11 October 2026, according to its 12 October update. It bought 250 BTC over the previous week for $21.5m, at an average of $86,194 including fees and expenses. Share sales supplied $21m and cash supplied $0.5m. Total acquisition cost was $64.00bn. At CoinGecko’s $82,281 price at 01:46 UTC on 13 October, the coins were worth about $69.79bn.

The purchase followed 1,665 BTC reported on 28 September and 950 BTC reported on 21 September. Strategy’s dated ledger records both its purchases and earlier sales; holdings change with each filing.

Bitmine Immersion Technologies follows a similar treasury strategy for Ether. Its 12 October company release reported 6,028,946 ETH on 11 October, including 12,532 bought over the previous week. It also held 214 BTC and $612m in cash and marketable securities. The company valued its combined crypto, cash, securities and other investments at $16.2bn using that disclosure’s prices. Of its Ether, 5,067,309 ETH were staked.

What to watch

Compare each company’s share price with the net value of its assets, then read its latest holdings and financing disclosures. A premium can help a company raise money for further purchases; a discount can make issuing new shares less attractive. Strategy’s latest disclosed holdings are dated 11 October and Metaplanet’s are dated 30 September. Their next filings will show how those balances and financing plans change.