Pure Bitcoin-Treasury Vehicles

Michael Saylor signaled another Bitcoin purchase ahead of the new trading week, posting a fresh treasury chart on October 11, 2026. The head of Strategy Inc. shared the chart featuring 117 purchase dots, accompanied by his favorite phrase: "There's always room for more orange." The post came as the company reached a $70 billion milestone.

Metaplanet announced on October 5 that it acquired a net 1,000 BTC between July and September, the third quarter of its fiscal year ending December 2026, bringing its holdings to 44,000 BTC. According to BitcoinTreasuries, which tracks corporate Bitcoin holdings, the company is now the world's second-largest listed corporate holder after US-based Strategy. Strategy resumed its weekly purchases, adding 334 BTC worth about 24 million dollars, and Bitcoin rebounded to 86,970 dollars on Monday. Metaplanet sees popularizing Bitcoin among gamers as a new business opportunity through its US Bitcoin operations, according to a letter to shareholders dated October 6 from Matthew Edelman, CEO of the US gaming and advertising company Super League Enterprise, which Metaplanet plans to acquire. Meanwhile, Bitmine said it will stop adding to its Ethereum holdings once they reach 5% of total supply, and Ethereum fell 5% on Wednesday to 2,553 dollars. The company holds about 6.02 million ETH, worth roughly 15.46 billion dollars, equivalent to 4.927% of Ethereum's supply. Blockchain analytics firm Chainalysis said on October 5 that Japan's crypto asset economy was worth 228.3 billion dollars, or about 36.5 trillion yen, from July 2025 to June 2026, ranking second in East Asia after South Korea's 449.1 billion dollars, or about 71.9 trillion yen.

Crypto analysts told Nikkei that bitcoin purchases by ETFs and corporations are creating unprecedented structural spot demand. The U.S. 10-year Treasury yield rose from the 4.7% range to the 5.2% range in September and currently sits at a high level around 5.3%, yet bitcoin, which generates no yield, actually rose. Since late August, inflows into U.S. spot bitcoin ETFs have stood out, with more than 1 billion dollars flowing in on September 21 alone; Strategy bought 334 BTC between October 1 and 4, Metaplanet bought 1,000 BTC in the July-to-September quarter, and Strive bought 2,000 BTC by the 2nd. According to CryptoQuant data, open interest, which swelled to about 29 billion dollars in late September, has since shrunk roughly 12% to about 25.5 billion dollars, while bitcoin has held in the mid-80,000 dollar range, indicating that spot supply and demand are improving as excess positions in the derivatives market are unwound. The unauthorized outflow from Bitget discovered on September 25 amounted to 380 million dollars in losses, but the spillover to the broader market was limited. Looking toward year-end, analysts see a projected range of 88,000 to 100,000 dollars, and say that if net inflows of more than 500 million dollars per week continue, the scenario of aiming for 100,000 dollars becomes more likely.

Strive purchased 2,000 bitcoin for approximately $169 million, nearly six times the 334 bitcoin that Strategy announced buying the previous day, bringing Strive's total holdings to 29,462 bitcoin at an average price of $84,422 per coin. CEO Matt Cole said SETA preferred stock sales accounted for 61.5% of the capital raised, with warrant exercises generating another $56.7 million, and Strive now carries roughly $1.29 billion of SETA preferred stock with about $168 million in annual dividend obligations. Separately, the SEC approved the CBOE's request to list the first US products delivering three times the daily returns of bitcoin and ether, to be operated by Volatility Shares using regulated bitcoin and ether futures rather than the tokens themselves, doubling the previous 2X cap on US crypto funds. The CFTC also floated a new federal framework for leveraged retail crypto trading, proposing a crypto asset market registration category with token listing standards, market surveillance and anti-manipulation rules, proof of reserves for pooled customer assets, capital requirements, segregation of customer assets, risk disclosures, and KYC and anti-money laundering controls, while stating it cannot require crypto to trade on its platforms without Congress. Treasury withdrew a 2020 self-hosted wallet rule and a 2023 crypto mixer reporting rule, citing concerns over a chilling effect on legitimate activity, and Rain filed an application with the OCC to establish Rain National Trust Bank, following similar moves by Modern Treasury as community banks sue the OCC over federal trust charters for crypto companies. Ondo Finance also launched Ondo private markets with tokenized pre-IPO AI exposure, beginning with an unnamed pre-IPO AI business, offering tokenized notes linked to the company's economic performance rather than actual shares.

Strive purchased 2,000 bitcoin for approximately $169 million, nearly six times the 334 bitcoin buy that Strategy announced a day earlier. The company now holds 29,462 bitcoin, putting it within roughly 6,000 bitcoin of Marathon, the next largest holder in the corporate treasury space, and it paid an average of $84,422 per bitcoin this week. According to CEO Matt Cole, sales of the company's Seta preferred stock accounted for 61.5% of the capital raised, while warrant exercises generated another $56.7 million for the purchases. Strive now carries approximately $1.29 billion of Seta preferred stock with about $168 million in annual dividend obligations, and while it remains debt-free, those preferred shareholders are paid ahead of common shareholders at a dividend above 12%.

Bitcoin entered October near $83K and touched roughly $87K within days, retesting an area last seen in late September, with its three-month performance up about 33.23%. Strategy bought 334 BTC for $28.7M in early October while estimating a $20.9B digital-asset gain for the third quarter, and Metaplanet lifted its holdings to 44K BTC after a 1K BTC net increase in the third quarter, targeting 85%-90% of assets in Bitcoin. Coinglass data showed $164.22M of net Bitcoin ETF inflows over one day and $226.41M over seven days. Kalshi's market-implied year-end high rose to $95K, up $6.6K, while CFTC Chairman Selig said the agency is proposing its first crypto market rules. Bitcoin-linked stocks were weaker over the past week, with MARA Holdings down 12%, Cipher Mining down 10%, Robinhood Markets down 8%, Coinbase Global down 6%, Circle Internet Group down 3%, BitMine Immersion Technologies down 3%, and Hut 8 down 2.45%.

Strategy added 334 bitcoin for $28.7 million while spending $176.3 million to buy back its STRC preferred stock, a sum roughly six times larger than its latest bitcoin purchase. The bitcoin purchase was funded with $15.7 million from issuing and selling MSTR shares and $13 million from Strategy's flexible USD cash pool, while the STRC buyback was funded with $154.1 million of its USD cash pile and $22.2 million of interest earned on its dollar holdings. Strategy now holds $4.88 billion in protected USD reserve and $833.4 million of flexible USD cash, and has spent about $64 billion in total on bitcoin at an average cost base of $75,440.70. Separately, a joint venture between OKX and Intercontinental Exchange, the parent of the New York Stock Exchange, has filed to offer 24/7 tokenized US stock trading under the SEC's proposed five-year innovation exemption, with an initial list of 63 stocks including Strategy, Apple, Nvidia, Coinbase, Robinhood and Circle. Trading would run continuously through Uniswap liquidity pools on OKX's X Layer in USDC, USDG and USDT pairs, with assets held in self-custodial wallets and backed one-for-one by actual shares held through a registered broker-dealer. Bloomberg Terminal has also begun carrying Hyperliquid data, and the Independent Community Bankers of America is suing the OCC over national trust bank charters granted to crypto companies. Ethereum Layer 2 network Blast will shut down with an October 26 withdrawal deadline, after assets on the network fell from $2.2 billion to $32 million and its token lost 98% of its launch value, while the IMF approved funds for El Salvador after a waiver for its bitcoin breach.

Strategy purchased 334 bitcoin for $28.7 million while simultaneously buying back $176.3 million worth of MSTR, according to Scott Melker of "The Daily Wolf with Scott Melker." The bitcoin purchase was funded with $15.7 million from issuing and selling MSTR shares and $13 million from Strategy's flexible USD cash pool. The MSTR buyback was funded with $154.1 million of the company's USD cash pile and $22.2 million of interest earned on its dollar holdings, the first time that part of the machine has kicked in. Strategy now holds $4.88 billion in protected USD reserve and $833.4 million in flexible USD cash. The company has spent about $64 billion in total to buy bitcoin, at a cost basis of $75,440.70.

Strategy's high-profile STRC preferred stock is nearing the critical $100 level, a threshold that may once again open the door to an important line of capital for the Bitcoin treasury juggernaut to grow its cryptocurrency position. The development centers on the preferred instrument tied to the company's Bitcoin accumulation strategy, with the $100 mark serving as the key reference point for whether that capital channel reopens.

Bitcoin rebounded to $86,970 on October 5 after Strategy disclosed it had acquired an additional 334 BTC worth about $24 million. Michael Saylor said on X that Strategy recorded $21 billion in valuation gains on digital assets in the third quarter of 2026, acquired 334 BTC the previous week, and bought back about $176 million worth of STRC shares. As of October 4, the company held 848,000 BTC and about $5.7 billion in dollar-denominated assets. With this purchase, bitcoin buying has continued for a third consecutive week, extending a trend that resumed in late August after a ten-week pause from June 7 to August 23. U.S. spot bitcoin ETFs also recorded total inflows of $3.219 billion over 11 of the past 12 trading days. In prediction markets, Kalshi puts the probability of bitcoin exceeding $100,000 by January 2027 at 38%, while Polymarket sees only a 12% chance of it reaching $100,000 during October.

Strategy founder and chairman Michael Saylor published data on the company's Bitcoin strategy with the concise comment: "More orange than ever." The post, which appeared on the company formerly known as MicroStrategy, signals a potential massive new Bitcoin purchase by the firm. Saylor's terse remark accompanied the release of the company's Bitcoin strategy data, though no specific purchase amount or dollar figure was disclosed in the source material. The comment echoes Saylor's long-running practice of teasing Strategy's Bitcoin acquisitions ahead of official announcements.

Bitcoin held below $85,000 on Friday after briefly topping $87,000, with a new U.S. Securities and Exchange Commission proposal on crypto custody adding to expectations of broader institutional participation. The cryptocurrency was trading at $84,612.4 as of 21:55 ET, down 0.35% after reaching an intraday high of $87,219, its first move above $87,000 since Sept. 23. The SEC proposed changes to custody rules that would allow investment advisers and funds to directly hold certain digital assets when a qualified third-party custodian is unavailable, subject to safeguards, with the proposal entering a 60-day public comment period following publication in the Federal Register. Bitcoin also drew support from softer U.S. economic data, as September nonfarm payrolls rose 29,000 against expectations of 90,000, prompting declines in Treasury yields and the dollar. The move triggered about $142 million of Bitcoin short liquidations over 24 hours, compared with roughly $29 million in long positions, according to Coinglass data. Separately, Strategy Executive Chairman Michael Saylor detailed how the company finances its Bitcoin-focused business, with its STRC preferred shares carrying a 12% annualized dividend rate and a shareholder vote scheduled for Oct. 28 on a switch to daily dividend accruals, while Supercycle Finance said it plans to raise up to $75 million through a proposed offering, with most proceeds intended for Bitcoin purchases.

Strategy moved roughly $297M in Bitcoin on Tuesday, sparking questions over whether Michael Saylor's company was selling, but on-chain analysis indicates the transfer was a wallet reshuffle rather than a sale. Lookonchain reported on X that Strategy moved 3.57K Bitcoin, just a day after it bought another 1.67K BTC for $142.7M, taking its holdings to 847.67K BTC. The receiving addresses were identified as part of Fidelity's custody system, suggesting the movement was internal rather than a reduction in Strategy's Bitcoin position. Bitcoin recovered to about $84.5K before settling near $83.9K, while Strategy stock traded around $156.51, down roughly 3% over the week, and BTC liquidations stood at about $68M over 24 hours, split almost evenly between longs and shorts. The transfer appears consistent with Saylor's description of Bitcoin as digital capital, MSTR as digital equity, and STRC as digital credit, rather than an exit from the treasury.

Bitcoin Japan, formerly Hotta Marusho, announced on the 29th that its wholly owned subsidiary BTC JPN Ltd. has completed its first purchase of bitcoin. The acquisition totaled 11.9188 BTC, with the purchase date on the 28th, an acquisition price of 83,857.43 dollars per BTC, and a purchase cost of 999,479.94 dollars, equivalent to about 157.24 million yen at 157.32 yen to the dollar. The company disclosed on the 18th that it would launch a bitcoin treasury business and a bitcoin-related asset management business through the subsidiary, and because it had set the combined purchase cost and trading fees at 1 million dollars as the cap for the initial purchase, this acquisition was carried out within that limit. Separately, it recorded about 85,000 yen, or roughly 540 dollars, as an expense for remittance fees from Japan. The group plans to continue making additional purchases, with the timing, quantity, and amount to be decided within the upper limit of 662 million yen in total investment funds for the business as indicated in the disclosure on the 18th. The impact on consolidated results for the fiscal year ending March 2027 is under review, and the bitcoin held will be marked to market each quarter, with valuation gains and losses recorded in the income statement.

Michael Saylor's Strategy bought 1,665 Bitcoin for $142.7 million last week, raising its holdings to 847,666 BTC. The purchases were made at an average price of $85,681 per coin between Monday and Sunday, according to an 8-K filing with the U.S. Securities and Exchange Commission dated September 28. Strategy has now spent a total of $63.95 billion on the holdings, an average of $75,437 per Bitcoin including fees and expenses. The company funded this purchase with proceeds from selling 1.47 million MSTR shares, raising $246.2 million net, and allocated $142.7 million to Bitcoin, while another $103.5 million went to repurchasing STRC preferred shares. It bought back 1.53 million STRC shares for $151.7 million, with another $48.1 million coming from its U.S. dollar cash holdings. Previously, the company bought 950 BTC for $75.7 million the week before, after pausing purchases for two weeks. Strategy's U.S. dollar cash balance fell to $1 billion from $1.05 billion week over week, and its separately held U.S. dollar reserve, intended to cover preferred stock dividends and debt interest, fell to $5.02 billion from $5.04 billion after paying $22.1 million in dividends.

Strategy, the world's largest corporate holder of Bitcoin, has resumed buying Bitcoin after a two-week pause, purchasing 950 Bitcoin for $75.7 million at an average price of $79,670 per coin. The purchase brings Strategy's holdings to 846,000 BTC, acquired for roughly $63.8 billion at an average cost of $75,416 per coin. Bitcoin was trading at about $84,523 at the time the news was published. The purchase coincided with a post on X by Michael Saylor, the company's executive chairman, on Saturday, in which he called for a digital rights charter comprising five freedoms: creating new digital assets, issuing assets to the market, holding or choosing a custodian, transferring assets, and using assets. Saylor said these rights should apply to both individuals and companies, and added that digital dollars should be allowed to compete on yield, with banks, fintech companies, and technology platforms offering digital dollars through the devices and applications people already use.

Fidelity's Director of Global Macro is pointing to Bitcoin's power law math as a signal that a new cyclical bull market is underway after the cryptocurrency held the $60,000 level. The director's analysis projects Bitcoin reaching $300,000 by 2029. The call rests on the power law model, which maps Bitcoin's long-term price trajectory against time on a logarithmic scale. The director framed the holding of $60,000 as confirmation that a fresh cyclical advance has begun.

Bitcoin broke above $86,000 on September 21, climbing to its highest level in about eight months. Behind the move is a three-stage chain: renewed inflows into U.S. spot ETFs, an improving regulatory and macroeconomic backdrop, and large-scale liquidation of short positions. Analysts at JPMorgan Chase said that if hedging trades targeting ETFs decline, Bitcoin could receive stronger price support than gold. After a sharp correction from its all-time high of about $126,000 set in October 2025, Bitcoin has now recovered to around $86,000, but it remains roughly 30 percent below that record peak. It also emerged that U.S. President Trump purchased between $51,000 and $100,000 worth of Strategy shares in July.

During the holiday stretch, the Bitcoin market surged from below $75,000 to the $87,000 range, making it clear that a bottom has formed. After rebounding from below $75,000 early Thursday, it broke through $80,000 on Friday. Over the weekend it was capped at the previous rebound high of $82,000, but it broke above that level on Monday and climbed into the $87,000 range on Tuesday. The catalysts were the halt in attacks on the Houthis and a rising mood for peace, along with falling crude oil prices. ETF flows brought in $2.1 billion over the three business days starting Friday, marking the highest level in nearly a year. BTC broke above a resistance zone formed by May's rebound high of $82,000 and the 38.2% retracement from its all-time high at $83,000 on its third attempt, and long-term investors are gradually returning to the market. However, with US long-term yields spiking and crude oil prices firming, the price has adjusted back into the $84,000 range for now, and today is expected to see a firm undertone.

Bitwise, a crypto asset management firm, released its first survey report on institutional adoption of crypto assets on September 23, projecting that a majority of institutional investors will hold crypto assets within the next five years. The survey was conducted through in-person interviews between late March and April 2026 with investment officers at 15 institutions, including funds and foundations, public pensions, sovereign wealth funds, multi-family offices, investment consultants, and listed companies. According to the report, although the crypto market fell about 50% between October 2025 and April 2026, not a single institution reduced its allocation, and several institutions added to their positions. Every institution holding crypto assets held Bitcoin, and for nearly all of them it was the first asset purchased and the largest and longest-held position, while Ethereum and Solana were viewed as investments in early-stage technology, with holdings remaining small and allocations ranging from 0.5% to 13% of assets under management, mostly between 1% and 2%. No institution cited price as a condition for selling; instead, they cited ETH or SOL failing to demonstrate utility, regulatory setbacks, or a crisis of confidence across the industry. Matt Hougan, the chief investment officer who authored the report, and his colleagues believe the barrier to adoption is not investment value but organizational governance and reputational risk, and they predicted that adoption will proceed not linearly but exponentially, because disclosure by peers creates a structure that encourages the next wave of adoption. In Japan, a survey of domestic institutional investors published in April by Nomura Holdings and others found that 31% of respondents described their outlook for crypto assets as positive, up 6 percentage points from the previous survey in 2024.

On-chain analytics platform CryptoQuant concluded in a weekly report published on the 22nd that Bitcoin has confirmed its entry into a bull market. According to the report, Bitcoin has risen above its 365-day simple moving average of about $80,500 for the first time since March 2023 and is trading at $86,000; past breaks above this line signaled the start of bull markets in 2019 and 2023. The next resistance zone is $88,000 to $90,000, which overlaps with the upper band of short-term traders' realized price, and the firm warns that profit-taking selling is likely to intensify once the price reaches around $90,000. CEO Ki Young Ju said in a post on X that this bull cycle's gains will be limited to 3 to 5 times rather than more than 10 times, and that the subsequent bear market will also be milder. According to Farside Investors, U.S. spot Bitcoin ETFs saw total net inflows of $1.7137 billion over the two days of the 21st and 22nd.

Strategy Inc., formerly MicroStrategy, has resumed Bitcoin purchases, adding 950 BTC worth about US$75.7 million while also repurchasing US$174 million of its STRC preferred stock. The twin move rebuilds the company's Bitcoin treasury and tightens its capital structure, reinforcing its role as the largest corporate holder of Bitcoin with roughly 846,000 coins. The renewed buybacks may ease some pressure on Strategy's preferred securities after this summer's STRC volatility, but they also underscore how dependent the business is on maintaining large cash reserves to service billions of dollars of preferred dividends and debt. Seven fair value views from the Simply Wall St Community span roughly US$164 to US$705 per share, underlining sharply different expectations as the renewed Bitcoin buying and STRC buybacks tighten the focus on leverage and liquidity.

Bitcoin ETFs took in $1.7 billion in inflows over a strong two-day run, with $714.7 million arriving on Tuesday after Monday's roughly $1 billion haul, the ninth biggest inflow day ever, bringing the four-day streak to about $2.3 billion. In the stablecoin world, Mastercard and SoFi have teamed up on stablecoin settlement for cards, with SoFi now settling debit and credit card transactions across Mastercard's network using SoFi USD and migrating its entire credit card program, which is expected to process more than $25 billion in annualized volume. Binance has invested $100 million into Circle, buying shares at a 5% discount on a vesting schedule, and signed a new five-year commercial agreement to promote USDC on its platform. Binance is also under US scrutiny over possible Iran sanctions violations, according to Bloomberg News. BitMEX, the exchange that invented the perpetual swap, has now closed.