Publicly listed companies excluding bitcoin miners returned to net bitcoin buying last week, acquiring a combined $183 million worth of the asset by 8:00 a.m. ET on Sept. 21, according to SoSoValue. The reversal followed a period of net selling and was led by purchases from Strategy and Strive, while Japan’s Metaplanet extended a 10-week pause in acquisitions.
Strategy bought 950 BTC for roughly $75.7 million, paying an average of $79,670 per bitcoin, SoSoValue reported. The purchase lifted the company’s stated bitcoin holdings to 846,000 BTC and was its first reported acquisition in two weeks.
Strive accounted for the larger disclosed purchase. The company said it spent about $108 million to acquire 1,355 BTC at an average price of $79,475, bringing its bitcoin reserve to approximately 26,355 BTC. Together, Strategy’s and Strive’s purchases represented almost all of the tracked group’s $183 million weekly total.
Corporate holdings pass 1.15 million BTC
The publicly traded companies tracked by SoSoValue, excluding miners, held a combined 1,156,080 BTC at the end of the reporting period. That represented a 2.67% increase from the previous week and was valued at about $98.65 billion based on prices at the time of publication.
The total equaled 5.8% of bitcoin’s circulating market value, placing a meaningful share of available supply under corporate treasury management. Such holdings do not remove bitcoin permanently from circulation, since companies can sell or pledge the assets, but they concentrate decision-making over a large pool of coins among a relatively small group of listed firms.
The pace of accumulation has slowed over a longer period. SoSoValue data showed that the tracked public companies added about 5,900 BTC over the past three months, a slower rate than a year earlier. Their average treasury purchase price was roughly $80,500, compared with bitcoin trading near $76,400 at the time cited, leaving the aggregate positions below their average cost basis.
Metaplanet, once among the more frequent corporate bitcoin buyers, did not report a purchase during the week. Its buying pause has now reached 10 consecutive weeks. The absence contrasts with Strategy’s return to the market and Strive’s large addition, illustrating how corporate treasury activity has become increasingly uneven among the companies pursuing bitcoin reserves.
Strategy expands capital-management activity
Beyond its bitcoin acquisition, Strategy repurchased $174 million of its STRC preferred stock using U.S. dollar cash, according to BitcoinTreasuries.NET. The repurchase lifted cumulative STRC buybacks above $1.12 billion.
BitcoinTreasuries.NET said STRC rose more than 11.9% following the buyback and reported that Strategy’s balance sheet held sufficient resources to cover more than 3.8 years of dividend payments. The repurchases show that Strategy is managing both its bitcoin reserve and the obligations created by the capital structure used to support its treasury strategy.
The company’s approach relies heavily on raising and recycling capital through equity-linked securities, preferred shares and other financing tools. That model has been adopted in varying forms by other listed companies, though the financial outcomes depend on bitcoin’s price, each company’s share valuation and the terms of its financing.
Strive’s equity value also reached a new high, with its market capitalization climbing to $2.86 billion and its share price moving above $30, BitcoinTreasuries.NET reported. The update compared the company’s market value with Harley-Davidson’s, saying Strive had moved ahead of the motorcycle manufacturer on that measure.
A separate disclosure from Cole said that roughly $718 million of PIPE warrants remained unexercised as of Sept. 11. The warrants carry an exercise price of $27 per share and are linked to about 26.596 million shares in SEC filings. If exercised in full, they would generate about $718 million in proceeds.
The exercise deadline was moved from Oct. 12 to 5:00 p.m. ET on Oct. 13 because of the U.S. Columbus Day holiday. The warrants could affect Strive’s share count and cash position, making the deadline relevant for shareholders assessing possible dilution alongside the company’s bitcoin-buying capacity.
Bitmine, DeFi Development and HYPE DAT add other tokens
Corporate digital-asset treasury activity also extended beyond bitcoin. Bitmine reported buying one BTC after 8:00 a.m. ET on Sept. 14, bringing its bitcoin holdings to 212 BTC. Its substantially larger crypto position remains in ether.
As of Sept. 20, Bitmine held 5,983,940 ETH and had added to its ether position for 68 consecutive weeks, according to the supplied company figures. Blockchain tracker Onchain Lens reported that Bitmine withdrew 12,500 ETH, valued at about $34.56 million, from an exchange on the reporting date. Over the prior three weeks, the company bought 32,500 ETH valued at $83.45 million, according to the tracker.
DeFi Development Corp. reported adding 101,381 SOL and SOL equivalents between Sept. 14 and Sept. 18. Its reported holdings reached 2.49 million SOL and SOL equivalents as of Sept. 18, giving the company a sizable exposure to the Solana ecosystem rather than bitcoin or ether.
HyperliquidNews reported that HYPE DAT, identified as @HypeStrat, bought 1.8 million HYPE tokens valued at $150.48 million. The account also reported $256.6 million in added cash during the week, putting combined weekly cash recovery at about $407 million and citing a market-net asset value ratio of 1.26 times.
These purchases show that listed-company treasury strategies now span several networks, though the scale, liquidity and financing structures vary widely. Bitcoin remains the largest corporate reserve asset by a considerable margin, while ether, SOL and HYPE positions carry their own protocol-specific and market risks.
Evernorth targets Nasdaq listing after proposed financing
Evernorth signed a note purchase agreement with NH Investment & Securities for $30 million of 4% convertible senior paid-in-kind notes due in 2031. The financing depends on the completion of a proposed business combination involving Armada Acquisition Corp. II, Pathfinder Digital assets and Ripple Labs.
The transaction is expected to close in the fourth quarter, subject to the stated conditions. The combined entity plans to seek a Nasdaq listing under the ticker XRPN, pending exchange approval.
The proposed financing adds another example of digital-asset-linked companies using convertible debt, which gives lenders a fixed-income claim while preserving an option to convert into equity under specified terms. Whether such financing leads to additional token purchases would depend on Evernorth’s final capital-allocation decisions after the transaction closes.
Asian equity markets provided a mixed macro backdrop during the same period. South Korea’s market rose 2.66% last Friday, with the KOSPI returning above 7,000 as SK Hynix and Samsung Electronics supported the advance. In Japan, the Bank of Japan raised interest rates by 25 basis points to 1.25% on Sept. 18. The Nikkei 225 nonetheless closed 1.70% higher at 65,228, while the Topix gained 0.20%.
Corporate bitcoin buying resumed as prices sat below the tracked group’s average acquisition cost, leaving treasury managers to balance longer-term reserve strategies against pressure on their reported positions. The week’s purchases point to continued appetite from selected public companies, but the slower three-month accumulation rate and Metaplanet’s extended pause suggest that the rush to add bitcoin is far less uniform than headline reserve totals may imply.
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