Why Bitcoin’s October 2026 $72,500 close matters for treasuries

Strategy maintains dominance through scale

Strategy holds 843,775 Bitcoin, a stockpile worth tens of billions of dollars. Chairman Michael Saylor leads the firm through its aggressive accumulation strategy. The company recently sold 3,588 Bitcoin for $216 million to cover a preferred stock dividend. This transaction represented less than 0.5% of the total 843,775 Bitcoin holdings. Strategy uses a combination of equity, convertible debt, and preferred stock to fund its acquisitions. BlackRock holds a 5% stake in the company. While the firm maintains its massive scale, the preferred stock structure creates a recurring cash cost that the company must meet. This obligation forces the company to use the treasury as a funding source when capital markets do not offer attractive terms. Strategy owns more than 20 times the Bitcoin of all other public companies combined. The next largest corporate holder, Block, owns approximately 8,027 Bitcoin, followed by Tesla with around 5,465 Bitcoin. The company’s 21/21 plan intends to add $42 billion worth of Bitcoin over the next three years through a combination of equity raises and fixed income securities. This plan helps the company increase its Bitcoin holdings per share. The firm reported a BTC Gain of about 24,675 Bitcoin, equivalent to $1.7 billion, in the first quarter of 2026. This internal metric tracks growth in Bitcoin holdings per share. Strategy’s holdings account for approximately 2.38% of the total 21 million Bitcoin that will ever exist. The company’s Bitcoin treasury stands at approximately $33.1 billion.

Metaplanet expands via Japanese debt markets

Metaplanet holds 43,000 Bitcoin, worth approximately $2.6 billion. The firm ranks as the third-largest public Bitcoin holder globally. In the first quarter of 2026, Metaplanet acquired 5,075 Bitcoin for $405.48 million at an average price of $79,898 per coin. The company reported a $619 million net loss for fiscal 2025 because the market price of Bitcoin fell from its October 2025 high of $126,000. Metaplanet also purchased all shares of Siiibo Securities for $13.1 million in cash. This acquisition, the first full-scale M&A transaction under Project Nova, provides the firm with a Type I Financial Instruments Business registration. Since its establishment in 2019, Siiibo Securities has facilitated over 40 companies and more than 100 bond issues. CEO Simon Gerovich uses this platform to provide Bitcoin-related yield products to Japanese investors. Metaplanet also issued ¥8 billion in zero-interest ordinary bonds to the Cayman Islands-based EVO Fund to expand its reserves. This 20th bond issuance provides $50 million to buy more Bitcoin. The bonds carry no interest and no collateral, but they include an auto-redemption trigger when Metaplanet raises matching amounts from EVO through future financings. Metaplanet aims to reach 100,000 Bitcoin by the end of 2026. The firm held 40,177 BTC as of May-end, valued at approximately $2.86 billion.

Divergent treasury models and risk shapes

The funding models of these two firms differ in ways that change their risk profiles. Strategy relies on US capital markets and a mix of debt and equity. Metaplanet uses cheap yen debt and ordinary bonds in the Japanese market. The yen trades at approximately 162 per dollar. You already know that corporate treasuries use Bitcoin to hedge against inflation, but these two firms use different financial engines to achieve that goal.

Strategy’s scale makes it the dominant player in the sector. Metaplanet’s growth is faster because it is in the early stage of its accumulation curve. The company adds thousands of coins in single tranches. Strategy’s holdings dwarf Metaplanet’s by nearly twenty to one. While Metaplanet relies on cheap yen debt and a weak currency to build its stack, Strategy uses a mix of equity, convertible debt, and preferred stock to maintain its massive lead in the global market. Both companies face the risk of a 30% to 50% drawdown in Bitcoin’s price. Investors also monitor the mNAV premium, which is the ratio of market capitalization over the net value of the Bitcoin held. A premium above one allows a company to issue new shares and buy more Bitcoin per share.

Market momentum and price constraints

Bitcoin trades near $77,800 as of October 2026. The market recently saw a close of $72,500 in October. This price action follows a period where Bitcoin hit $126,000 in late 2025. Institutional demand remains strong. Spot Bitcoin ETFs saw $2 billion in net inflows over eight days. BlackRock, Morgan Stanley, and Grayscale drove these inflows. One major inflow included $167.5 million into BlackRock’s IBIT. Strategy provides the most stable scale for large institutions. Metaplanet offers the most aggressive growth through its regional focus in Asia. The scarcity of the 21 million total Bitcoin supply puts upward pressure on the price when demand increases. This supply constraint remains a major driver of price action. The 2021 cycle saw prices hit nearly $69,000, while the 2017 cycle reached nearly $20,000. Bitcoin remains the central asset with over 50% market dominance. The market must still rebuild support above $60,000 to restore long-term momentum. Will Metaplanet’s debt-heavy model survive another deep market correction?