Strategy Just Entered a Club Most Companies Never Reach

Welcome to the Bitcoin Balance Sheet. Each Monday, we recap last week's key developments and share our publication's leading stories.

Last week the top of the board barely moved, even as Strive put a year-end run at No. 2 on the table, Strategy’s stock jumped 17.5% and landed among the world’s 500 largest companies, and the mid-pack reshuffled around a rare sale. Here’s what mattered.

Inside Adam Livingston’s Dilution Machine

If you missed his finding that Strategy’s diluted shares-per-Bitcoin fell 72% in five years, the best place to see Adam Livingston break down the capital-structure math and which treasuries survive the test is at the Bitcoin Treasuries Conference in New York City this September.

Strive Could Buy Another 20,000 Bitcoin Before Year-End

Matt Cole said the quiet number out loud. On the One Share podcast, the Strive chief executive said the company could buy more than 20,000 bitcoin before year-end and finish 2026 as the second-largest public-company holder — “not out of the realm of possibility,” with the caveat that “some things are going to have to go right.”

Those things are specific. Strive holds 23,156 BTC and ranks No. 5. Twenty One Capital sits at 43,514, Metaplanet at 43,000, and MARA Holdings at 35,577. Clearing MARA takes 12,421 BTC. Clearing Metaplanet takes 19,844. Clearing Twenty One Capital takes 20,358. Cole pointed to last week’s 1,800 BTC purchase and the 1,000-plus week before it, then sketched a 1,000-coin weekly pace over the 17 weeks left in the year.

BitGo is the leading institutional-grade digital asset custody, trading, and finance platform, trusted by exchanges, hedge funds, and corporations worldwide to secure and manage their crypto holdings. As the pioneer of multi-signature wallet technology, BitGo provides unmatched security, regulatory compliance, and deep liquidity solutions for serious digital asset operations.

Strategy enters the world’s top 500 companies

Strategy is now one of the 500 largest companies in the world after shares jumped 17.5% on September 3. Market cap went from $47.43 billion to $57.53 billion — $10.10 billion in a single session — good for No. 445 globally and No. 210 in the United States, with Cardinal Health just above it and Nike just below. The stock closed at $144.82 on more than 45 million shares, about twice recent average volume.

Bitcoin’s 6% move, from roughly $77,300 to $82,000, produced a 17.5% move in the equity. That is the levered-claim mechanics doing what they always do, only this time the close crossed a line the global rankings actually notice. The runway was August: Strategy added 4,603 coins for about $370 million after a 10-week pause, taking the stack to 845,050 BTC, and climbed off a low near $90.

A look at the leaderboard

The top of the board is unchanged: Strategy at 845,050 BTC, Twenty One Capital at 43,514, Metaplanet at 43,000, MARA at 35,577, and Strive at 23,156 after last week’s 1,800-coin add. Capital B’s 376-bitcoin purchase moved it to 3,521 BTC and No. 25, past H100 Group, while ProCap’s 50-coin sale dropped it to 5,305 BTC and No. 20. Looking ahead, Strive’s mid-October warrants are the first real test of Cole’s year-end math — and Twenty One still has not added since July 2025.

Special thanks to our partners:

• AnchorWatch. AnchorWatch makes Bitcoin ownership safer and easier by combining advanced custody expertise with industry-grade insurance. As a Lloyd’s of London Coverholder, it writes specialized policies that address digital-asset risks, giving clients trusted coverage and peace of mind. Learn more: AnchorWatch

• Apyx. is the first dividend‑backed stablecoin protocol that turns preferred equity from Digital Asset Treasury (DAT) companies into programmable, high‑yield digital dollars. Apyx delivers sustainable double‑digit yield with institutional transparency, daily NAV visibility, and verifiable on‑chain reserves. Learn more: Apyx

• Arch Lending. Get instant, secure loans backed by your Bitcoin, Ethereum, or Solana—no need to sell your assets. Arch Lending offers fast approvals and trusted custody for both individuals and institutions. Learn more: Arch Lending

• BitGo. BitGo is the leading institutional-grade digital asset custody, trading, and finance platform, trusted by exchanges, hedge funds, and corporations worldwide to secure and manage their crypto holdings. As the pioneer of multi-signature wallet technology, BitGo provides unmatched security, regulatory compliance, and deep liquidity solutions for serious digital asset operations. Learn more: BitGo

• Cadena Bitcoin. A p2p bitcoin lending marketplace with a unique emphasis on working with treasury firms and businesses, as well as the savvy bitcoin-native investors who visit our website. Learn more: Cadena Bitcoin

• Coinkite. Coinkite is a leader in security and hardware manufacturing and the maker of some of the most iconic Bitcoin products, such as OPENDIME, COLDCARD, BLOCKCLOCK, SATSCARD, TAPSIGNER and SATSCHIP. Learn more: Coinkite

• Cryptio. Cryptio is an enterprise-grade accounting software platform built specifically for digital assets and cryptocurrencies. It enables businesses to transform blockchain transaction data from multiple exchanges and custodians into auditable financial records, supporting compliance with GAAP and IFRS standards. Learn more: Cryptio

• Hemi. develops open-source solutions designed to help treasury teams securely manage, deploy, and optimize their BTC holdings, with benefits of self-custody and Bitcoin native deployment. Learn more: Hemi

• Orange Wheel Advisors. Orange Wheel Advisors is a strategic consulting firm that helps companies navigate Bitcoin’s impact on corporate finance and competitive strategy. With expertise spanning treasury management, payments, capital structure, mining, and investor communications, they provide executive education, tailored strategies, and execution support to guide businesses through the global monetary transition. Learn more: Orange Wheel Advisors

• o21 Solutions. o21 develops and implements Bitcoin-powered corporate strategy, transforming value chains with strategic expertise and tailored advisory services, with a focus on both Treasury and Operations - balance sheet accumulation, mining, and payments. Reduce cycle time through the corporate Bitcoin adoption journey through our pre-packaged or tailored engagements. Learn more: o21 Solutions

• Psalion. Psalion is a Bitcoin and digital-asset yield manager that offers institutional‑style investment strategies to professional investors, family offices, corporates, and private clients via separately managed accounts and yield funds. Learn more: Psalion

• Secure Digital Markets (SDM) provides unparalleled liquidity, execution speed, and bespoke customer service, making it the top choice for institutional investors seeking reliable digital asset trading solutions. With deep expertise in capital markets and strict regulatory standards, SDM stands out as the premier platform for all digital asset treasury teams looking to optimize their trading and treasury operations. Learn more: Secure Digital Markets (SDM)

• Stacking Sats Inc. Official IT partner at BitcoinTreasuries, Stacking Sats Inc via its subsidiary, Framework IT, is a managed IT services firm with a 17-year track record of providing best-in-class IT support, strategy, and cybersecurity, boasting high recurring revenue and long-term client contracts. It’s also one of the top 20 holders of Bitcoin among global private companies. Learn more: Stacking Sats Inc

• XCE. An executive recruitment group that combines a profitable recruitment business with a Bitcoin treasury strategy. The company turns over a decade of executive recruitment experience and four years of Bitcoin accumulation into a public Bitcoin‑powered growth engine, using a proven operating business to drive Bitcoin treasury accumulation. Learn more: XCE

• Zaprite. Zaprite is a non-custodial payment platform that allows individuals and businesses to seamlessly accept both bitcoin (on-chain and lightning) and fiat payments in a unified, customizable checkout experience. Users can easily issue invoices, generate payment links, and connect multiple wallets or custodial accounts, all while handling their own funds directly. Learn more: Zaprite