How Strive Could Take No. 2 as Soon as Next Week

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

Strive made its largest bitcoin buy ever, 6,182 BTC, and now sits 1,001 BTC behind Metaplanet for No. 2. Super League stockholders approved Metaplanet's 2,100 BTC deal, putting Superplanet on track for Nasdaq as SUPA, and Alpha Modus disclosed 3,170 BTC, more than four times its market value. Here's what mattered.

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Strive Bought 6,182 BTC. Can It Catch Metaplanet?

Strive bought 6,182 BTC between October 17 and 23 for $511.4 million, about $82,732 per coin. It was its largest purchase ever, lifting holdings to 43,000 BTC from 36,818, and its fourth straight week of bigger buys after 2,000, 3,311 and 4,045 BTC. Cash still rose, from $317.5 million to $504.4 million, and it carries no debt.

Strive also opened a $1 billion at-the-market program for SATS, its 15% perpetual preferred, whose IPO closed October 20 with about $630 million raised. Proceeds can buy more bitcoin. Strive is now No. 4, 515 BTC behind Twenty One and 1,001 BTC behind Metaplanet at No. 2. Last week, it bought six times that gap.

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Super League Voted Yes. Metaplanet Is Headed to Nasdaq.

Super League Enterprise stockholders approved the Metaplanet deal at their October 16 annual meeting, moving Metaplanet's investment of 2,100 BTC and $2.5 million in cash a step closer to closing. The bitcoin was worth $170.0 million on October 16, up from $132.1 million at the August 14 reference price, but Metaplanet's 44,859,400 shares at $3.00 were fixed back then. At closing, Super League becomes Superplanet, Inc., ticker SUPA.

Per Dylan LeClair, Metaplanet would own about 93.7% of the common stock. It also gets ten-year warrants on up to 381 million shares at $3.00 to $33.50, up to about $3.4 billion of potential equity capital. Growth is planned through perpetual preferred, not debt. The vote is done. Nasdaq filings are what's left.

Alpha Modus Owns 3,170 BTC. The Stock Fell 20%.

Alpha Modus announced it owns 3,170 bitcoin, worth more than $250 million and over four times its $59.2 million market value. The coins came from non-US investors who paid in bitcoin for 51.6 million new shares, now 90% of shares outstanding. The deal closed September 30, and the BTC sits in a Singapore subsidiary. Alpha Modus ranks No. 27 among public companies.

The stock hit $2.27 on October 21, then closed at $1.03, down 20%. Investors also hold 51,621,560 warrants at $4.36, cash only, that could bring in $225 million. That strike is more than four times the close, and none had been exercised as of mid-October. The bitcoin is there. The $225 million needs a stock above $4.36.

A look at the leaderboard

Strive was the week's biggest buyer, adding 6,182 BTC to move within 515 BTC of No. 3. Alpha Modus disclosed 3,170 BTC, its first holding, and entered at No. 27. The latest additions came from:

• Strive +6,182 BTC → 43,000 BTC

• The Smarter Web Company +20 BTC → 2,850 BTC

• Super League +4 BTC → 7 BTC, at an average $81,179 per BTC held

Tesla and SpaceX didn't sell a coin in Q3 and still hold 11,509 BTC and 18,712 BTC.

No major sellers stood out this week. Looking ahead, watch how fast Strive turns its new $1 billion SATS program into bitcoin.

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