Bitcoin treasury companies carry an aggregate cost basis of roughly $80,000, and BTC has closed above it daily since September 18, 2026. Yet fresh buying remains quiet, as firms prioritize buybacks and an MSCI index review looms.
Bitcoin treasury companies are back in profit. Glassnode data shows these public firms, which hold BTC as their primary asset, carry an aggregate cost basis of roughly $80,000.
Bitcoin has closed above that level every day since September 18, 2026. Even so, fresh buying has stayed quiet.
Big holders favor capital returns over buying
Strategy leads the group with 848,517 BTC acquired at an average price of $75,446. Last week it bought 267 BTC for $22.1 million at an average of $82,900.
The board also raised the STRC buyback cap from $2 billion to $3 billion, which CoinGape reads as equity management taking precedence over aggressive BTC accumulation.
BTC currently trades between $82,000 and $84,000, above the group's blended entry price.
Metaplanet holds 44,000 BTC and took a different route. It launched its first-ever stock buyback worth $122.4 million to boost Bitcoin-per-share metrics. Strive, by contrast, added 1,223 Bitcoin, lifting its total to 36,818 BTC.
MSCI rules and thin premiums add pressure
Several names trade at or below certain net-asset-value multiples, making equity-funded buying less efficient. Others manage preferred dividends, warrant exercises, and debt.
A structural risk also hangs over the sector. Strategy and Metaplanet face potential removal as MSCI adopts new index rules, with a final list of affected companies due November 11. Removal could reduce institutional demand for their shares and, with it, their ability to raise equity for BTC purchases.
For accumulation to restart at force, markets need to see price hold above the $80,000 cost basis, equity premiums improve, and the MSCI overhang resolve. Glassnode has flagged $85,000–$87,500 as the next supply cluster.
Source: CoinGape
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