Bitcoin Treasuries Are in the Green, but the $BTC Shopping Spree Is on Hold

Bitcoin treasury companies are sitting on unrealized gains after $BTC closed above their roughly $80,000 aggregate cost basis every day since September 18, 2026, according to Glassnode data covering public firms that hold $BTC as their primary asset. The recovery has restored paper profits across the group, but fresh accumulation has remained muted.

Strategy leads the treasuries with 848,517 $BTC acquired at an average price of $75,446. It made a modest addition last week, buying 267 $BTC for $22.1 million at an average of $82,900.

Capital allocation is also taking precedence over new treasury purchases. Strategy prioritized a $3B buyback cap for $STRC, while Metaplanet launched a $122.4M stock buyback alongside fresh $BTC buys.

MSCI’s revised index rules threaten the removal of Strategy and Metaplanet, with a final list due November 11. The proposed changes could pressure their ability to raise equity for additional $BTC purchases.