Bitcoin treasuries and credit. The STRC strategy

Bitcoin Treasuries' October 2025 Adoption Report, which provides a detailed analysis of the corporate digital asset landscape. The report highlights that although monthly Bitcoin acquisitions have slowed, overall accumulation has reached historic highs, with over 4.05 million BTC held by tracked entities. A key focus is the emergence of “digital credit” or high-yield preferred shares, such as those offered by Strategy (formerly MicroStrategy) and Metaplanet, as a key fundraising strategy for purchasing Bitcoin without dilution. Specific rankings of the month's top buyers, such as Metaplanet and Coinbase, are provided, and market trends are discussed, including the decline in market-to-Bitcoin NAV (mNAV) and the use of share buybacks. Finally, the paper addresses the expansion of treasuries into altcoins such as Ethereum and Solana, and the contribution of corporate treasuries to the illiquid supply of Bitcoin.