It’s great to watch the innovation across Bitcoin Treasury Companies. Second through fifth place will look very different in two years.
Strategy
@Strategy
Sep 20
$BTC treasury is a game of coopetition. Every new player grows the category and strengthens the ecosystem for everyone.

Sep 20, 2026 · 2:24 PM UTC

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Replying to @phongle
Agree. MORE - and stronger - Bitcoin treasury companies, progressing in the way their management believe best for the local markets, means Bitcoin wins.
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Replying to @phongle
Strive will be #2 soon
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Replying to @phongle
the leaderboard is gonna look unrecognizable in two years fr
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Replying to @phongle
more players more ways to lose
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Replying to @phongle
@Strive will be second for sure
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Replying to @phongle @asjwebley
Not great to see one company steal from loyal investor base. Just imagine what would happen to strategy if that were to happen. Saylor would never allow such unethical behavior so we would never be in that position. Never to late to fix @gerovich @DylanLeClair
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Replying to @phongle
The first position’s increasing gap should also look significantly different. 😎
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Replying to @phongle
More Bitcoin treasury companies can broaden adoption. The stronger long-term signal is whether they can hold through a downturn without needing fresh financing. Cash flow, debt maturities, and collateral terms may tell us more about staying power than the holdings leaderboard.
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Replying to @phongle
I wonder if Phong is implying something that most aren’t thinking of. I have a feeling that Space X and Tesla will move up.
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Replying to @phongle
Sure, but the real story is the gap: Strategy's 845k BTC vs ~43k for #2. 'Coopetition' is easy to root for when you're 20x ahead. The interesting question is whether #2-5 differentiate on BTC/share or just on who survives the next drawdown.
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Replying to @phongle
Turns out there is a second best and it’s going to be @Strive
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Replying to @phongle @VirtusVerbis
Gap between first and second will be much wider too.
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Replying to @phongle
Second place is 18,514 coins ahead of sixth. Strive bought 469 of them in the week ended September 11. Which of the four in between is adding faster than that?
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Replying to @phongle
shit's gonna look different when the pyramid collapses but yeah more dumb money in = more exit liquidity. win win for the few.
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Replying to @phongle
And 1st place won’t be around anymore.
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Replying to @phongle
two years is a long time in this space, rankings will shuffle for sure
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Replying to @phongle
Strive to a strong #2 soon, and nobody will touch them unless some mag7 pounds BTC buys.
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Replying to @phongle
Doubtful @metaplanet will be around after they hobbled shareholders and undermined their own credibility.
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Replying to @phongle
Because no one will ever replace 1 !
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Replying to @phongle
Buying bitcoin isn’t “innovation”.
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Replying to @phongle
Its in progress!
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Replying to @phongle
1st Strategy 2nd strive 3rd smarter web company 4th metaplanet 5th capital B
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Replying to @phongle
Please speak to the corruption of @gerovich @DylanLeClair at $mtplf.
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Replying to @phongle @asjwebley
@grok where do you think SWC will sit on this table in 1 year and then 3 years time.
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Replying to @phongle @asjwebley
The ₿iggest story in markets
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Replying to @phongle
#1 cemented
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Replying to @phongle
Research and development is intense.
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Replying to @phongle
Everyone deserves MORE innovation and acceleration
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Replying to @phongle
@RaphaZagury Can’t wait to see see new leadership bring back all time highs $XXI. @phongle and @saylor have done well with MSTR. Let the good times rolll 🚀🚀
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Replying to @phongle
Watch Strive catch up.
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Replying to @phongle
Coinbase ~$81,145 just now. Model read (btc_v2.5m): 7d $78,151 vs strip $81,340. 30d $82,920 vs $81,340. storage.googleapis.com/commo…
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Replying to @phongle
🧡🧡🧡🔥🔥🔥✅️✅️✅️🚀🚀🚀👍🏻👍🏻👍🏻💥💥💥♾️♾️♾️
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Replying to @phongle
First place will look the same
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Replying to @phongle
💯
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Replying to @phongle
@strive will go up - but who will go down??
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Replying to @phongle
When solana:dog1viwbb2vWDpER5FrJ4YFG6gq6XuyFohUe9TXN65u THE TOP ASSET ON BITCOIN
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