The latest analysis shows that the additions were valued at $5.3 billion using a Sept. 30 reference price of $114,408 per bitcoin, with the combined stash across companies, funds, governments, and other entities worth about $435 billion.

The September report from bitcointreasuries.net says public companies held 1,040,450 BTC, private firms 282,824 BTC, governments 515,879 BTC, exchange-traded products and similar 1,657,941 BTC, and DeFi and smart contracts 370,497 BTC.

Total holdings across all tracked entities rose 3.63% in September, outpacing August’s 1.19% and near July’s 4.63%. Monthly buying of 46,187 BTC was broadly in line with August’s 47,718 BTC. The report characterizes September as steady accumulation after heavier summer activity.

Several large moves stood out. Strategy (MSTR) bought 7,574 BTC and reported 640,031 BTC as of Oct. 4. Metaplanet added 6,564 BTC, including a 5,419 BTC purchase on Sept. 22, funded by an international offering. Oranje disclosed 3,650 BTC and listed on Brazil’s B3 on Oct. 7. Strive said its all-stock merger with Semler Scientific would create a combined 10,900 BTC treasury, while GD Culture Group recorded 7,500 BTC via an acquisition.

The universe of trackers continued to expand. As of Sept. 30, bitcointreasuries.net counted 338 entities with bitcoin ( BTC) holdings, up by 26 in September (18 public and eight private). Roughly 130 companies outside the United States held 96,997 BTC, while the U.S. remained the largest hub with 71 treasury firms and 947,958 BTC.

Valuation metrics were mixed. The report notes concern around market-cap-to-net-asset-value readings (mNAV), with about 25% of treasury companies trading below bitcoin net asset value, while K33 Research put the mean mNAV at 2.8, down from 3.76 in early April. The report’s author Pete Rizzo, said sector growth stayed on pace with recent months despite equity price pressures.

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