Institutional money, funds, and public companies continue to increase their BTC holdings and currently control 12.3% of all Bitcoin supply.

According to Bitcoin analytics platform Ecoinometrics, this figure has dramatically increased over the past 12 months. Institutional money added 5% to their combined holdings in the past year alone, helping propel Bitcoin’s price by over 80% in the last 12 months.

Entities such as ETFs, sovereign funds, and corporate treasuries now collectively hold billions of dollars worth of BTC, well over one million coins.

The rise of Bitcoin treasuries

The market’s structural transformation is captured by the rise in Bitcoin treasury companies like Strategy and Metaplanet. Strategy alone now holds over 638,400 BTC, more than 3% of the total circulating supply. At the same time, Japan’s Metaplanet has surpassed 20,000 BTC, rapidly climbing the ranks among corporate Bitcoin treasuries.

Their strategies revolve around aggressive accumulation of the Bitcoin supply, equity issuance policies tailored to buy more Bitcoin, and innovative balance sheet management to maximize exposure to BTC as a reserve asset.

Wall Street’s biggest names are also scrambling to accommodate the new wave. JPMorgan began accepting shares of Bitcoin ETFs as collateral for loans in June 2025 and partnered with Coinbase to let Chase credit card holders fund crypto purchases directly.

This continuing integration through lending, wealth management, and direct purchasing shows the level of normalization of Bitcoin in traditional finance, spelling deeper liquidity for the entire ecosystem.

And with $7.5 trillion parked in money market funds right now, just looking for a new home, institutional accumulation of the Bitcoin supply will likely go up and to the right.

Bitcoin supply shift from retail to institutions

Perhaps most striking, the concentration of Bitcoin supply is shifting away from early holders and retail investors toward funds and corporations.

Recent on-chain data reveals a dramatic change in address distribution and exchange outflows over the past two years, highlighting how large players are consolidating their share of the finite supply. As Strategy’s founder and chairman, Michael Saylor famously warned:

“The digital gold rush ends ~January 7, 2035. Get your Bitcoin before there is no Bitcoin left for you.”

The accelerating institutional adoption is tightening liquidity, making available Bitcoin increasingly scarce and supporting higher prices during each influx.

Innovative treasury strategies from firms like Strategy and Metaplanet are setting new standards, while banking giants like JPMorgan endorse the asset more actively than ever.

This ongoing consolidation could fundamentally change Bitcoin’s narrative, as Bitcoin supply shifts from retail hands to institutional wallets.

Institutional appetite is now among the most powerful forces shaping both short-term volatility and the long-term destiny of the world’s largest crypto coin.

Mentioned in this article

Metaplanet upsized its international share offering from 180 million to 385 million shares, raising approximately $1.4 billion to fund additional Bitcoin (BTC) purchases.

The company announced on Sept. 9 that it had increased the offering by 205 million shares in response to strong investor demand, pricing the shares at 553 yen ($3.75) each with a 9.93% discount from the reference price of 614 yen ($4.16).

The enlarged offering will increase Metaplanet’s total outstanding shares from 755.9 million to 1.14 billion shares. President Simon Gerovich confirmed the finalization on social media.

Metaplanet plans to allocate 183.7 billion yen ($1.25 billion) for Bitcoin purchases and 20.4 billion yen ($138.7 million) for its Bitcoin income generation business between September and December.

The funding supports Metaplanet’s plan to acquire 210,000 Bitcoin by 2027, representing approximately 1% of Bitcoin’s total supply.

Metaplanet currently holds 20,136 Bitcoin valued at over $2.24 billion, making it Asia’s largest corporate Bitcoin holder and the sixth-largest globally, surpassing Riot Platforms.

The company acquired 1,145 BTC in September for approximately $127.2 million.

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Transitioning into a new business model

Metaplanet adopted Bitcoin as its primary treasury reserve asset to hedge against these risks while pursuing long-term capital appreciation.

The company disclosed its transition to Bitcoin treasury management in May 2024 as part of its “Strategic Treasury Transformation and Bitcoin Adoption” policy.

Metaplanet’s Bitcoin income generation business recorded 1.904 million yen (nearly $13 million) in sales revenue during the second quarter of the fiscal year 2025. The result represents the company’s efforts to generate yield from its Bitcoin holdings beyond simple appreciation.

The share offering structure includes underwriter purchase rights for up to 375 million shares, with an additional 180 million shares available through overallotment options. Final settlement and delivery are scheduled between Sept. 16 and 17.

The company’s aggressive Bitcoin accumulation strategy positions it among a growing number of corporations adopting BTC as a treasury asset, following the path established by Strategy and other institutional adopters in the cryptocurrency space.

Mentioned in this article

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Metaplanet Inc. moved again into the Bitcoin zone as part of its treasury plan, buying 136 Bitcoin for about $15.2 million at an average price of $111,783 per coin.

According to the company, that brings its total holdings to 20,136 coins. The purchase keeps Metaplanet among the larger corporate holders of the crypto.

Metaplanet Expands Bitcoin Stack

The company reported the fresh buy on Monday. Based on reports, Metaplanet now sits as the sixth-largest corporate holder of Bitcoin.

At the time of the purchase, Bitcoin traded around $111,580, putting the new units close to current market levels. The move underscores how some firms are turning parts of their balance sheets into crypto exposure rather than sticking only to their core businesses.

Market Reaction Was Cool

Shares of Metaplanet did not climb after the disclosure. They fell 2.3% in Tokyo trade on Monday and were trading near a four-month low, extending nearly a 20% rout from the prior week.

Reports show the stock slide has tracked a drop in Bitcoin’s price after profit-taking followed August’s record highs. Investors appear skittish when a company’s share price is tied tightly to a volatile asset.

*Metaplanet Acquires Additional 136 $BTC, Total Holdings Reach 20,136 BTC* pic.twitter.com/c41t6bJg1L

— Metaplanet Inc. (@Metaplanet_JP) September 8, 2025

Investors Weigh ETFs Versus Direct Exposure

Part of the pushback comes from alternatives. Exchange-traded funds now give retail and institutional investors direct bitcoin exposure without owning a company whose core business may not reflect the crypto bet.

Strategy, formerly MicroStrategy, remains the biggest corporate holder with 636,505 coins. Strategy logged nearly a 15% loss in August as Bitcoin pulled back, showing how a firm’s valuation can swing with crypto prices.

Questions have been raised about whether holding Bitcoin on a company balance sheet still offers the same appeal it once did.

Valuation And Volatility Concerns Persist

Metaplanet’s market value — around $5 billion, based on recent trading — has drawn scrutiny because it exceeds the current market value of the bitcoin on its books.

Critics warn that tying a company’s shares to Bitcoin can make the stock more vulnerable to crypto’s swings. New players, including Metaplanet and Gamestop, tried to copy the strategy and have met mixed results so far.

Market Crowding Could Limit Future Gains

Analysts also point to crowding: many companies chasing the same story could blunt future upside for treasury-play stocks if fresh buyers stop showing up.

Strategy achieved big gains after late-2023 purchases, funded in part through large share and debt issuances. That path may be harder to repeat now that more investment routes exist.

For now, Metaplanet keeps adding to its bitcoin pile while its shares remain under pressure. Reports suggest the next moves by both Bitcoin and markets will decide whether that bet looks smart or risky in hindsight.

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Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

Bitcoin’s supply–demand balance narrowed further last week as corporate treasuries captured a dominant share of new issuance.

Last week, two publicly traded firms, Strategy and Tokyo-listed Metaplanet, purchased more than $230 million worth of BTC.

According to their separate announcements, their combined acquisitions, totaling 2,091 BTC, represented about two-thirds, or 66%, of all coins produced by miners during the reporting period.

Strategy expands holdings despite S&P 500 snub

On Sept. 8, Strategy confirmed it had purchased 1,955 BTC for $217.4 million, translating into about 62% of all coins mined during the week.

Following this purchase, Strategy’s Bitcoin stash has climbed to 638,460 BTC, which is valued at $71.6 billion at current market prices. This equates to an unrealized profit of roughly 51.8% from the firm’s total investment of $47.17 billion.

The company disclosed in its Form 8-K filing that the latest purchase was funded through proceeds from its at-the-market equity program, which raised capital across Strife, Strike, and MSTR stock issuances. In 2025, Strategy has raised more than $19 billion for Bitcoin purchases.

Meanwhile, famed short seller Jim Chanos pointed out that the firm’s Bitcoin fundraising is increasingly relying on its MSTR stock issuance rather than the preferred stock options to fund recent Bitcoin purchases.

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For context, he noted that the firm raised 92% of its latest capital through common equity while selling just $16.8 million in preferred stock. The same trend was observed last week when the firm raised 90% of its Bitcoin purchase fund through MSTR.

Notably, the latest Bitcoin purchase comes days after Strategy failed to secure a place in the S&P 500 index. Instead, the index committee added Robinhood, AppLovin, and Emcor Group stocks to its list.

Metaplanet strengthens presence in Asia

While smaller in scale, Metaplanet’s latest buy reinforced its reputation as Asia’s counterpart to Strategy.

The Tokyo-listed firm acquired 136 BTC for $15.2 million at an average price of $111,666. That raised its year-to-date yield to 487% in 2025, emphasizing its aggressive accumulation strategy.

The company now holds 20,136 BTC, purchased for $2.08 billion at an average of $103,196. As of Sept. 8, that stash was worth roughly $2.26 billion, giving Metaplanet a 9.3% unrealized profit.

Mentioned in this article

Japan’s publicly-published metaplanet acquired an additional 136 Bitcoin of about $15.2 million (¥225.1 billion), bringing total holdings to 20,136 BTC, according to a filing on the Tokyo Stock Exchange on Monday.

The latest purchase, made at an average price of 111,666 (¥16.55 million) per Bitcoin, demonstrates the company’s aggressive accumulation strategy as it competes for an ambitious target of 100,000 BTC by 2026. Metaplanet invested a total of $20800 billion (304.56 bits) at the average price of Bitcoin. 1 million) per coin. Due to the company’s rapid accumulation, it positions it as the sixth largest public enterprise holder of Bitcoin worldwide.

The company dramatically expanded its Bitcoin acquisition target, which was planned to be at just 10,000 BTC and 21,000 BTC by 2025. Currently, we aim to reach 30,000 BTC by 2025 and 100,000 BTC by 2026, reflecting the increased financial trust as Bitcoin.

Metaplanet’s accumulation strategy has been successful, with the company achieving a “BTC yield” of 487% per year in 2025. This metric shows the company’s ability to measure changes in the percentage of Bitcoin holdings compared to fully diluted stocks, and to expand its Bitcoin position while managing shareholder dilutions.

The trend in adopting Bitcoin by companies accelerated dramatically in 2025, with over 200 public companies currently holding Bitcoin at the Ministry of Finance. Collectively, these companies manage over 1 million BTC, accounting for more than 4.5% of Bitcoin’s distribution supply.

Bitcoin finance companies are a major force in the market. Their continued accumulation provides a strong purchasing base for assets, and if sales pressures decrease, it can lead to significant price increases.

To support its ambitious acquisition plan, Metaplanet recently secured shareholder approval for its $884 million capital raise initiative. The company actively manages its capital structure through July and August 2025 through a combination of stock issuance and bond redemption, including multiple tranches of stock acquisition rights practice.

The emergence of Bitcoin finance companies as a major market force represents a major change in corporate finance strategies. Recent entrants include American Bitcoin Corp., which opened on Nasdaq this week, and Strategy Inc., which added 4,048 BTC worth $449.3 million to its holdings last week.

The institutional adoption of Bitcoin as a financial asset is accelerating faster than many expected. “Companies view Bitcoin as a strategic hedge against currency devaluation and financial uncertainty.

With Bitcoin prices continuing to fall below $112,000, it appears that corporate finance managers are taking advantage of the relative price stability to build positions. Competition for a limited supply of Bitcoin continues to be strengthened as Metaplanet and other companies maintain an aggressive accumulation strategy.

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Japanese investment firm Metaplanet today announced plans to raise another 130 billion yen ($880 million) through an international share sale. Of that amount, the firm intends to allocate roughly $835 million toward purchasing additional Bitcoin (BTC).

Metaplanet Eyes More Bitcoin Purchases

According to a regulatory filing, Tokyo-based Metaplanet has approved a plan to raise as much as $880 million, with nearly $837 million set aside for fresh BTC acquisitions.

To generate the funds, the company will issue 555 million new shares. This issuance could increase the number of Metaplanet’s outstanding shares from 722 million to approximately 1.27 billion.

Often referred to as “Japan’s MicroStrategy,” Metaplanet has emerged as one of Asia’s most prominent corporate Bitcoin holders. Data from CoinGecko shows the firm currently ranks as the world’s 8th largest public company by BTC reserves, holding 18,991 BTC on its balance sheet.

The firm noted that proceeds from the offering will be used between September and October 2025 to accumulate Bitcoin. In addition, around $43.9 million will be reserved for other Bitcoin-related financial operations.

It is important to highlight that the share sale will take place exclusively on international markets. In the US, sales will be restricted to qualified institutional buyers under Rule 144A of the US Securities Act.

Metaplanet’s latest BTC purchase came earlier this week when the firm announced it had bought 103 BTC worth more than $11 million. At present, Metaplanet’s total BTC holdings are valued around $2 billion. The firm plans to hold 210,000 BTC by the end of 2027.

The firm’s strategy reflects a broader trend of corporations integrating Bitcoin into their treasuries. Healthcare company KindlyMD, recently announced a $5 billion stock sale to expand its BTC reserves.

Commenting on the development, David Bailey, CEO, KindlyMD, said that the move to raise $5 billion is a natural next step following the firm’s initial purchase of 5,744 BTC earlier this month. On the CoinGecko list, KindlyMD currently ranks 16th in terms of total BTC held.

Is BTC On The Verge Of Supply Crunch?

BTC’s fixed supply of 21 million coins remains one of its most defining features. However, a significant portion of these coins has been lost in unrecoverable wallets, further reducing the effective circulating supply.

As a result, a quiet race has begun among corporations, institutional investors, and even nation-states to accumulate as much Bitcoin as possible before prices climb further. Recently, a congressman in the Philippines introduced a bill proposing the creation of a strategic Bitcoin reserve for the nation.

Meanwhile, Dutch crypto services company Amdax announced plans last week to launch a public Bitcoin treasury firm, while Nasdaq-listed Top Win International disclosed a $10 million raise for BTC purchases.

In similar news, Turkish mobility app Marti Technologies stated last month that it will hold 20% of its cash reserves in Bitcoin. At press time, BTC trades at $112,013, up 1.9% in the past 24 hours.

Featured image from Unsplash.com, chart from and TradingView.com

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Japanese Bitcoin treasury company Metaplanet has unveiled plans to raise over JPY 130 billion (equivalent to around $880 million) through an international share sale, with most of the proceeds earmarked for new Bitcoin purchases.

The firm disclosed on Aug. 27 that its board approved the issuance of up to 555 million new shares. If shareholders endorse the proposal at the Sept. 1 meeting, Metaplanet’s outstanding stock would rise from 722 million to about 1.27 billion shares.

The offering will be conducted exclusively in overseas markets, with US sales limited to Qualified Institutional Buyers under Rule 144A of the Securities Act of 1933.

The Japan-based firm said the move is designed to broaden the investor base beyond the Asian country by attracting long-term institutional capital and improving liquidity in global markets.

Bitcoin purchases

Metaplanet plans to use roughly JPY 123.8 billion (approximately $835 million) raised from the upcoming funds to acquire Bitcoin between September and October 2025.

The firm executives said the goal is to expand the company’s Bitcoin net asset value (BTC NAV), which serves as the foundation for its preferred shares, while maximizing BTC per share and overall yield.

The Tokyo-listed firm already ranks as the seventh-largest corporate Bitcoin holder, with 18,991 BTC valued at about $2.1 billion, according to Bitcoin Treasuries data.

Its accumulation strategy, first adopted in April 2024, has steadily transformed the company into a regional counterpart to US-based Strategy (formerly MicroStrategy).

Beyond direct purchases, Metaplanet will direct JPY 6.5 billion (equivalent to $44 million) into its “Bitcoin Income Business,” which generates returns by selling covered call options and expanding put option activity on its holdings.

The program is already profitable, and the company expects the infusion to scale operations through December 2025.

By combining aggressive accumulation with income-generating strategies, Metaplanet is betting on Bitcoin not only as a reserve asset but also as a source of ongoing cash flow.

This approach underlines the firm’s ambition to cement a treasury-first model, deepen ties with global institutional investors, and build a more resilient financial base for long-term growth.

Mentioned in this article

Strategy and Metaplanet expanded their Bitcoin (BTC) holdings on Aug. 18, lifting their combined ownership to nearly 3.1% of the total circulating supply. 

The acquisitions highlighted the role of corporate treasuries in tightening available Bitcoin liquidity as institutions continue building exposure.

Growing the stash

Strategy Chairman Michael Saylor announced the firm’s latest purchase of 430 BTC in an Aug. 18 post on social media. The acquisition was worth nearly $51.4 million at an approximate price of $119,666 per Bitcoin and has a BTC Yield of 25.1% this year.

With the latest addition, Strategy now holds 629,376 BTC, representing nearly 3% of Bitcoin’s total supply. 

The company invested over $46 billion with the average price per BTC at $73,320, resulting in an unrealized profit of over $27 billion as Bitcoin is priced at $116,535 as of press time.

Metaplanet reported purchasing 775 BTC at an average price of ¥17.72 million per coin ($119,853), totaling ¥13.73 billion in expenditures ($92.8 million).

Following the acquisition, Metaplanet now holds 18,888 BTC acquired at a blended average of ¥15.04 million each ($101,726), with a cumulative investment of ¥284.1 billion ($1.9 billion).

Metaplanet has accelerated its Bitcoin treasury operations throughout 2025, more than quadrupling holdings since March.

Together, Strategy and Metaplanet now command nearly 3.1% of circulating Bitcoin, a concentration that highlights the increasing role of listed corporations in the asset’s distribution.

Both companies rely on capital markets to fund their treasuries, amplifying the interplay between equity valuations and Bitcoin accumulation. As these programs expand, the balance between shareholder dilution and treasury accretion will remain under close investor watch.

Strategy updates accumulation policy

Strategy’s acquisitions have drawn renewed scrutiny following its Aug.18 equity guidance update. 

The company now categorizes issuance plans based on multiples of net asset value (mNAV), stating it will actively issue stock to buy Bitcoin when trading above 4.0x mNAV, and opportunistically issue between 2.5x and 4.0x. 

Below 2.5x, issuances are limited to debt servicing and dividends, while sub-1.0x levels may trigger buybacks using credit. 

This framework differs from guidance released less than one month earlier, which outlined stricter limits on equity issuance below 2.5x mNAV. 

Mentioned in this article

It was a historic week of codes! The Altcoin season may finally come here as Bitcoin (BTC) violates $124,000 for the first time and Ethereum (ETH) is aiming for the best ever test! In the background, major changes are ongoing in Crypto Asia.

Here’s a summary of what’s been postponed

Metaplanet, a Japanese BTC finance company, has seen its stock increase by 190%, surpassing some of the largest and most liquid Japanese blue chip companies.

According to a revenue report released on August 13, 2025, (YTD) revenues have far surpassed the average profit posted by Topix Core 30, Japan’s leading index tracking industry giants such as Toyota, Sony and Mitsubishi Heavy Industries.

Investors who witnessed Metaplanet’s strategy stacked up had their shareholders increased to over 180,000 as of June 2025, up 350% since launching the BTC accumulation strategy.

Metaplanet’s 190% YTD Surge crushes Japan’s Topix Core 30 as the Bitcoin strategy spends a lot of time. Crypto is restructuring the traditional market, but is it paying attention? #crypto https://t.co/5saokalezb

-CVJ.ai (@cvj_ai) August 14, 2025

As Metaplanet previously stated, it plans to purchase 1% of its total BTC supply by 2027. To achieve its goal, Metaplanet will need to purchase 210,000 BTC over the next two years.

To advance BTC’s accumulation strategy, Metaplanet announced its plan to raise $3.7 billion via equity offerings on August 1, 2025, indicating its continued commitment to equity-based financing.

Explore: 9+ Best High Risk, High Reward Cryptographs for Buying in August 2025

Crypto Asia will be boosted by Kazakhstan’s first spot BTC ETF

On August 13, 2025, Kazakhstan launched its first spot in Central Asia, BTC ETF, a major milestone in Asian crypto,

The Fonte Bitcoin Exchange Traded Fund (BETF) currently trades through Fonte Capital, an investment company based in Astana. Unlike other futures-based products, BETF is backed by BTC.

A US-regulated Crypto Company, BITGO offers storage solutions to ensure secure cold storage and in-house access.

The fund is listed on the Astana International Exchange (AIX) and is accessible to both retailers and institutional investors under the ticker BETF.

Kazakhstan has just launched Central Asia’s first Bitcoin ETF.
Another Domino falls into the global adoption arc of BTC.

All new market entry enhances the network effect, and subsequent capital flows are not small. https://t.co/gxejwbmdm9

– Blackqbarn (@blackqbarn) August 12, 2025

In the meantime, Fonte Capital emphasized that BETF will analyze BTC’s price performance before charging.

“BETF aims to accurately reflect the price dynamics of Bitcoin and strive to achieve this performance before fees and funding obligations,” Fonte Capital said.

Additionally, the ETF operates under the legal framework of the Astana International Financial Center (AIFC) and highlights Kazakhstan’s commitment to modernizing its investment infrastructure.

The country is also working to launch the National Cryptocurrency Reserve.

Explore: More than 10 crypto tokens that could reach 1000 times in 2025

Korean traders throw away big technology for crypto stocks

Korean investors are moving away from the major American high-tech stocks and investing in high-risk, highly-paid crypto stocks.

A local news agency reported on the issue on August 11, 2025, citing data from the Korea International Finance Centre (KCIF). The report revealed that crypto stocks, which account for 8.5% of South Korea’s top 50 net purchases in January, surged to 36.5% in June and returned to 31.5% in July.

On the other hand, large tech stocks fell sharply in July to $260 million, down 84% from the monthly average of $1.68 billion recorded between January and April.

corn Korean investors abandon big technology due to the crypto trend!

Korean retail investors are making bold moves! They trade large tech stocks with high-risk, highly reward-related stocks.

Did you know? The top 50 purchase crypto link stocks have jumped out of… pic.twitter.com/ksaxt64zpn

– Meow Meow News (@meowmeowmews) August 13, 2025

Ether Stacking Company’s Bitmine stood out as a clear winner in the country’s growing appetite for crypto-related stocks.

A Bloomberg report issued on August 11, 2025 highlighted that Korean retail investors poured $259 million into Bitmine stocks since early July, making it the most frequent foreign security stock purchased that month.

Meanwhile, over the past 30 days, Bitmine has increased Ether Holdings by 410.68%, and currently holds 833,100 ETH, ensuring its position as the world’s largest ether stacker.

Explore: Best New Cryptocurrencies to Invest in 2025

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