Strategy and Metaplanet now own more Bitcoin than most nations

Strategy (the firm once called MicroStrategy) and Tokyo-based Metaplanet bought another batch of coins this month, lifting their combined hoard to over 648,000 BTC – about one in every thirty-two coins that will ever exist.

From software to satoshis: the long road to 3.1%

Strategy began the race in August 2020 with an innocent-looking $250 million buy. Today, it owns 629,376 BTC, having just added 430 coins for $51.4 million at an average $119,666 each. Bitbo’s treasury tracker confirms the figure and pegs the firm’s cumulative outlay near $33 billion.

The software house even changed its name. A February announcement turned MicroStrategy into “Strategy,” a label meant to emphasize its new identity as a Bitcoin Treasury Company. Reuters covered the rebrand and called it a deeper pivot into crypto rather than a mere facelift.

Funding those buys took creativity. Strategy issued zero-coupon converts, sold more equity, and – on two occasions – used at-the-market share sales to raise an extra $1.8 billion when Bitcoin dipped. Traders still debate the leverage, yet the firm’s stock has outrun BTC itself by six-to-one over the past year. Big move.

Metaplanet followed the template. The Japanese hotel-and-tech hybrid began stacking coins in mid-2024, copied Strategy’s press-release cadence, and now reports 18,888 BTC on its books. The company went further, pledging to reach 1% of total supply – around 210,000 BTC – by 2027.

Together, the duo owns 648,264 BTC – worth nearly $77 billion at today’s $118k spot. CryptoSlate crunched the math and arrived at the headline figure: 3.1% of all coins, or the same slice the IMF holds in gold. 

Latest buys landed during a brief pullback. Bitcoin sank under $123k on mild macro jitters, yet both firms treated the dip as a coupon, not a warning sign. Another example of the “volatility is opportunity” mantra Saylor keeps citing.

What 3.1% ownership means for price, policy, competition

Strategy and Metaplanet now rival entire nations in reserve heft. The U.S. Marshals Service controls about 200k seized coins; El Salvador holds just over 6k. If one corporate pair already beats most sovereigns, what happens when more firms copy the script? However, some doubt whether boards will stomach the volatility.

Supply math looks stark. Only 450k new coins will be mined before the 2028 halving. If Strategy alone keeps its recent pace – roughly 12k coins a quarter – it could swallow half that fresh issuance. Short sentence: tight squeeze.

Policy shifts may follow. The U.S. already studies a strategic Bitcoin reserve, while Pakistan drafts a bill to hold coins at the central bank level. As corporations lock coins, regulators might move quicker, since liquidity and systemic risk questions pile up.

Funding strategies diverge. Strategy leans on debt and equity; Metaplanet taps convertible yen bonds and idle cash flows from its hospitality arm. Both claim low blended costs – yet rising yields could test that narrative.

Market impact shows in float metrics. Exchange balances hit five-year lows last week, and CoinGlass notes perpetual-swap funding swinging positive as traders expect constrained supply to lift prices. Still, a single corporate treasury dumping coins could spook markets. 

Price forecasts stretch wide. Some analysts pin $150k by year-end if corporate demand persists; others warn a break below $110k could trigger margin calls at leveraged treasuries. No one agrees, of course.

Closing thoughts

Two public companies cornering 3.1% of Bitcoin feels surreal, yet here we are. The float gets tighter, boards get bolder, and every new purchase turns a once-niche asset into a reserve standard.

Near-term, watch funding costs. If bond markets stay calm, Strategy and Metaplanet may keep buying. Should yields spike, the playbook changes and sellers might appear. Correction – sellers will appear.

Either way, the pair’s balance-sheet bet forces every chief financial officer to answer a new question: “Why don’t we own Bitcoin too?” Some will pass. Others will join – and the supply math will only get stranger.