Institutional Accumulation Rises as Corporates Control 3.1% of BTC

According to the latest reports, Strategy (formerly MicroStrategy) and Tokyo-based Metaplanet have combined to hold roughly 648,000 BTC, which is about 3.1% of the total circulating supply of Bitcoin. Just recently, Strategy added 430 BTC, and Metaplanet purchased 775 BTC, further shrinking available market liquidity and blurring the lines between capital markets and Bitcoin accumulation.

Growing the Stash: Company-by-Company Breakdown

Strategy just recently bought 430 BTC for approximately $51.4 million ( $119,666 per BTC), bringing its total to 629,376 BTC; nearly 3% of the circulating supply. The company has reportedly invested over $46 billion at an average cost of $73,320, with an unrealized gain of more than $27 billion.

At the same time, Metaplanet also added 775 BTC ($93 million), lifting its holdings to 18,888 BTC, valued at around $1.9–2.2 billion. The latest purchase price was $120,006 per coin, making it one of the top Bitcoin treasuries in Asia.

Strategic Financing: Stock, Bonds & Yield Metrics

Strategy, under Michael Saylor, finances acquisitions mostly through equity issuance, balancing shareholder dilution with a rising ratio of Bitcoin to issued shares. Its $BTC yield, tracking BTC holdings relative to share dilution, stands at 25% year-to-date, showing how efficient the accumulation is.

Metaplanet has also used capital markets, issuing shares and bonds to fund purchases. Its $BTC Yield, a notable performance metric, went from 129% in Q2 to over 480% in August, demonstrating the growing per-share impact of its Bitcoin treasury.

Why Corporate Accumulation Matters

These big buying programs significantly reduce the amount of Bitcoin available to retail and institutional traders. Corporate Bitcoin accumulation is changing how markets price and access the asset. Experts think this will drive future $BTC scarcity narratives and prices as more companies follow. Bernstein Research predicts $330 billion in corporate demand by 2029.

Policy Changes: Strategy’s Accumulation Framework

Strategy recently updated its share issuance policy tied to net asset value (mNAV) multiples:

Above 4.0× mNAV: issue stock to buy BTC.

2.5–4.0× mNAV: opportunistic issuance.

Below 2.5× mNAV: issuance limited to debt servicing and dividends.

Below 1.0× mNAV: possible share buybacks using credit.

This tiered framework is a big change from the previous more conservative guidance on equity financing.

Experts Perspective

Experts call Metaplanet’s strategy a “Bitcoin gold rush”, aiming to hold over 210,000 BTC by 2027 using Bitcoin as collateral for future growth. CEO Simon Gerovich said they are long-term, and hence Bitcoin first.

Others also note that over 80 companies now reportedly have corporate Bitcoin treasuries, collectively holding 3.4% of the supply. As a result, it seems Strategy and Metaplanet are on the same path as global corporate demand.

Conclusion

Based on the latest research, corporate Bitcoin accumulation (Strategy and Metaplanet) is drying up market liquidity and changing $BTC’s valuation paradigm.

With combined holdings of 3.1% of supply and financing mechanisms tied to shareholder value, these companies are rewriting the playbook for 2025 Bitcoin treasury integration.

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Summary

Strategy and Metaplanet have accelerated corporate Bitcoin accumulation, now holding around 3.1% of the circulating supply (648,000 BTC). Strategy added 430 BTC, total 629,376 BTC, Metaplanet added 775 BTC, total 18,888. Both use equity and bond issuance to fund treasuries, high $BTC yield per share. Strategy’s new issuance policy ties equity issuance to mNAV multiples. 

FAQs

How much Bitcoin do Strategy and Metaplanet hold combined?

Around 648,000 BTC, 3.1% of supply.

How are these acquisitions funded?

Equity issuance (Strategy) and stock and bond offerings (Metaplanet).

What is BTC Yield?

A performance metric that measures Bitcoin growth per fully diluted share, used by both companies to measure value impact.

Why is this accumulation important?

It reduces liquid supply of $BTC, changes market dynamics and scarcity narrative.

Definitions

Corporate Bitcoin Accumulation: Public companies holding large amounts of BTC in treasuries.

mNAV (Multiple of Net Asset Value): Issuance threshold for Strategy.

BTC Yield: Total BTC held divided by fully diluted shares, performance per share.

Treasury Strategy: Using BTC in corporate reserve management, for diversification or appreciation.

Equity Issuance: Issuing shares or debt to fund large purchases (e.g. Bitcoin accumulation).

Sources

Finance Feeds

Bitcoin Magazine

Decrypt 

CCN.com

Financial Times

Business Insider