Strategy, Metaplanet Continue Bitcoin Treasury Push But The Pace Is Slowing

Two of the most prominent corporate backers of Bitcoin BTC/USD, Strategy MSTR and Japan-based Metaplanet MTPLF, are continuing their aggressive BTC acquisition strategies.

Strategy revealed earlier this week that it had acquired 4,020 more Bitcoin for approximately $427.1 million between May 19 and May 25.

This purchase brings the firm's total BTC holdings further into the billions but also highlights a decline in the pace of its recent buying activity.

Most of the funds came from a $21 billion at-the-market (ATM) stock offering, with $348.7 million raised last week, down from over $700 million the week before, and substantially less than the $1.31 billion secured during the early-May surge.

According to K33 Research‘s Vetle Lunde, the slowdown in Strategy's acquisition pace correlates with diminishing premiums on its MSTR shares relative to its bitcoin assets, as well as broader investor dilution, The Block reported.

MSTR's premium to net asset value dropped from 185% to 163% last Friday, its lowest since early April, leading to speculation that future capital raises may be more moderate than those witnessed during its high-volume streak last November.

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Meanwhile, Metaplanet, often likened to Strategy in the Asian market, is also pressing forward.

The Tokyo-listed firm has issued $50 million in zero-interest bonds, its 16th such issuance, to fuel further BTC accumulation.

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Cayman Islands-based Evo Fund fully subscribed to this round, continuing its long-standing support of Metaplanet's bitcoin-focused financial strategy.

The announcement prompted a 9.5% increase in Metaplanet's share price on May 28.

The firm, which began acquiring Bitcoin in April 2024, aims to hold 10,000 BTC by the end of 2025.

Its most recent disclosure revealed the purchase of 1,004 BTC for $104 million, bringing its current stash to around 7,800 BTC, making it the largest public BTC holder in Asia and 11th globally.

Both Strategy and Metaplanet are operating in a rapidly evolving landscape, with over 70 companies now implementing some form of bitcoin treasury strategy.

These include Trump Media DJT, which just joined the cohort via a $2.5 billion private raise supported by institutional backers.

Analysts note that with more firms offering Bitcoin exposure through equity, demand may gradually diversify away from single flagship entities like Strategy.

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