The acquisitions highlighted the role of corporate treasuries in tightening available Bitcoin liquidity as institutions continue building exposure.
With the latest addition, Strategy now holds 629,376 BTC, representing nearly 3% of Bitcoin’s total supply.
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).
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.
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.
