Bitocin treasury companies continue to accumulate a significant amount of BTC despite current market conditions and now control around 5% of the total BTC supply. These companies are led by Michael Saylor’s Strategy and Metaplanet, which have recently raised fresh capital to buy the dip. 

Bitcoin Treasury Companies Now Hold Over 1 Million In BTC

Bitcoin Treasuries data shows that the top 100 public Bitcoin treasury companies currently hold 1,058,929 BTC, while all public companies combined hold 1,061,697. Notably, Strategy is the largest public Bitcoin holder with 650,000 BTC. Michael Saylor’s company yesterday announced another 130 BTC purchase for $11.7 million. 

Meanwhile, the second-largest Bitcoin treasury company is BTC miner MARA holdings, which holds 53,250 BTC. Tether-backed Twenty One Capital, Metaplanet, and Bitcoin Standard Treasury Company complete the top 5, with 43,514, 30,823, and 30,021 BTC, respectively. Meanwhile, companies like Coinbase, Bullish, and Trump Media are among the top 10 largest BTC treasury companies. 

It is worth noting that these public companies account for only a part of the Bitcoin treasuries. Further data from Bitcoin Treasuries shows that there is currently 4 million BTC in treasuries as a whole, including the coins held by governments, private companies, exchanges, DeFi platforms, and ETFs.  

BlackRock is currently the second-largest Bitcoin holder, only behind Satoshi Nakamoto. Strategy is third on the list, while Binance and the U.S. government complete the top 5, with BTC holdings of 628,868 and 323,588, respectively. The 4 million BTC held by these treasury companies as a group accounts for 19% of the total Bitcoin supply. 

Bitcoin treasury companies such as Strategy and Metaplanet have raised new capital amid the recent crash to buy more BTC. Saylor’s company recently raised $836 million from its STRE offering, which it used to buy 8,178 BTC. Meanwhile, Metaplanet raised $130 million to expand its BTC treasury. 

More Companies Set To Adopt Bitcoin

More Bitcoin treasury companies are set to emerge as $10 trillion asset manager, Vanguard, will start offering BTC ETFs from today. Notably, some companies gain BTC exposure through these ETFs rather than buying Bitcoin directly. On-chain analytics platform Arkham Intelligence revealed that the largest U.S. bank, JPMorgan, holds $300 million worth of BlackRock’s BTC ETF. 

Meanwhile, it is worth mentioning that Bitcoin treasuries such as Strategy are coming under immense pressure amid the current market downtrend. Strategy’s CEO, Phong Le, admitted that they might have to sell Bitcoin as a last resort to fund dividend payments if their mNAV drops below 1x and they can no longer raise capital. 

At the time of writing, the Bitcoin price is trading at around $87,000, up in the last 24 hours, according to data from CoinMarketCap.

• Metaplanet issues $135M in preferred shares to scale its Bitcoin treasury strategy.
• Saylor defends Bitcoin treasury models despite volatility and possible index exclusions.
• Treasury firms face premium compression as adoption slows and valuations slip below reserves.

Tokyo-listed Metaplanet has approved a ¥21.25 billion ($135 million) perpetual preferred share issuance as part of its ongoing effort to scale its Bitcoin-focused corporate treasury strategy, even as sector volatility intensifies.

The move comes amid heightened scrutiny of publicly traded firms with digital asset-heavy balance sheets and follows renewed defence of such strategies by Strategy founder Michael Saylor.

Metaplanet raises capital through perpetual preferred shares

The Japanese company’s board approved the issuance of 23.61 million Class B preferred shares on November 20 through a third-party allotment to overseas institutional investors.

Net proceeds are estimated at ¥20.41 billion ($130 million) after expenses, with payments scheduled for December 29, pending shareholder approval at an extraordinary general meeting on December 22.

The preferred shares—branded “MERCURY” (Metaplanet Convertible for Return & Yield)—carry a 4.9% fixed dividend and a conversion price of ¥1,000 per share.

Each preferred share entitles holders to annual dividends of ¥12.25 ($0.08), distributed quarterly, although the initial period ending December 31 will pay only ¥0.40 ($0.003) per share.

With the conversion price set well above Metaplanet’s November 19 closing price of ¥375 ($2.40), near-term dilution concerns remain limited.

Representative Director Simon Gerovich said the structure is designed to “minimize dilution from common share issuances while continuing to expand BTC holdings,” calling the offering a significant step in scaling Metaplanet’s Bitcoin treasury strategy.

Despite trading below the value of its Bitcoin reserves, Metaplanet has continued to build its digital asset position and recently deployed a ¥75 billion share repurchase program backed by a $500 million credit facility.

Saylor reaffirms commitment to Bitcoin treasury model

Meanwhile, Strategy founder and executive chairman Michael Saylor dismissed concerns about market turbulence during a November 14 CNBC interview.

He said Strategy “can withstand an 80%–90% drawdown and keep operating,” citing minimal leverage of just 1.15 times and long-dated debt maturities of 4.5 years.

Saylor argued that Bitcoin’s historical performance—averaging 50% annual returns over the past five years despite multiple major drawdowns—supports its role as a corporate treasury asset.

He highlighted that Strategy’s five-year performance of 71% outpaced Nvidia, asserting that no S&P 500 company has matched its returns.

However, Strategy faces potential removal from the MSCI USA and Nasdaq 100 indexes after index providers proposed excluding companies whose digital asset holdings exceed 50% of total assets.

JPMorgan estimates that MSCI exclusion alone could trigger up to $2.8 billion in passive outflows, with decisions expected by January 15.

Strategy’s stock has dropped more than 60% from its November 2024 peak but remains up over 1,300% since it began acquiring Bitcoin in August 2020.

Bitcoin treasury firms navigate premium compression

The broader Bitcoin treasury sector has entered what Coinbase Research describes as a “player-versus-player” environment.

Premiums to net asset value have compressed from 3.76 times in April to 2.8 times, while corporate Bitcoin adoption has fallen 95% since July.

Of 168 listed treasury companies, 26 now trade below the value of their digital assets.

Metaplanet was the first major firm to consistently trade below its reserves, a trend that accelerated its capital restructuring efforts.

The company plans to cap preferred share issuance at 25% of its Bitcoin net asset value, aiming to build credibility in the preferred equity market while expanding its treasury.

Strategy continues to accumulate aggressively, purchasing 8,178 Bitcoin this week at an average price of $102,171, raising its holdings to 649,870 BTC.

Saylor maintains Bitcoin will continue to outperform traditional assets, describing it as “digital capital” suited for long-term investors.

The post Metaplanet launches $135mn preferred share offering to expand Bitcoin treasury strategy appeared first on CoinJournal.

Bitcoin Magazine

Metaplanet is Building a Two-Tier Rocket Ship to Buy More Bitcoin

Metaplanet has introduced a new two-tier preferred equity structure designed to deepen its bitcoin-centric financing model, launching a senior Class A instrument called MARS and a new perpetual Class B preferred share, MERCURY, that is expected to raise roughly $150 million. 

The move positions the Tokyo-listed firm as the latest major bitcoin treasury company to adopt a perpetual preferred structure, following Strategy and Strive.

MARS — short for Metaplanet Adjustable Rate Security — becomes the top layer of the company’s capital stack. The senior preferred shares are non-dilutive, offer no conversion rights, and feature monthly dividends that adjust based on where the share trades relative to par. 

According to Head of Strategy Dylan LeClair, the design aims to give Metaplanet a volatility-smoothing income instrument while preserving common shareholders from dilution. MARS sits senior to both MERCURY and common equity.

JUST IN: Metaplanet to raise $150 million via perpetual preferred equity to buy more #Bitcoin

Nothing stops this train pic.twitter.com/fMn7wC2TRl

— Bitcoin Magazine (@BitcoinMagazine) November 20, 2025

Metaplanet: Raise money, buy bitcoin

The second layer of the structure, MERCURY, forms the backbone of Metaplanet’s new capital raise. The company plans to issue 23.61 million Class B perpetual preferred shares at ¥900 each, generating ¥21.25 billion (approximately $150 million) through a third-party allotment to institutional investors. 

The preferred stock pays a 4.9% annual fixed dividend on a ¥1,000 notional strike, with quarterly distributions and an initial payout of ¥40.40 for the period ending Dec. 31, 2025. The shares carry a ¥1,000 liquidation preference and a long-dated optional conversion into common equity — a hybrid profile that blends fixed income with asymmetric upside tied to bitcoin.

The offering comes as Metaplanet’s common equity has fallen more than 80% from its all-time high and now trades around ¥387, pushing its market-to-NAV ratio below parity to 0.96. Investors currently value the company at less than the bitcoin it holds — a dynamic management believes the new structure can help correct by separating long-term capital providers from short-term equity flows.

“MERCURY sits junior to MARS, senior to common, offering a hybrid profile: fixed income + asymmetric upside tied to BTC,” LeClair posted on X.

Metaplanet, now the world’s fourth-largest corporate holder of bitcoin with 30,823 BTC, plans to allocate roughly ¥15 billion of the new capital toward additional bitcoin purchases, with the remainder directed to income-generating bitcoin strategies and the redemption of outstanding corporate bonds. 

Executives have emphasized that downturns are strategic buying opportunities, and that consistent bitcoin accumulation remains fundamental to its treasury model.

To support the overhaul, the company will convene an extraordinary general meeting on Dec. 22 to approve reductions to capital stock and capital reserves, expand authorized shares to 3.83 billion, and clear legacy financing overhangs. 

Metaplanet is cancelling multiple series of prior stock acquisition rights and issuing new rights to EVO FUND to streamline its structure ahead of the preferred rollout.

Metaplanet was once a Japanese firm rooted in hotel management, real estate, and Web3 initiatives, and has rapidly reinvented itself as a publicly traded Bitcoin treasury company. Its core mission is now to maximize Bitcoin held per share, tapping equity and debt markets to raise capital that is then converted into BTC. 

The company frames Bitcoin accumulation as both an inflation hedge and a long-term value engine for shareholders, making its treasury strategy the center of its corporate identity.

On October 1, Metaplanet (TSE: 3350, OTC: MTPLF) reinforced its transformation into Asia’s “Bitcoin rocketship” by acquiring 5,268 BTC for about $615.7 million, bringing its total holdings to 30,823 BTC at an average cost of $107,912 per coin.

This makes it the fourth-largest publicly traded Bitcoin treasury globally, exceeding its FY2025 goal of 30,000 BTC and achieving a 497% year-to-date BTC yield. Q3 2025 revenue surged 115.7% to ¥2.438 billion, prompting a doubling of FY2025 revenue guidance to ¥6.8 billion.

This post Metaplanet is Building a Two-Tier Rocket Ship to Buy More Bitcoin first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Metaplanet Draws $100 Million Bitcoin-Backed Loan to Buy More Bitcoin

Tokyo-listed Bitcoin treasury firm Metaplanet has tapped a $100 million Bitcoin-backed loan to fuel further bitcoin accumulation, expand its income business, and potentially repurchase shares amid mounting market volatility.

The borrowing, executed on October 31 and disclosed today, November 4, marks the first drawdown from Metaplanet’s $500 million credit facility announced in late October. 

The funds will primarily go toward additional Bitcoin acquisitions, according to the company.

Metaplanet’s loan is collateralized by its 30,823 BTC — worth roughly $3.5 billion — and represents just 3% of its total holdings, underscoring what management called a conservative financial policy, according to CoinPost.

The agreement features no fixed maturity date and allows repayment at any time, giving the company broad flexibility. The lender remains undisclosed but reportedly offered flexible daily renewal terms and a variable rate tied to U.S. benchmarks.

Metaplanet is expanding Bitcoin income and buybacks

Metaplanet said proceeds from the loan will also be allocated to its growing Bitcoin income business, which generates yield through cash-secured options writing. The strategy allows the company to earn premiums while holding BTC long term — a structure designed to offset volatility.

That business segment has grown rapidly: in Q3 2025, it produced ¥24.4 billion ($160 million) in revenue, a 3.5× increase year-over-year, according to filings.

A portion of the funds may also support Metaplanet’s ¥75 billion share repurchase program, authorized in late October. The company plans to buy back shares whenever its market value falls below the value of its Bitcoin holdings — a threshold it breached last month when its modified net asset value ratio slipped to 0.99×.

Japan’s Bitcoin treasury giant

Since pivoting from IT services earlier this year, Metaplanet has become Japan’s largest corporate Bitcoin holder and now ranks fourth globally, trailing only MicroStrategy, Marathon Digital, and Hut 8 Mining.

The Tokyo-listed firm has committed to an ambitious goal of holding 210,000 BTC by the end of 2027, cementing its role as Asia’s most aggressive institutional Bitcoin accumulator.

Its treasury strategy mirrors that of Strategy, which continues to issue debt and equity to expand its Bitcoin position — now exceeding 641,000 BTC.

Metalanet partners with SBI VC Trade for custody and trading operations and maintains what it calls “sufficient collateral coverage” to withstand major price declines without risking liquidation.

As of press time, Bitcoin was trading near $102,600, down roughly 1% on the day.

This post Metaplanet Draws $100 Million Bitcoin-Backed Loan to Buy More Bitcoin first appeared on Bitcoin Magazine and is written by Micah Zimmerman.