Companies Shift Bitcoin Buying Strategy from Price to Per-Share Accumulation

Two companies, Strategy and Metaplanet, have shifted their corporate bitcoin buying strategy from treating it as a directional bet to focusing on per-share accumulation. This change is evident in how investors value their treasury operations.

Instead of looking at the dollar price, investors are now examining the relationship between share price and net asset value, and how much bitcoin each share represents. A company can report flat dollar performance in bitcoin but still improve per-share exposure if it issues shares at a premium or converts debt at favorable terms.

This strategy involves using convertible notes and at-the-market equity offerings to add bitcoin to their balance sheets. Metaplanet adopted a similar model in Japan, leveraging equity-linked issuance to expand its holdings.