Metaplanet's Aggressive Bitcoin Strategy Threatens MicroStrategy's Dominance

Bitcoin's September high of $78,154 was reached after climbing from $62,906 just a month prior. Two major corporate holders, Metaplanet and MicroStrategy, have vastly different strategies for accumulating BTC. Metaplanet, which recently added 2,823 BTC worth around $170 million to its treasury, now holds 43,000 BTC, making it the third-largest public corporate holder.

Metaplanet's CEO, Simon Gerovich, has led the company's pivot to a Bitcoin treasury strategy since 2024. The company uses yen debt and ordinary bonds for cheap loans, which work well given the current exchange rate of around 162 yen per dollar. This approach allows Metaplanet to acquire coins without incurring significant costs.

On the other hand, MicroStrategy, led by chairman Michael Saylor, has been converting its balance sheet into Bitcoin since 2020. The company's massive holdings of 843,775 BTC are valued at a premium, with the stock price of MSTR trading around $93.32 and moving in tandem with Bitcoin.

Metaplanet targets 210,000 BTC by the end of 2027 and has already generated significant revenue from options strategies tied to its holdings. The company's BTC Yield was 2.8 percent for Q1 2026, while MicroStrategy recently sold 3,588 BTC for $216 million to meet a preferred dividend obligation.