Strategy and Metaplanet expanded their Bitcoin (BTC) holdings on Aug. 18, lifting their combined ownership to nearly 3.1% of the total circulating supply.
The acquisitions highlighted the role of corporate treasuries in tightening available Bitcoin liquidity as institutions continue building exposure.
Growing the stash
Strategy Chairman Michael Saylor announced the firm’s latest purchase of 430 BTC in an Aug. 18 post on social media. The acquisition was worth nearly $51.4 million at an approximate price of $119,666 per Bitcoin and has a BTC Yield of 25.1% this year.
With the latest addition, Strategy now holds 629,376 BTC, representing nearly 3% of Bitcoin’s total supply.
The company invested over $46 billion with the average price per BTC at $73,320, resulting in an unrealized profit of over $27 billion as Bitcoin is priced at $116,535 as of press time.
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).
Metaplanet has accelerated its Bitcoin treasury operations throughout 2025, more than quadrupling holdings since March.
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.
Strategy updates accumulation policy
Strategy’s acquisitions have drawn renewed scrutiny following its Aug.18 equity guidance update.
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.
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