Bitcoin’s supply–demand balance narrowed further last week as corporate treasuries captured a dominant share of new issuance.
Last week, two publicly traded firms, Strategy and Tokyo-listed Metaplanet, purchased more than $230 million worth of BTC.
According to their separate announcements, their combined acquisitions, totaling 2,091 BTC, represented about two-thirds, or 66%, of all coins produced by miners during the reporting period.
Strategy expands holdings despite S&P 500 snub
On Sept. 8, Strategy confirmed it had purchased 1,955 BTC for $217.4 million, translating into about 62% of all coins mined during the week.
Following this purchase, Strategy’s Bitcoin stash has climbed to 638,460 BTC, which is valued at $71.6 billion at current market prices. This equates to an unrealized profit of roughly 51.8% from the firm’s total investment of $47.17 billion.
The company disclosed in its Form 8-K filing that the latest purchase was funded through proceeds from its at-the-market equity program, which raised capital across Strife, Strike, and MSTR stock issuances. In 2025, Strategy has raised more than $19 billion for Bitcoin purchases.
Meanwhile, famed short seller Jim Chanos pointed out that the firm’s Bitcoin fundraising is increasingly relying on its MSTR stock issuance rather than the preferred stock options to fund recent Bitcoin purchases.
For context, he noted that the firm raised 92% of its latest capital through common equity while selling just $16.8 million in preferred stock. The same trend was observed last week when the firm raised 90% of its Bitcoin purchase fund through MSTR.
Notably, the latest Bitcoin purchase comes days after Strategy failed to secure a place in the S&P 500 index. Instead, the index committee added Robinhood, AppLovin, and Emcor Group stocks to its list.
Metaplanet strengthens presence in Asia
While smaller in scale, Metaplanet’s latest buy reinforced its reputation as Asia’s counterpart to Strategy.
The Tokyo-listed firm acquired 136 BTC for $15.2 million at an average price of $111,666. That raised its year-to-date yield to 487% in 2025, emphasizing its aggressive accumulation strategy.
The company now holds 20,136 BTC, purchased for $2.08 billion at an average of $103,196. As of Sept. 8, that stash was worth roughly $2.26 billion, giving Metaplanet a 9.3% unrealized profit.
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