Strategy, Metaplanet Double Down on Bitcoin’s Fixed Supply

Strategy, formerly MicroStrategy, began its Bitcoin treasury strategy in August 2020, when the roughly $1 billion software company put $250 million of cash into the cryptocurrency. The move, initially dismissed as a publicity stunt, became a template for using equity, debt and preferred stock to expand corporate Bitcoin exposure, while also drawing scrutiny over concentration, funding costs and the volatility embedded in the model.

Metaplanet Chief Executive Simon Gerovich said on July 27, 2026, that Strategy’s underlying logic had not changed through repeated swings in investor opinion. Strategy held 843,775 BTC worth more than $50 billion. Metaplanet, meanwhile, held 43,000 BTC as of July 10 and completed its 2.1 billion yen ($13 million) acquisition of Siiibo Securities on July 13, gaining a regulated channel to develop and distribute Bitcoin-linked yield products under Project Nova.

Strategy, formerly known as MicroStrategy, has long treated Bitcoin as a core asset, raising funds through stock issuance to finance continued purchases. The company has become a key gauge of corporate crypto adoption. Its vast holdings affect its financial performance and have also drawn market scrutiny of the risks arising from equity financing and Bitcoin price volatility.

Strategy spent about $43 million in early May to buy another 535 Bitcoin, increasing its total holdings to 818,869 and formally taking the figure above 810,000. At current market prices, the holdings carry an estimated unrealized gain of about $4.6 billion. The company plans to continue its long-term strategy of issuing stock and buying more Bitcoin.

Strategy, formerly known as MicroStrategy, is the world’s largest publicly traded corporate holder of Bitcoin. It has long raised funds through stock and bond issuance to buy the cryptocurrency, which it treats as a core reserve asset. The size of its holdings can affect both the company’s financial risk and market confidence, making each purchase closely watched by investors.

Strategy raised funds through an at-the-market (ATM) stock offering in late February 2026 and spent about $204 million to buy 3,015 Bitcoin at an average price of roughly $67,700 each. This was the company’s 101st Bitcoin purchase. The transaction increased its total holdings to 720,737 Bitcoin, formally taking the figure above 720,000.