Institutional accumulation of Bitcoin has accelerated dramatically in the past year, reshaping the asset’s role in global markets. While industry leaders like Strategy (formerly MicroStrategy) continue to dominate headlines, newer entities such as Japan’s Metaplanet are rapidly climbing the ranks. At the same time, sovereign and exchange-traded holdings signal a maturation of BTC’s infrastructure.
Metaplanet began 2024 as a hotel developer, but pivoted sharply in favor of Bitcoin accumulation last year. Three significant purchases this month alone—first 1,234 BTC, followed by 1,111 BTC, then 2,205 BTC—have vaulted its holdings to 15,555 BTC, worth approximately $1.7 billion ([turn0search6], [turn0search4], [turn0search3]).
This level positions Metaplanet as the fifth-largest publicly traded corporate holder of Bitcoin—a position just behind legacy names like Tesla, Riot, and Marathon—but with sights clearly on overtaking them. CEO Simon Gerovich has framed the strategy as a long-term asset play, even referring to plans to leverage Bitcoin collateral for acquisitions and corporate financing ([turn0search12]).
Though Metaplanet’s rise is notable, it’s part of a much larger corporate Bitcoin narrative:
- Strategy (MicroStrategy) remains the undisputed leader, with approximately 597,000 BTC, far ahead of any other corporate entity ([turn0news21]).
- Riot Platforms and Marathon Digital follow, holding around 19,225 BTC and 49,678 BTC, respectively ([turn0search7], [turn0search10]).
- Tesla still maintains 11,509 BTC, a sizable legacy position but one Tesla has not recently expanded upon ([turn0search1], [turn0search10]).
Additionally, growth-focused companies like Block, GameStop, Semler Scientific, and Twenty One Capital are all stacking hundreds or thousands of BTC as part of broader treasury strategies ([turn0search1], [turn0search7]).
Beyond those on public registries, Twenty One Capital is noteworthy. Backed by Tether and SoftBank, it has accumulated 37,230 BTC even before debuting its own public vehicle ([turn0search9]). Once launched, it could become the third-largest corporate BTC holder, trailing only Strategy and the Grayscale Bitcoin Trust (GBTC).
Direct institutional ownership isn’t the full story. Grayscale Bitcoin Trust (GBTC) manages roughly 292,000 BTC, while BlackRock’s IBIT holds about 274,000 BTC—both crucial channels for institutional and retail allocations via regulated platforms ([turn0search10]).
Sovereign reserves also play a growing role: as of mid-2025, 529,000 BTC (roughly 2.5% of total supply) are held by state actors ([turn0search10]). The U.S. Strategic Bitcoin Reserve, launched in March 2025, accounts for 207,000 BTC acquired via forfeiture—along with smaller reserves in the UK, Ukraine, Bhutan, China, and El Salvador ([turn0search10], [turn0search24]).
There are several compelling reasons behind this widespread adoption:
- Scarcity and store of value: With fixed supply and growing demand, Bitcoin is increasingly viewed as a digital equivalent to gold, suitable for hedging against inflation and currency risk.
- ETF framework: Products like GBTC and IBIT offer regulated, accessible exposure for larger investor classes, fueling institutional inflows.
- Corporate treasury strategy: Companies can now treat Bitcoin as a financial asset—buying it via equity or debt markets and leveraging it for balance sheet optimization.
- Geopolitical positioning: Sovereign BTC allocations suggest nations are beginning to view Bitcoin as a strategic asset class in digital geopolitics.
Metaplanet exemplifies this strategy. Its rapid accumulation, ambitious long-term targets—including upping its holdings to 100,000 BTC by 2026 and 210,000 by 2027—and its use of BTC as collateral for acquisitions, illustrate a new corporate finance mindset centered on crypto ([turn0search14], [turn0news23], [turn0search12]).
The implications of this institutional accumulation are profound:
- Market Impact: As Institutional flows outpace miner issuance, Bitcoin’s liquidity profile is evolving—embeddding price stability at the margins even amid volatility.
- Valuation Mechanisms: Traditional balance sheets now carry digital assets, shifting valuation behaviors, risk modeling, and equity pricing for public companies.
- Geopolitical Currency Trends: State-held BTC reserves suggest a shift toward digital assets in national strategy—notably in risk diversification and international finance.
By mid-2025, approximately 693,000 BTC (3.3% of total supply) is held by around 130 publicly traded companies, with sovereigns and non-traditional corporate players further accelerating adoption ([turn0search10], [turn0search7]).
Metaplanet’s meteoric rise—from hotelier to one of the top five public Bitcoin holders with 15,555 BTC—symbolizes a new wave of corporate trust in digital assets, one that extends well beyond early adopters in the tech sector.
Whether this shift leads to sustained stability or structural risk depends on custody protocols, macro trends, and price resilience. But for now, Bitcoin is firmly embedded in corporate balance sheets—and national strategies alike.