Bitcoin News Today: Bitcoin Titans MSTR and Metaplanet Quietly Rewrite the Rules of Corporate Finance

MSTR, the publicly traded Bitcoin treasury firm led by Michael Saylor, has added another 4,048 Bitcoin to its portfolio at an average cost of $110,981 per coin, totaling approximately $450 million in purchases last week. This acquisition elevates the company's total Bitcoin holdings to 636,505 BTC, valued at nearly $70 billion at the current price of $109,400 per coin. The latest buy was primarily funded through the issuance of common stock, with supplementary contributions from preferred shares. However, the issuance of common shares has sparked concern among investors, as the company's mNAV (market-to-net-asset-value) has dropped to approximately 1.5x from a previously stated target of 2.5x, raising fears of shareholder dilution.

This move follows a pattern of aggressive accumulation over recent months. In August alone, MSTR has acquired 7,714 BTC, with the latest batch bringing its cumulative holdings to over 636,000 BTC. This marks a significant but slower pace compared to July, when the company purchased over 31,000 BTC. The decision to continue buying at a lower mNAV suggests a strategic shift in the company’s approach to capital allocation, balancing its commitment to Bitcoin with the need for financial flexibility. The company has not issued convertible debt since the beginning of the year, further limiting alternative funding options.

Meanwhile, Metaplanet, a Japanese firm that transitioned from a hotel operator to a Bitcoin treasury, has also made headlines with its own major purchase. The company recently added 1,009 BTC for $112 million, pushing its total holdings to 20,000 BTC. This places Metaplanet among the top publicly traded corporate Bitcoin holders globally, surpassing firms like Riot Platforms. The acquisition was made at an average cost of $102,700 per coin, with the company’s total investment now exceeding $2 billion. Metaplanet’s aggressive accumulation is part of a broader strategy to quintuple its Bitcoin holdings to 100,000 BTC by the end of 2026.

The company has also taken steps to secure additional funding to continue its Bitcoin purchases. Shareholders recently approved a plan allowing Metaplanet to raise up to ¥555 billion ($3.8 billion) through preferred shares. This follows a recent announcement of an underwritten offering to raise ¥130 billion ($884 million) in overseas markets. The move reflects the company’s need to stabilize its stock price, which has declined by nearly 55% since its peak in June. To date, Metaplanet has raised over ¥242 billion through a moving strike warrant agreement with investment firm Evo Fund.

The corporate accumulation of Bitcoin is growing rapidly, with companies like MSTR and Metaplanet continuing to push the boundaries of institutional adoption. MSTR’s Bitcoin holdings now represent more than 3% of the total supply, while Metaplanet’s 20,000 BTC positions it as one of the largest institutional holders in Asia. Both firms are leveraging various financial tools—including common stock issuance, preferred shares, and underwritten offerings—to continue their accumulation strategies despite the bearish market environment. These developments highlight the evolving role of Bitcoin in corporate finance, with companies increasingly viewing it as a strategic reserve asset alongside traditional financial instruments.

Source:

[1] Strategy Added Another 4,408 Bitcoin for $450M Last Week (https://www.coindesk.com/markets/2025/09/02/strategy-added-another-4-408-bitcoin-for-usd450m-last-week)

[2] Michael Saylor Strategy Buys 4,048 BTC Bitcoin Holdings 636,505 (https://cointelegraph.com/news/michael-saylor-strategy-buys-4048-btc-bitcoin-holdings-636505)

[3] Metaplanet Holders Approve New Funding Tools to Buy Bitcoin (https://www.bloomberg.com/news/articles/2025-09-02/metaplanet-holders-approve-fresh-funding-tools-to-buy-bitcoin-mf1zcapa)

[4] Metaplanet (3350) Hits 20K BTC, Overtakes Riot Platforms (https://www.coindesk.com/markets/2025/09/01/metaplanet-bitcoin-purchase-takes-holdings-to-20k-btc-overtaking-riot-platforms)

[5] Japan's Metaplanet Hits 20,000 BTC Holdings Following (https://coingape.com/japans-metaplanet-hits-20000-btc-holdings-following-new-purchase-stock-reacts/)