Bitcoin News Today: "In the Race for Bitcoin Dominance, Metaplanet Holds Course as ETFs Surge"

Metaplanet Maintains Active Bitcoin Strategy Amid ETF Growth

Japanese Bitcoin treasury firm Metaplanet Inc., often dubbed "Japan's MicroStrategy," has reaffirmed its aggressive Bitcoin acquisition strategy despite broader market volatility and the rising influence of ETFs. The company reported Q3 2025 results, showing it now holds 30,823 Bitcoin, valued at approximately ¥489.87 billion, positioning it as the third-largest public Bitcoin holder globally. This expansion aligns with Metaplanet's goal to acquire 210,000 BTC by 2027, representing roughly 1% of Bitcoin's total supply. The firm plans to finance future purchases through perpetual preferred shares offering up to 6% annual dividends, a move designed to avoid diluting common shareholders while leveraging Japan's growing appetite for yield-bearing digital assets.

Meanwhile, U.S.-based Bitcoin treasury giant MicroStrategy (MSTR), which has mirrored Metaplanet's strategy, continues to face scrutiny as its market value trades at a discount to its Bitcoin holdings. As of November 16, MSTR's net asset value fell below 1, indicating the company's market cap of $59.92 billion lagged behind the $61.7 billion value of its 649,870 BTC treasury. This discount reflects investor concerns over debt sustainability and liquidity, exacerbated by a $79.2 billion drop in equity premium since November 2024. Despite the decline, CEO Michael Saylor remains bullish, emphasizing MSTR's ability to withstand prolonged Bitcoin price drops and dismissing rumors of forced sales.

Recent data shows MSTR capitalized on market dips, acquiring 8,178 BTC for $835.6 million between November 10–16-the largest purchase since July. These buys were funded by proceeds from preferred share offerings, including a €620 million euro-denominated issuance. However, the company's market-to-NAV (mNAV) ratio has contracted to 0.93, down from a peak of 1.24 earlier this year. Analysts like Bernstein's team argue this discount has fueled "undue fears" about liquidity risks, noting MSTR's $8 billion debt load is well-covered by its Bitcoin holdings and robust capital markets access.

The broader Bitcoin treasury landscape is evolving as institutional interest surges. Competitors like American Bitcoin, which reported a 7 percentage point gross margin expansion to 56% in Q3 2025, highlight the efficiency of asset-light mining models. Meanwhile, platforms such as RockToken are catering to retirement and passive-income investors by offering structured, yield-generating Bitcoin exposure through infrastructure-backed contracts. These developments underscore a shift in perception, with crypto increasingly viewed as a long-term asset class rather than speculative noise.

As ETFs gain traction-Canary's XRP spot ETF, for instance, debuted with $58 million in volume-corporate Bitcoin strategies face renewed scrutiny. Yet, Metaplanet and MSTR's persistence signals confidence in Bitcoin's long-term value. With Japan's $2,000 trillion household financial assets seeking alternatives to low-yield bonds, Metaplanet aims to dominate the Bitcoin-backed fixed-income market. For now, the race to amass Bitcoin remains on, even as markets test the mettle of corporate treasuries.