Key takeaways
- Strategy has aggressively acquired over 500,000 BTC since 2020, primarily through debt financing.
- Metaplanet, Japan’s first public company to hold Bitcoin, uses zero-interest bonds and options strategies for measured accumulation.
- Both companies have seen significant stock price movements closely tied to Bitcoin’s performance.
Their contrasting strategies offer two distinct models for corporate Bitcoin adoption — one bold and fast, the other structured and strategic.
Corporate interest in Bitcoin has come a long way since the early days of crypto skepticism. As of 2025, an increasing number of companies are adding Bitcoin to their balance sheets, both as a hedge against inflation and as part of a broader strategy to diversify and modernize their treasuries.
Two companies that stand out in this space are Strategy and Metaplanet, the latter often colloquially referred to as Japan’s answer to the former.
Strategy, a US-based software firm, made headlines in 2020 when it began aggressively buying Bitcoin under the leadership of Michael Saylor. Today, it holds over half a million BTC, making it the largest corporate holders in the world.
Meanwhile, in Japan, Metaplanet has emerged with its own distinctive approach. Inspired by Strategy’s early moves but taking a different route, Metaplanet has used zero-interest bonds and options strategies to build its Bitcoin position. It’s quickly become a key player in the conversation around corporate Bitcoin adoption in Asia.
This article breaks down how Metaplanet and Strategy approach Bitcoin, where their strategies align, where they diverge and what that tells us about the evolution of institutional crypto investment.
Did you know? In early 2025, MicroStrategy rebranded as "Strategy" and adopted a Bitcoin-themed logo featuring a stylized "B" to reflect its focus on Bitcoin investments.
Background of Strategy and Metaplanet
Strategy
- Brief history and core business focus: Founded in 1989 by Michael J. Saylor and Sanju Bansal, Strategy is a US-based company specializing in business intelligence, mobile software and cloud-based services. The firm provides analytics and mobility solutions to enterprises, enabling data-driven decision-making.
- Initial foray into Bitcoin investment in 2020: In August 2020, Strategy made headlines by investing $250 million in Bitcoin, adopting it as a primary treasury reserve asset. This strategic move was driven by concerns over cash devaluation and the pursuit of higher returns. The company continued to increase its Bitcoin holdings through additional purchases and by issuing convertible senior notes to raise capital for further acquisitions.
Did you know? Before its well-known pivot to Bitcoin investment, Strategy ventured into other industries. In 2000, it founded Alarm.com as part of its research and development unit, which was later sold in 2009 for $27.7 million.
Metaplanet
- Overview of the company and its operations: Metaplanet, originally focused on hotel management in Japan, has undergone a significant transformation under CEO Simon Gerovich, a former Goldman Sachs derivatives trader. The company has shifted its focus toward Bitcoin acquisition, drawing parallels to Strategy's approach in the United States.
- Entry into Bitcoin investment inspired by Strategy's approach: Inspired by Strategy’s success, Metaplanet adopted Bitcoin as its reserve asset in 2024. The company has employed various financial instruments, including issuing zero-interest bonds, to fund its Bitcoin purchases. This strategic pivot has redefined Metaplanet's business model and led to a remarkable surge in its stock value, positioning it as a prominent corporate Bitcoin holder in Asia.
Did you know? Metaplanet is the first publicly listed Japanese company to put Bitcoin on its balance sheet.
Bitcoin acquisition strategies used by Strategy and Metaplanet
Strategy and Metaplanet have adopted distinctive approaches to accumulating Bitcoin, leveraging various financial instruments to fund their acquisitions.
Strategy’s approach
Utilization of debt financing
Strategy has employed several methods to raise capital for Bitcoin purchases:
- Convertible bonds: The company has issued zero-coupon convertible senior notes, which do not bear regular interest and can be converted into shares of Strategy's common stock. For instance, in February 2025, Strategy completed a $2 billion offering of such notes, with the proceeds earmarked for Bitcoin acquisitions.
- Preferred stock issuance: In early 2025, Strategy introduced a 10% preferred stock, STRF, to diversify its funding sources. This instrument offers a 10.75% yield and lacks a common stock conversion feature, appealing to investors seeking predictable returns through dividends.
Aggressive accumulation strategy
Strategy has pursued an assertive strategy to increase its Bitcoin holdings:
- Continuous purchases: The company consistently acquires Bitcoin, often using proceeds from debt and equity offerings. As of March 30, 2025, Strategy held about 528,185 Bitcoin, representing over 2% of the total Bitcoin supply.
- Market timing: Strategy has demonstrated a pattern of purchasing Bitcoin during market downturns, aiming to capitalize on lower prices and enhance the value of its holdings.
Metaplanet’s approach
Issuance of zero-interest bonds
Metaplanet has adopted innovative financing methods to fund its Bitcoin acquisitions:
- Zero-interest bonds: The company has issued zero-coupon bonds to raise capital for Bitcoin purchases. In March 2025, Metaplanet issued a 2 billion Japanese yen ($13.3 million) zero-coupon bond, with proceeds earmarked for additional Bitcoin acquisitions. These bonds are scheduled to be redeemed on Sept. 30, 2025.
Adoption of options strategies
Metaplanet has also employed options strategies to acquire Bitcoin at favorable prices:
- Selling cash-secured put options: By selling cash-secured put options, Metaplanet generates income through option premiums and positions itself to purchase Bitcoin at predetermined prices if the options are exercised. This strategy allows the company to acquire Bitcoin below current market prices while earning premiums.
Through these financial strategies, Metaplanet aims to achieve ambitious acquisition targets; it plans to hold 10,000 BTC by the end of 2025 and 21,000 BTC by the end of 2026.
Impact on stock performance — Strategy vs Metaplanet
The Bitcoin investment strategies adopted by Strategy and Metaplanet have significantly influenced their stock performances. Let’s take a closer look.
Strategy
Strategy’s aggressive accumulation of Bitcoin has led to a strong correlation between its stock price and the cryptocurrency’s market value. The company’s substantial holding has made Strategy’s stock a proxy for Bitcoin investment, with its share price closely tracking Bitcoin’s price fluctuations. For instance, when Bitcoin reached new highs above $100,000 in 2024, Strategy’s stock experienced a surge of over 400%.
Moreover, the market increasingly views Strategy as a Bitcoin-centric entity, overshadowing its original software business. This perception was solidified when Strategy was included in the Nasdaq-100 index in December 2024, reflecting its significant market capitalization driven by its Bitcoin holdings.
Analysts have noted that the company’s valuation is heavily dependent on Bitcoin’s performance, with some expressing optimism about future gains. In contrast, others caution about the volatility associated with leveraged Bitcoin exposure.
Metaplanet
Metaplanet’s strategic pivot toward Bitcoin investments has markedly influenced its stock performance. The company’s proactive approach led to a 19% surge in Metaplanet’s stock in a single day. Investors have responded positively to Metaplanet’s evolving Bitcoin strategy, viewing it as a forward-thinking move.
The appointment of Eric Trump to Metaplanet’s strategic advisory board further bolstered investor confidence, signaling the company’s commitment to expanding its influence in the global Bitcoin economy. Following these developments, Metaplanet’s share price experienced a further increase, reflecting the market’s favorable reception of its Bitcoin-focused initiatives.
Choosing the right Bitcoin strategy for long-term success
Strategy and Metaplanet have taken bold but different paths regarding Bitcoin, reflecting their long-term outlooks and risk tolerance.
Strategy sees Bitcoin as the ultimate store of value. Since 2020, the company has been stacking BTC aggressively, using debt financing like convertible bonds and preferred stock to fund purchases.
With over 500,000 BTC on the books, it’s become a go-to proxy for Bitcoin exposure in the stock market, and that comes with high volatility, for better or worse.
Metaplanet, based in Japan, is following a more measured playbook. Inspired by Strategy but adapting to local conditions, it funds Bitcoin buys through zero-interest bonds and options strategies.
The company has set clear goals — 10,000 BTC by the end of 2025, 21,000 by 2026 — and is positioning itself as a major institutional player in Asia’s Bitcoin scene.
The key difference? Strategy moves fast and big, leaning into Bitcoin’s volatility. Metaplanet is taking a structured, deliberate route, balancing growth with risk.
For other companies watching from the sidelines, these two strategies offer useful blueprints. Whether you go all in or scale in gradually, adding Bitcoin to your balance sheet depends heavily on your business model, capital structure and long-term vision.
