Comparing Bitcoin Treasury Management Strategies: MicroStrategy vs. Metaplanet

Essential Insights

• Corporate Bitcoin investments surged from 2022 to 2025, predominantly driven by public companies.
• As of April 11, 2025, Metaplanet possesses 4,206 BTC, while Strategy holds the global leading position with 528,185 BTC.
• As of February 26, 2025, governments collectively held approximately 529,705 BTC, making up about 2.52% of Bitcoin’s overall supply.
• Bitcoin is increasingly being considered as a replacement for bonds and fiat in corporate treasury diversification strategies.

Managing Bitcoin in treasury is swiftly becoming a strategic guide for forward-thinking companies looking to counteract the effects of fiat debasement and relentless monetary inflation in the upcoming decade. A Bitcoin (BTC) treasury management approach involves assigning BTC to corporate reserves as a defense against inflation and a shift away from traditional fiat assets.

From major players like Strategy to newcomers like Metaplanet in Japan, corporate Bitcoin strategies vary significantly in terms of scale, timing, and risk tolerance.

This article delves into how and why businesses are integrating Bitcoin into their balance sheets and what their varying strategies indicate about the future of corporate finance.

Why Bitcoin Became a Strategic Treasury Asset After 2020

Emerging from the 2009 global financial crisis, Bitcoin has always addressed monetary instability. However, it wasn’t until recent macroeconomic upheavals exposed the weaknesses of fiat-heavy balance sheets that corporate treasuries began to seriously consider allocations to BTC.

These upheavals include:

• Post-2020 stimulus influx: Trillions of new currency were created globally to support economies, raising concerns about long-term fiat dilution.
• Inflation reaching 40-year peaks: In 2022–2023, inflation eroded the actual value of corporate cash reserves across the U.S. and Europe.
• Banking system pressure: Events such as the 2023 collapse of Silicon Valley Bank highlighted for CFOs that “safe” cash in banks carries systemic risks.
• Debt-driven markets: Considering rising deficits and discussions about debt monetization, treasurers are reevaluating the role of national currencies in reserve strategies.

To safeguard purchasing power, intelligently diversify, and demonstrate financial strength, Bitcoin is transitioning from being a speculative asset to a strategic reserve choice.

Reasons Companies Hold Bitcoin in Treasury

In today’s volatile economic environment, there are several strategic reasons for companies to hold Bitcoin on their balance sheets:

• Value preservation in inflationary times: With fiat currencies progressively losing purchasing power, Bitcoin offers a digitally scarce alternative that curbs inflation by design.
• Potential for asymmetric returns over time: Historically, Bitcoin has delivered superior performance compared to traditional assets over multi-year periods, presenting a high-upside, long-term growth opportunity.
• Diversification away from fiat currencies: Bitcoin introduces an uncorrelated asset class into the treasury portfolio, mitigating exposure to single-currency risk and shifts in central bank policies.
• Enhanced investor appeal and market presence: Companies that hold Bitcoin gain increased media visibility, investor interest, and stronger brand presence as forward-looking pioneers.

How Strategy and Metaplanet Are Influencing Corporate Bitcoin Adoption

In the realm of Bitcoin treasury management, two prominent names stand out: Strategy (previously MicroStrategy), a U.S.-based analytics entity that transitioned into a Bitcoin holding company, and Metaplanet, a Tokyo-listed firm emerging as a leading Bitcoin treasury innovator in Asia.

Strategy (formerly MicroStrategy)

Under the leadership of Executive Chairman Michael Saylor, the company gained significant media attention in 2020 as the first publicly traded firm to adopt Bitcoin as its primary treasury reserve asset.

As of April 11, 2025, Strategy holds 528,185 BTC, worth approximately $42.9 billion, surpassing any other public company or government. These acquisitions were financed through convertible notes and equity offerings, including their common stock (MSTR) and a preferred stock offering (STRK).

Strategy now positions itself as a Bitcoin development company, creating financial products and services built on the Bitcoin protocol. Its impact is significant across capital markets, media, and even policy dialogues, with Saylor recognized as one of Bitcoin’s most prominent corporate advocates.

With the highest BTC holdings and a NASDAQ listing, MicroStrategy has emerged as perhaps the most influential corporate voice regarding Bitcoin in the West. While Strategy started accumulating Bitcoin in August 2020, Metaplanet launched its Bitcoin treasury operations in 2024.

Strategy’s BTC Strategy: A Proxy ETF In Practice

• Bitcoin held: As of April 11, 2025, Strategy possesses 528,185 BTC, more than any other public entity or government.
• Valuation of BTC: This total Bitcoin figure translates to approximately $42.9 billion, effectively allowing the company to function as a proxy Bitcoin ETF.
• Average entry price: Since 2022, Strategy’s dollar-cost averaging methods have resulted in an average purchase price of $67,458 per BTC, acquired consistently over the years.
• Current P/L: +20.4%, demonstrating the success of dollar-cost averaging and an early investment position.
• BTC-to-market cap ratio: At 59.2%, over half of the company’s total market value is tied directly to its Bitcoin holdings.
• NAV multiple: 1.69x strong, yet more conservative than Metaplanet’s due to scale. This NAV multiple indicates the market values the company 69% higher than its book value.
• Strategy: Focused on long-term conviction, continuously acquiring BTC through equity and convertible bond offerings.
• Initial BTC purchase: August 2020 marked its entry into the institutional adoption curve.

Metaplanet: Asia’s Bitcoin Contender

Metaplanet (3350.TYO), a company listed in Tokyo, strategically transitioned to Bitcoin in April 2024. Initially involved in hospitality and technology, it has since redefined itself as Japan’s leading Bitcoin treasury entity.

Despite its later entry into the market, Metaplanet, as of April 11, 2025, holds 4,206 BTC, currently valued at $341.72 million, with over 34% of its market cap in Bitcoin.

Metaplanet has issued ¥2 billion in zero-interest bonds to finance further BTC acquisitions and has expressed plans to expand into Bitcoin-centric financial services and infrastructure.

With rising Bitcoin adoption in Asia, Metaplanet is establishing itself as the region’s leading corporate Bitcoin holder, paralleling Strategy’s approach in the U.S. while adapting to its unique cultural and regulatory context.

Inside Metaplanet: BTC Strategy and Financial Metrics

• Bitcoin held: As of April 11, 2025, 4,206 BTC is regarded as a significant holding acquired within less than a year.
• Valuation of BTC:  $341.72 million based on prevailing market prices as of April 11, 2025.
• Average entry price:  $85,483 per BTC represents the average entry price using the DCA method for Metaplanet, indicating a confident entry at the high end of the current cycle.
• Current P/L:–4.96% — currently experiencing a loss driven by recent market fluctuations, yet the position is positioned strategically for long-term gains.
• BTC-to-market cap ratio: With a 34.9% BTC-to-market cap ratio, Bitcoin constitutes over one-third of Metaplanet’s market capitalization.
• NAV multiple: 2.86x signifies strong investor confidence relative to book value. A NAV multiple of 2.86x indicates that investors currently value Metaplanet at 186% above its net asset value (book value).
• Strategy: Bold and ambitious, underpinned by capital markets and positioned as Asia’s leading Bitcoin treasury vehicle.
• Initial BTC purchase: April 2024 post the ETF rally momentum.

Bitcoin’s Institutional Era: Who Is Investing in BTC After the Decline?

From Bitcoin’s lowest point in December 2022 to March 2025, institutional, corporate, and fund-held BTC has nearly doubled, indicating a notable transformation in Bitcoin’s perception and adoption across diverse global sectors.

In a groundbreaking move for the crypto sector, President Donald Trump signed an executive order on March 6, 2025, to create the Strategic Bitcoin Reserve along with the U.S. Digital Asset Stockpile.

Here are the key highlights:

• Spot Bitcoin ETFs: U.S. spot Bitcoin ETFs have gathered over $100 billion in assets under management (AUM), signifying robust institutional investments. ​
• Hedge fund activity: Seven of the top ten Bitcoin ETF holders are hedge funds, including Millennium Management and Brevan Howard, employing basis trading strategies to exploit market inefficiencies .
• Institutional investment frameworks: A survey by Coinbase and EY-Parthenon indicates that 83% of institutional investors plan to enhance their crypto allocations in 2025, with 59% aiming to increase their Bitcoin investments. ​
• University endowment initiatives: Institutions such as the University of Austin and Emory University have launched Bitcoin investment funds , signaling a move towards long-term institutional holdings.
• Government reserves: Nations like the United States, China, and El Salvador have built significant Bitcoin reserves, with the U.S. holding more than 207,000 BTC.

Comparing Bitcoin Treasuries: The Strategy-Metaplanet Model

When evaluating how businesses are embedding Bitcoin into their financial strategies, Metaplanet and Strategy present two of the most compelling cases, shaped by their timing, geography, and scale.

• Strategy: The approach of Strategy reflects a long-term belief and steady accumulation through multiple market cycles.
• Metaplanet: The strategy of Metaplanet is bold and rapid, supported by bond issuances and a deliberate rebranding initiative.

Metaplanet’s NAV multiple, approaching 3x, indicates that investors anticipate significant growth and are confident in its aggressive Bitcoin strategy. Conversely, Strategy’s more conservative NAV multiple reflects investor trust in its consistent, long-term methodology and the credibility it has cultivated as a dedicated Bitcoin company.

Net asset value (NAV) provides insight into how a company’s market value aligns with its real assets. A higher NAV multiple implies that investors are prepared to pay above the company’s book value, often due to growth potential or an optimistic forecast.

These models are not rivals—they illustrate how diverse companies, molded by timing, geography, and scale, are forging distinct paths in the dynamic Bitcoin treasury sector.

Strategic Vision or Reactive Posturing: Is Bitcoin a Wise Treasury Strategy?

For companies willing to embrace risks and adopt a long-term outlook, Bitcoin represents more than just prospective profit—it’s about strategic timing. Entering the market early, ahead of the major institutional wave, can turn a daring decision into a significant advantage.

In an era marked by increasing monetary supply, escalating debt, and inflation, Bitcoin emerges as a distinct reserve asset, characterized by its inherent scarcity.

Metaplanet’s assertive, high-cost entry underscores the urgency for firms to establish a foothold before the opportunity diminishes. Meanwhile, Strategy’s measured and consistent accumulation demonstrates how early strategic conviction can lead to long-term financial stability.

Nonetheless, the journey towards Bitcoin adoption is fraught with risks. Price instability, regulatory ambiguities, and possible technological evolutions within the broader blockchain landscape present notable challenges. Companies must judiciously weigh these risks against the long-term vision of Bitcoin as a safeguard against the frailties of the traditional financial system.

In the end, a corporate Bitcoin strategy transcends mere balance sheet figures; it reflects the company’s awareness of transformative global trends and understanding of game theory within a swiftly evolving financial environment influenced by the advent of AI and Web3.

Conclusion

Bitcoin has transitioned from an unconventional asset to a mainstream player in corporate finance—it has secured a place on balance sheets. The treasury landscape is evolving from Strategy’s leading approach to Metaplanet’s bold, more recent engagement. These entities are not merely safeguarding reserves; they are projecting faith in a future where fiat currencies may lose their supremacy.

Whether utilizing Bitcoin to safeguard against inflation, diversify investments, or position a brand for the future, companies are reimagining their capital management strategies.

For CFOs and corporate leaders, the pivotal question has shifted from whether Bitcoin deserves a place on the balance sheet to when it should be included. In today’s digital landscape, the most significant risk isn’t Bitcoin’s volatility—it’s failing to invest in it while the world progresses.

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