In a landmark move, Metaplanet Inc., a Tokyo-listed investment firm, has officially overtaken Tesla to become the fifth-largest corporate holder of Bitcoin. On June 26, 2025, the company announced the acquisition of 1,234 BTC for approximately $132.7 million, bringing its total holdings to 12,345 BTC at an average purchase price of $97,036 per coin2. This aggressive accumulation follows a $515 million equity raise, part of Metaplanet’s ambitious “555 Million Plan,” which aims to secure 1% of Bitcoin’s total supply—or 210,000 BTC—by 20273.
Metaplanet’s transformation from a hospitality firm into a Bitcoin-focused treasury powerhouse has been nothing short of radical. CEO Simon Gerovich has positioned the company as “Asia’s MicroStrategy,” but with a twist: unlike Strategy Inc., Metaplanet avoids debt financing, relying instead on equity issuance to fund its BTC purchases. This approach reduces insolvency risk but has raised concerns about shareholder dilution, especially as the company’s share count approaches 760 million.
Strategy Inc. (Formerly MicroStrategy) Remains the Titan
Despite Metaplanet’s meteoric rise, Strategy Inc., led by Michael Saylor, remains the undisputed leader among corporate Bitcoin holders. As of mid-2025, the firm holds 531,644 BTC, representing over 2.5% of Bitcoin’s circulating supply. Strategy’s Bitcoin-first approach, initiated in 2020, has turned its stock into a proxy for BTC performance. The company’s holdings are now valued at over $50 billion, and it continues to accumulate aggressively, often purchasing during market dips.
Marathon Digital and Riot Platforms: Mining-Backed Accumulation
Marathon Digital Holdings (MARA) ranks second among corporate holders with 47,531 BTC, a figure that doubled during 2024 alone. As one of the largest Bitcoin miners in North America, Marathon’s strategy is deeply integrated with its operational output. Close behind is Riot Platforms, which holds 19,223 BTC and operates the largest Bitcoin mining facility in the U.S.. Riot’s emphasis on sustainable energy solutions has also attracted ESG-conscious investors.
Tesla’s Static Holdings Now Trail the Pack
Once a headline-grabbing entrant into the Bitcoin space, Tesla now finds itself edged out of the top five. The electric vehicle giant holds 11,509 BTC, a position that has remained unchanged since its initial purchase in early 2021. While Elon Musk’s influence on crypto sentiment remains potent, Tesla’s passive stance contrasts sharply with the aggressive strategies of newer players like Metaplanet and CleanSpark.
CleanSpark, Galaxy Digital, and Coinbase: Strategic Custodianship
CleanSpark, another U.S.-based mining firm, has steadily increased its holdings to 5,480 BTC, reflecting its commitment to integrating Bitcoin into its business model. Meanwhile, Galaxy Digital holds 16,402 BTC, positioning itself as a hybrid between a financial services firm and a crypto-native institution. Coinbase, the world’s largest crypto custodian, holds 985,026 BTC, though most of this is on behalf of clients rather than as a corporate treasury asset.
BlackRock and Binance: Institutional Giants with Massive Reserves
BlackRock, the world’s largest asset manager, has entered the Bitcoin space with force, amassing 662,871 BTC through its ETF and institutional offerings. This move underscores Wall Street’s growing acceptance of digital assets. Binance, despite facing regulatory scrutiny, holds 611,520 BTC, making it one of the largest custodians globally. These holdings are essential for liquidity and operational reserves, especially given Binance’s massive trading volumes.
The Road Ahead: Metaplanet’s Ambitions and Market Implications
Metaplanet’s rise is emblematic of a broader trend: non-U.S. firms are beginning to assert dominance in Bitcoin accumulation. With a target of 30,000 BTC by the end of 2025, the company is on track to surpass CleanSpark and potentially challenge Galaxy Digital for the fourth spot. Its U.S.-based subsidiary, Metaplanet Treasury Corp, has also received board approval for up to $5 billion in funding, signaling a global expansion of its Bitcoin strategy.
As of mid-2025, public companies collectively hold over 693,000 BTC, or roughly 3.3% of Bitcoin’s circulating supply. With institutional conviction deepening and regulatory frameworks maturing, corporate treasuries are poised to become even more influential in shaping Bitcoin’s price dynamics and long-term stability.
Shogun Lin
