What Is Bitcoin Treasury Management? Comparing Strategy and Metaplanet’s Approaches

Key Takeaways

• Corporate Bitcoin holdings doubled from 2022 to 2025, with public firms leading the charge.
• As of April 11, 2025, Metaplanet holds 4,206 BTC, while Strategy leads the world with 528,185 BTC.
• As of February 26, 2025, governments around the world held approximately 529,705 BTC, accounting for 2.52% of Bitcoin’s total supply.
• Bitcoin is increasingly replacing bonds or fiat in corporate treasury diversification models.

Bitcoin treasury management is fast becoming the savvy company’s playbook for staying ahead of fiat debasement and relentless monetary expansion in the decade to come. A Bitcoin (BTC) treasury management strategy involves allocating BTC to corporate reserves as a hedge against inflation and a move away from traditional fiat-based assets.

From dominant players like Strategy to emerging firms like Metaplanet in Japan, corporate Bitcoin strategies differ significantly in scale, timing, and risk appetite.

This article explores how and why companies are adding Bitcoin to their balance sheets and what their different strategies reveal about the future of corporate finance.

Why Bitcoin Became a Strategic Treasury Asset Post-2020

Born out of the 2009 global financial crisis, Bitcoin has always been a response to monetary instability. Yet, it wasn’t until recent macroeconomic shocks laid bare the vulnerabilities of fiat-heavy balance sheets that corporate treasuries began seriously allocating to BTC.

These shocks included:

• Post-2020 stimulus flooding: Trillions in new money were printed globally to prop up economies, raising concerns about long-term fiat dilution.
• Inflation hitting 40-year highs: From the U.S. to Europe, inflation in 2022–2023 eroded the real value of corporate cash reserves.
• Banking system stress: Events like the collapse of Silicon Valley Bank in 2023 reminded CFOs that even “safe” cash in banks carries systemic risk.
• Debt-driven economies: With rising deficits and talks of debt monetization, treasurers are rethinking the role of sovereign currencies in reserve planning.

For companies that want to protect purchasing power, diversify intelligently, and signal financial resilience, Bitcoin has moved from a speculative asset to strategic allocation.

Why Companies Hold Bitcoin in Treasury

Holding Bitcoin on a company’s balance sheet can serve several strategic purposes, especially in today’s volatile economic environment:

• Preserve value in inflationary environments: With fiat currencies steadily losing purchasing power, Bitcoin offers a digitally scarce alternative that resists inflation by design.
• Generate asymmetric returns over time: Historically, Bitcoin has outperformed traditional assets over multi-year periods, offering companies a high-upside, long-term growth play.
• Diversify assets away from fiat currencies: Bitcoin introduces an uncorrelated asset class to the treasury mix, reducing exposure to single-currency risk and central bank policy shifts.
• Attract investors and market visibility: Companies holding Bitcoin benefit from increased media attention, investor interest, and brand positioning as forward-thinking innovators.

How Strategy and Metaplanet Are Shaping Corporate Bitcoin Adoption

Regarding Bitcoin treasury management, two names dominate the conversation: Strategy (formerly MicroStrategy), a U.S.-based analytics firm turned Bitcoin holding company, and Metaplanet, a Tokyo-listed firm fast emerging as Asia’s Bitcoin treasury pioneer.

Strategy (formerly MicroStrategy)

Led by Executive Chairman Michael Saylor, the company made headlines in 2020 by becoming the first publicly traded firm to adopt Bitcoin as its primary treasury reserve asset.

As of 11 April 2025, Strategy holds 528,185 BTC, equivalent to approximately $42.9 billion, more than any other public company or government. They have funded these purchases through convertible notes and equity offerings, including their common stock (MSTR) and a preferred stock offering (STRK).

Strategy now markets itself as a Bitcoin development company, building financial products and services on top of the Bitcoin protocol. Its influence extends across capital markets, media, and even policy discussions, with Saylor serving as Bitcoin’s most visible corporate evangelist.

With the largest BTC holdings and a NASDAQ listing, MicroStrategy has emerged as arguably the most influential corporate voice on Bitcoin in the West. While Strategy began its Bitcoin acquisitions in August 2020, Metaplanet initiated its Bitcoin treasury operations in 2024.

Strategy’s BTC Playbook: A Proxy ETF in Action

• Bitcoin held: As of 11 April 2025, 528,185 BTC is held by Strategy, which is more than any public company or government.
• Valuation of BTC: The total number of Bitcoins is equivalent to approximately $42.9 billion, transforming the company into a proxy Bitcoin ETF.
• Average entry price: Strategy’s DCA methods since 2022 have placed an average purchase of $67,458 per BTC, accumulated consistently over the years.
• Current P/L: +20.4%, reflecting successful dollar-cost averaging and early positioning.
• BTC-to-market cap ratio: At 59.2% , over half of the company’s entire market value is tied directly to its Bitcoin holdings. 
• NAV multiple: 1.69x strong but more modest than Metaplanet’s due to scale. A NAV multiple of 1.69x means the market is pricing the company 69% higher than its book value.
• Strategy: Long-term, conviction-driven, with repeated BTC buys via equity and convertible notes.
• First BTC purchase: August 2020, at the start of the institutional adoption curve.

Metaplanet: Asia’s Bitcoin Challenger

Metaplanet (3350.TYO), a Tokyo-listed company, made a strategic pivot into Bitcoin in April 2024. Initially operating in hospitality and technology, it has since rebranded itself as Japan’s premier Bitcoin treasury vehicle.

Despite entering the market later, Metaplanet, as of 11 April 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 fund additional BTC acquisitions and has announced intentions to expand into Bitcoin-native financial services and infrastructure.

As Bitcoin adoption rises in Asia, Metaplanet is emerging as the region’s flagship corporate holder, mirroring what Strategy has done in the U.S. but with its own cultural and regulatory lens.

Inside Metaplanet: BTC Strategy and Treasury Metrics

• Bitcoin held: As of April 11, 2025, 4,206 BTC is considered a sizable holding acquired in under 12 months.
• Valuation of BTC:  $341.72 million based on current market prices (as of April 11, 2025).
• Average entry price:  $85,483 per BTC is the average entry in the DCA method for Metaplanet, indicating a high-conviction entry at the upper end of the current cycle
• Current P/L: –4.96% — currently at a loss due to recent market volatility, but the position is strategically aligned for potential long-term gains.
• BTC-to-market cap ratio: With a 34.9% BTC-to-market cap ratio, Bitcoin makes up over a third of Metaplanet’s market capitalization.
• NAV multiple: 2.86x showing strong investor confidence relative to book value. A NAV multiple of 2.86x means that investors are currently valuing Metaplanet at 186% higher than its net asset value (book value).
• Strategy: Bold and aggressive, backed by capital markets and positioned as Asia’s primary Bitcoin treasury vehicle.
• First BTC purchase: April 2024, post-ETF rally momentum.

Bitcoin’s Institutional Era: Who’s Buying BTC After the Crash?

Between Bitcoin’s bear market bottom in December 2022 and March 2025, institutional, corporate, and fund-held BTC has nearly doubled, signaling a significant shift in how Bitcoin is being perceived and adopted across global sectors.

In a landmark move for the crypto industry, President Donald Trump signed an executive order on March 6, 2025, to establish the Strategic Bitcoin Reserve and the U.S. Digital Asset Stockpile.

Here are the key highlights:​

• Spot Bitcoin ETFs: U.S. spot Bitcoin ETFs have amassed over $100 billion in assets under management (AUM), indicating substantial institutional inflows. ​
• Hedge fund participation: Seven of the top ten holders of Bitcoin ETFs are hedge funds, including Millennium Management and Brevan Howard, utilizing strategies like basis trading to capitalize on market inefficiencies .
• Institutional investment plans: A survey conducted by Coinbase and EY-Parthenon reveals that 83% of institutional investors plan to increase their crypto allocations in 2025, with 59% intending to boost their Bitcoin exposure. ​
• University endowments: Institutions like the University of Austin and Emory University have initiated Bitcoin investment funds , signaling a shift towards long-term institutional holdings.
• Government holdings: Countries like the United States, China, and El Salvador have accumulated significant Bitcoin reserves, with the U.S. holding over 207,000 BTC.

Bitcoin Treasuries in Contrast: The Strategy-Metaplanet Blueprint

When analyzing how corporations are integrating Bitcoin into their financial strategies, Metaplanet and Strategy offer two of the most compelling examples, each shaped by timing, geography, and scale.

• Strategy: The Strategy’s method reflects long-term conviction and steady accumulation over multiple market cycles.
• Metaplanet: Metaplanet’s approach is aggressive and accelerated, backed by bond issuances and a focused shift in brand identity.

Metaplanet’s NAV multiple, close to 3x, shows that investors see a high upside and are betting on its rapid growth and bold Bitcoin strategy. Meanwhile, Strategy’s more modest NAV multiple reflects investor confidence in its consistent, long-term approach and the credibility it has built as a seasoned Bitcoin-first company.

Net asset value (NAV) helps measure how a company’s market value compares to the value of its actual assets. A higher NAV multiple means investors are willing to pay more than the company’s book value, often due to growth potential or a strong future outlook.

These aren’t competing models—they show how different companies, shaped by timing, geography, and scale, are carving unique paths in the evolving Bitcoin treasury landscape.

Strategic Foresight or Reactive Positioning: Is Bitcoin a Smart Treasury Move?

For companies willing to take risks and think long-term, Bitcoin isn’t just about potential gains—it’s about timing. Getting in early, before the big institutional wave, can turn a bold move into a major advantage.

In a world of growing monetary supply, mounting debt, and rising inflation, Bitcoin stands out as a unique reserve asset, defined by its inherent scarcity.

Metaplanet’s aggressive, high-cost entry highlights firms’ urgency to secure a position before the window narrows. Strategy’s measured, consistent accumulation shows how early conviction can create long-term financial resilience. 

However, the path to Bitcoin adoption is not without risks. Price volatility, regulatory uncertainty, and potential technological shifts in the broader blockchain space pose significant challenges. Companies must carefully balance these risks with the long-term vision of Bitcoin as a hedge against traditional financial system vulnerabilities.

Ultimately, a corporate Bitcoin strategy isn’t just about balance sheet figures; it’s a reflection of a company’s awareness of shifting global trends and its understanding of game theory in a quickly changing financial landscape shaped by the rise of AI and Web3.

Conclusion

Bitcoin is no longer a fringe asset in corporate finance—it’s on the balance sheet. The treasury game is shifting from Strategy’s leading accumulation to Metaplanet’s bold, late-cycle entry. These companies aren’t just protecting reserves; they’re signaling confidence in a future where fiat currencies may lose their dominance.

Whether using Bitcoin to hedge against inflation, diversify assets, or position a brand for the future, companies are rethinking capital management.

For CFOs and corporate leaders, the real question is no longer if Bitcoin should be on the balance sheet but how soon. In today’s digital world, the biggest risk isn’t Bitcoin’s volatility—it’s not having any while the world moves forward.

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