Strategy and Metaplanet focus on math-driven Bitcoin accumulation

Strategy and Metaplanet, the two heaviest public-company Bitcoin holders on the planet, have quietly shifted the way they think about their massive crypto treasuries. Instead of obsessing over Bitcoin’s spot price, both firms now center their corporate strategy around a single performance metric: BTC Yield, which measures the growth of Bitcoin holdings per fully diluted share.

The numbers behind the strategy

Strategy, the firm formerly known as MicroStrategy, holds approximately 840,447 BTC, making it the largest public-company Bitcoin holder by a wide margin. Metaplanet, the Tokyo-listed company trading under ticker 3350.T, ranks third among public firms with roughly 43,000 BTC.

Metaplanet has been particularly aggressive in 2026. The company scooped up 5,075 BTC in Q1 and followed that with another 2,823 BTC in Q2 at an average price of roughly $78,579 per coin.

The targets each company has set tell the story even more clearly. Metaplanet wants to hold 100,000 BTC by the end of 2026 and 210,000 BTC by the close of 2027. Strategy is aiming for a round million BTC, a figure that would represent roughly 4.8% of Bitcoin’s total fixed supply of 21 million coins.

Both companies fund their purchases through a mix of equity issuance, convertible notes, and other capital market instruments. The key insight driving their approach: when a company’s stock trades at a premium to its Bitcoin net asset value (NAV), issuing new shares to buy more Bitcoin can actually increase the amount of BTC attributable to each existing share. That’s BTC Yield in action.

Why BTC Yield matters more than price

Traditional investors evaluate companies on earnings per share. Strategy and Metaplanet have essentially invented an analog for Bitcoin-centric firms. BTC Yield strips out the noise of daily price swings and asks a simpler question: is each share of this company backed by more Bitcoin today than it was yesterday?

Michael Saylor pioneered this approach when Strategy (then MicroStrategy) made its first Bitcoin purchase in August 2020. Metaplanet entered the arena in April 2024, positioning itself as the Asian counterpart to Strategy’s model.

The MSCI wildcard

On August 14, 2026, MSCI proposed rules that could exclude non-operating firms like Strategy and Metaplanet from its global equity indexes. The logic from MSCI’s perspective is straightforward: companies whose primary activity is holding a non-operating asset don’t fit neatly into the classification framework that index providers use to categorize equities.

The consequences of exclusion could be significant. Global index funds collectively manage trillions of dollars, and inclusion in major MSCI indexes drives substantial passive buying. Removal would trigger the reverse: forced selling by funds that must track the index composition.

Strategy’s stock has historically traded at a premium to its Bitcoin NAV, partly because of index inclusion and the institutional capital it attracts. An MSCI exclusion could compress that premium, which would weaken the flywheel effect that makes the BTC Yield strategy work in the first place.

Metaplanet faces similar risks. The company’s ambitious path from 43,000 BTC to 210,000 BTC by end of 2027 depends on continued access to capital markets at favorable terms. If the stock loses its index-driven bid, raising capital becomes more expensive and potentially dilutive in BTC-per-share terms, which is exactly the opposite of what the strategy is designed to achieve.