The race to become Bitcoin's biggest corporate whale is intensifying, with Metaplanet and Semler Scientific emerging as strong contenders. These publicly listed companies are aggressively accumulating Bitcoin, turning their balance sheets into digital asset battlegrounds. While Strategy, formerly MicroStrategy, pioneered the corporate Bitcoin strategy, Metaplanet and Semler Scientific are now fueling the ongoing Bitcoin treasury war.
Metaplanet, a Japanese investment firm, has been making headlines with its bold Bitcoin acquisitions. On July 7, 2025, Metaplanet acquired 2,205 BTC for approximately $238.7 million at an average price of $108,237 per Bitcoin. This brought their total holdings to 15,555 BTC, valued at nearly $1.7 billion. Metaplanet's BTC Yield, which measures Bitcoin acquired relative to equity issued, has reached an impressive 416% since the start of 2025. Metaplanet's strategy involves issuing preferred equity to fund its Bitcoin accumulation, providing the company with financial flexibility. The company aims to accumulate 210,000 BTC by 2027, which would represent about 1% of the total Bitcoin supply. Beyond holding Bitcoin, Metaplanet intends to use its reserves as collateral to acquire fintech companies or even a licensed digital bank. Fidelity is now the largest shareholder in Metaplanet, owning approximately 12.9% of its shares via its National Financial Services subsidiary.
Semler Scientific, a U.S.-based medical technology company, has also been actively increasing its Bitcoin reserves. On July 7, 2025, Semler Scientific added 187 BTC for $20 million, bringing its total holdings to 4,636 BTC. As of July 17, 2025, Semler Scientific holds 4,846 BTC valued at over $570 million. Semler's Bitcoin yield is reported to be 29%. Semler Scientific entered the Bitcoin space later than Metaplanet, announcing its Bitcoin investment strategy in mid-2024. Semler aims to reach 10,000 BTC by the end of 2025 and 105,000 BTC by 2027. Semler Scientific has started including a new metric in its public filings: BTC return per share, which tracks the implied gain relative to total shares outstanding. According to Semler's data, this ratio has increased by 30.3% so far this year and is being used to attract investors seeking Bitcoin exposure through the stock market. Semler Scientific has overtaken Gamestock and Metaplanet and now sits in 14th position among public companies with the largest Bitcoin holdings.
These acquisitions come at a time when Strategy has temporarily paused its weekly Bitcoin purchases, breaking a streak that began in April 2024. Michael Saylor, Strategy's co-founder, stated that "Some weeks, it's better to just hold your positions". Strategy currently holds a total of 597,325 BTC.
The contrasting approaches of Strategy, Metaplanet, and Semler Scientific reflect different tactical visions. While Strategy appears to favor a wait-and-see approach, Metaplanet and Semler Scientific are capitalizing on the consolidation phase to strengthen their positions. These moves suggest that Bitcoin is increasingly viewed not just as a speculative asset but as a structural component of corporate balance sheets. The combined Bitcoin holdings of listed companies now exceed 852,000 Bitcoin, signaling a growing institutionalization of Bitcoin as a strategic asset. This trend raises questions about how companies will manage volatility, sustain credit-based purchase strategies, and absorb potential market downturns.
