If previously, the competition to accumulate Bitcoin mostly came from Western businesses, now this wave has spread to Asia with emerging names like Metaplanet and HK Asia Holdings.
Asian companies are accelerating
According to the latest data from BitcoinTreasuries.net, the total amount of Bitcoin held by publicly listed companies has exceeded 746,300 BTC, equivalent to approximately 70 billion USD at current prices. This represents about 3.5% of the total circulating Bitcoin supply, an astonishing figure considering that most of this Bitcoin has been accumulated only in the last 3 years.
Among them, Micro Strategy (ticker MSTR) of Michael Saylor holds 538,200 Bitcoin (equivalent to 51.7 billion USD). The company implements a continuous buying strategy, with the latest purchase being 6,556 Bitcoin in April 2025, valued at approximately 555.8 million USD. Since starting its Bitcoin accumulation strategy in 2020, MSTR's stock price has increased by over 3,000%, making Saylor one of the richest people in the world.
Notably, there has been a recent influx of Asian companies into the Bitcoin arena.
For example, Metaplanet (Japan) recently purchased an additional 145 Bitcoin for 13.4 million USD, raising its total holdings to 5,000 Bitcoin. Simon Gerovich, CEO of Metaplanet, stated that they have achieved 50% of their initial target of accumulating 10,000 Bitcoin by the end of 2025 and aim to reach 21,000 Bitcoin by the end of 2026.
HK Asia Holdings (Hong Kong) is planning to raise 8.35 million USD through the issuance of new shares and convertible bonds. Although not directly announcing the purpose, many experts believe that the raised funds will be used to acquire more Bitcoin, especially after the first Bitcoin purchase in February 2025 helped the company's stock price double in just one day.
Bank of Singapore and the Central Bank of the Czech Republic have also announced plans to consider accumulating Bitcoin as part of their foreign exchange reserves.
If previously, most discussions revolved around 'inflation hedging' or 'diversifying reserves' when planning to buy Bitcoin, now many companies publicly state that Bitcoin is a 'scarce digital asset with long-term value', even 'the foundation for the future financial system'.
The emergence of new 'tycoons'
The emergence of new companies in the race to accumulate Bitcoin, especially Twenty One - a joint venture between SoftBank, Tether, and Cantor Fitzgerald, is creating a completely new landscape in the market.
Twenty One is expected to launch with around 42,000 Bitcoin (nearly 4 billion USD) right from day one, expected to become the third-largest Bitcoin holder in the world, after Strategy and the U.S. Government (from seizures). This shows the unprecedented seriousness of traditional financial institutions towards Bitcoin.
The participation of SoftBank - one of the largest investment funds in the world, Tether - the largest stablecoin issuer (a type of cryptocurrency whose value is pegged to another asset, such as USD), and Cantor Fitzgerald - one of the oldest investment banks on Wall Street, shows that Bitcoin has been 'institutionalized'.
What sets the strategies of new companies like Metaplanet and Twenty One apart is how they raise capital. Metaplanet not only issues bonds and shares like Strategy but also employs income strategies from Bitcoin such as selling cash-secured put options on Bitcoin. Twenty One goes even further by being structured as a 'pure Bitcoin investment fund', with the sole purpose of holding Bitcoin as its main business activity. This marks a shift from Strategy, which remains a software company with a Bitcoin treasury strategy.
The impact of these new 'tycoons' on the Bitcoin market could be profound.
First, regarding Bitcoin supply. With the current accumulation rate, it is estimated that organizations will hold over 10% of the total Bitcoin supply in the next 2 - 3 years. Given that Bitcoin has a fixed total supply of 21 million units and the rate of new mining is decreasing (only about 450 new Bitcoin per day), the pressure on price is significant.
Secondly, regarding legitimacy. When big names like SoftBank and Cantor Fitzgerald participate, it creates a domino effect prompting other organizations to take Bitcoin more seriously. According to a recent survey by PwC, 76% of major financial institutions are considering adding Bitcoin to their investment portfolios within the next 18 months.
Secondly, regarding the legal environment. The strong participation of large organizations is putting pressure on regulators for a clearer legal framework for Bitcoin. Specifically, in Asia, Japan and Hong Kong (China) are leading with crypto-friendly policies, while Singapore has issued guidelines specifically for organizations wishing to invest in Bitcoin.
