The Japanese listed company Metaplanet's Bitcoin holdings have reached 10,000 BTC, officially surpassing Coinbase Global (9,267 BTC) to become the ninth-largest listed company holder globally, only behind the Canadian mining company Hut 8 (10,264 BTC). Since launching its Bitcoin strategy in 2024, the company has continuously increased its holdings through the issuance of zero-coupon bonds and equity financing, purchasing 619.7 BTC in a single transaction in December 2024 (at an average price of $77,196). The growth in holdings has driven its stock price up over 2,100%, with a market capitalization exceeding $1 billion. As the largest corporate Bitcoin holder in Asia, Metaplanet's strategy has triggered regional imitations, such as Korea's Genius Group announcing a $120 million BTC holding plan. It is noteworthy that Coinbase's holdings primarily consist of customer custodial assets, while Metaplanet directly includes BTC on its balance sheet, representing a shift in corporate capital allocation paradigms. Currently, Metaplanet's debt-to-asset ratio has risen to 67%, and if Bitcoin falls below $20,000, it may trigger repayment risks. This case marks a transition in corporate Bitcoin reserves from MicroStrategy's unipolar model to a global multipolar competition.