MicroStrategy and Metaplanet have expanded their bitcoin holdings, now jointly owning over 648,000 BTC, which represents approximately 3.1% of the total circulating supply.
Strategy
On August 18, MicroStrategy Chairman Michael Saylor announced the firm’s latest purchase of 430 BTC, valued at nearly $51.4 million at an average price of $119,666 per bitcoin.
This brings MicroStrategy’s total holdings to 629,376 BTC, acquired at an average price of $73,320 per coin.
At current market prices, the company’s unrealized profit exceeds $27 billion.
You can track MicroStrategy’s historical bitcoin acquisitions on the MicroStrategy bitcoin holdings tracker.
Metaplanet
Metaplanet also revealed the acquisition of 775 BTC at an average price of ¥17.72 million ($119,853) per coin, totaling ¥13.73 billion ($92.8 million).
The company’s total holdings now stand at 18,888 BTC, acquired at an average blended price of ¥15.04 million ($101,726), with a cumulative investment of ¥284.1 billion ($1.9 billion).
For more details, see the Metaplanet bitcoin treasury tracker.
Impact on bitcoin supply and liquidity
The combined accumulation by these two companies highlights the increasing role of corporate treasuries in tightening available bitcoin liquidity.
As both rely on capital markets to fund their purchases, their growing BTC reserves are closely watched by investors.
MicroStrategy’s new issuance policy
MicroStrategy updated its equity issuance policy on August 18.
The company now plans to issue stock to buy bitcoin when its share price trades above 4.0x net asset value (mNAV) and will act opportunistically between 2.5x and 4.0x.
Issuance below 2.5x is limited to debt servicing and dividends, while sub-1.0x may trigger share buybacks.
This revised framework marks a shift from stricter guidelines released just a month before, reflecting MicroStrategy’s evolving approach as it continues to accumulate bitcoin.
