Corporate Bitcoin accumulators reach new scale

Publicly traded firms hold 1,268,146 BTC in their treasuries. MicroStrategy holds 845,050 BTC, which accounts for over 60% of all Bitcoin held by public companies. Metaplanet, a Japan-based hotel operator, holds 43,000 BTC. Strive holds 12,797.9 BTC after it acquired Semler Scientific, a deal that adds 5,048.1 BTC to its existing treasury. MARA Holdings holds 35,577 BTC, while SpaceX holds 18,712 BTC, Coinbase Global holds 17,311 BTC, and Tesla holds 11,509 BTC. Other holders include Hut 8 Mining Corp with 10,278 BTC, Block, Inc. with 9,117 BTC, and American Bitcoin Corp with 8,300 BTC. Semler Scientific pursues a "slow money" strategy to expand its holdings through cash flow and low-cost debt. The company reports a BTC Yield, which measures the percentage change in the ratio between its Bitcoin holdings and its assumed diluted shares outstanding. From July 1, 2024, to January 10, 2025, Semler Scientific reported a BTC Yield of 99.3%. The company intends to hold 10,000 BTC by the end of 2025 and 42,000 BTC by the end of 2026.

Financial engineering drives institutional demand

Companies fund Bitcoin purchases through debt, equity, and cash. GameStop intends to offer $1.3 billion in 0.00% convertible senior notes due 2030 to qualified institutional buyers to fund Bitcoin acquisition. Strive raised $225 million via a SATA preferred stock offering to reduce leverage and acquire 333.89 Bitcoin at an average price of $89,851. Strive also retired $110 million of legacy Semler debt, which included $90 million in convertible notes and a $20 million Coinbase loan. OneMedNet, a healthcare data company, used $4.6 million from a private placement to fund its Bitcoin purchases to fight short sellers. Metaplanet, which some call "Asia’s MicroStrategy," announced plans to raise ¥116bn ($750mn) in new shares to increase its holdings. These financial maneuvers cause large volatility in stock prices. Strive shares fell 12% on the Tuesday following its acquisition news. Metaplanet shares reached $1,781 in May 2025 before they dropped to $528. Strive’s merger includes a 1-for-20 reverse stock split of the combined company’s Class A and Class B common shares, which reduces the total number of shares outstanding for all remaining equity holders. You should recognize that these acquisitions change company profiles entirely. Can these companies sustain Bitcoin accumulation if the market price drops significantly?

Accounting updates and custody protocols

FASB rules allow corporations to report crypto assets at fair value. This standard requires companies to measure crypto assets at fair value each reporting period and recognize changes in net income. The amendments apply to assets that reside on a distributed ledger and are secured through cryptography. They also apply to assets that are fungible and meet the definition of intangible assets. Tesla reported a $600 million mark-to-market income boost under these rules. Most large holders use institutional providers such as Coinbase Custody Trust, BitGo Trust, Fidelity Digital Assets, or Gemini Custody. These providers provide crime insurance and documented audit trails for the assets. Some firms use multisig structures with 3-of-5 or 4-of-7 keys. The fair value is the price received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. An orderly transaction assumes exposure to the market for a period before the measurement date to allow for usual and customary marketing activities. Semler Scientific shares dropped nearly 40% this year.