Strategy and Metaplanet Push Corporate Bitcoin Holdings Past $1 Billion Despite Legal Blowback

Bitcoin Treasury Moves Gain Momentum as Lawsuit Casts Shadow Over Strategy

Strategy, formerly known as MicroStrategy, made headlines again after disclosing the purchase of 7,390 BTC for $764.9 million between May 18 and 19, 2025. The acquisition, made at an average price of roughly $103,498 per Bitcoin, pushes Strategy’s total holdings to a staggering 576,230 BTC. 

Acquired at a cumulative cost of $40.18 billion, the company's average acquisition price now stands at $69,726 per coin. Based on current valuations, the crypto price index values Strategy’s stash at more than $59.2 billion, representing unrealized gains of approximately $19.2 billion—up 47% overall. Year-to-date, the firm’s Bitcoin position has returned 16.3%, solidifying its position as the dominant corporate player in Bitcoin accumulation.

Despite mounting pressure from a class-action lawsuit, Strategy’s Executive Chairman Michael Saylor reaffirmed his long-term conviction on Bitcoin via a post on X, calling for early adoption before a supposed supply crunch by 2035. 

The optimism comes as the firm faces serious legal headwinds. A class-action suit filed in the Eastern District of Virginia targets Saylor, President and CEO Phong Le, and CFO Andrew Kang. Plaintiffs allege violations of federal securities laws, including Section 10(b), Rule 10b-5, and Section 20(a) of the Securities Exchange Act. 

The complaint accuses the company of misrepresenting Bitcoin’s profitability, minimizing volatility risks, and issuing misleading financial statements. It specifically references Strategy’s recent $5.91 billion quarterly loss disclosure on April 7, which triggered an 8.67% drop in its share price. The suit leans heavily on the updated crypto asset reporting rules under Accounting Standards Update 2023-08.

Even with the legal battle intensifying, market reaction suggested resilience. Strategy’s stock, MSTR, rose by $4.78 or 1.20% on May 19 to close at $404.58. The uptick followed an early 2% dip in pre-market trading, highlighting investor confidence amid broader macro challenges, such as Moody’s U.S. credit rating downgrade and surging 30-year Treasury yields. Analysts suggest the legal overhang is being overshadowed by the firm’s strong Bitcoin exposure and perceived long-term positioning.

Meanwhile, Tokyo-based Metaplanet is stepping into Strategy’s playbook with increasing intensity. The company confirmed it purchased 1,004 BTC for $104.8 million this month, bringing its total holdings to 7,800 BTC. At a cost basis of $91,340 per coin, Metaplanet now sits on an unrealized gain of about $90.9 million, or 12.7%. 

The firm has set an ambitious goal to accumulate 10,000 BTC by year-end, and appears to be on track. However, its returns have tapered: down from 309.8% in Q4 2024 to 95.6% in Q1 2025, and currently at 47.8% from April 1 to May 19, based on preliminary numbers. Still, the company’s bold strategy continues to draw attention, mirroring Strategy’s approach in a region hungry for digital asset exposure.

Zooming out, corporate Bitcoin adoption is accelerating rapidly. Public and private firms now hold 1,082,164 BTC, worth approximately $110.8 billion, according to current coin market cap estimates. This accounts for around 5.5% of Bitcoin’s total circulating supply, or 6.25% when excluding dormant and lost coins. Strategy alone controls roughly 2.74% of Bitcoin’s entire supply. Analysts describe this stage as the “second phase” of the technology adoption curve—defined by institutional alignment—comparable to the adoption trajectory of mobile technology and the internet.

The corporate crypto price index is gaining diversity beyond Strategy and Metaplanet. Semler Scientific currently holds 3,808 BTC valued at $390.1 million. Tether has expanded its reserves to 100,521 BTC, worth over $10.3 billion—a 25% increase from late 2024. Other firms have seen significant market responses to their Bitcoin strategies. Top Win, recently rebranded as AsiaStrategy, witnessed its stock surge more than 60% after revealing a BTC-centric initiative with Sora Ventures. A Bahrain-based catering company with a modest market cap of $24.2 million joined the trend through a partnership with 10X Capital. Additionally, XXI, led by Jack Mallers, disclosed a sizable holding of 31,500 BTC, valued at $3.2 billion.

Reaction to Strategy’s legal trouble has been mixed. Notably, pseudonymous developer 0xngmi from DeFiLlama dismissed the lawsuit’s merit, stating that investors should understand the firm is a “leverage on Bitcoin” play. He argued that the risks were well-telegraphed and the allegations of misrepresentation were unfounded. Nonetheless, the legal proceedings could become a test case for how crypto-heavy public companies are expected to navigate disclosure standards under evolving accounting frameworks.

Strategy Inc.’s aggressive Bitcoin treasury strategy took another leap forward on May 22, 2025, as the company unveiled plans to raise $2.1 billion through an At-The-Market equity offering. The move, aimed at expanding its already massive Bitcoin position, involves selling 10% Series A Perpetual Strife Preferred Stock at a nominal price of $0.001 per share. 

The announcement marks Strategy’s second major capital-raising effort in under three months, following its March 10 disclosure of a $21 billion plan tied to its Series A Perpetual Strike Preferred Stock. With this latest initiative, Strategy is doubling down on its public equity-financed approach to accumulating Bitcoin, reinforcing a pattern of weekly BTC purchases that have already seen its holdings reach 576,230 BTC—around 2.74% of Bitcoin’s fixed 21 million coin supply.

Bitcoin’s market response was immediate. The crypto price broke through its previous record to reach a new all-time high of $111,900 on May 22, riding a wave of bullish sentiment that many attributed in part to Strategy’s mounting accumulation. The company’s influence on the coin market cap and broader price action has become a dominant force in recent months, with analysts viewing its purchases as both a liquidity event and a psychological driver of demand. 

Forecasts from Standard Chartered now predict Bitcoin will hit $120,000 by the end of Q2 2025 and could surge to $200,000 before year-end. Analysts point to several tailwinds, including the market's perceived supply shock and regulatory optimism spurred by the GENIUS Act, a U.S. legislative shift viewed as crypto-friendly.

However, despite Bitcoin’s strength, the equity market told a different story. On May 23, Strategy’s stock dropped 6% in a broader sell-off that hit multiple crypto-exposed firms. The retreat followed Bitcoin’s slight pullback to $108,069.72—a modest 2.39% dip from its peak—but underscored deeper investor anxiety about the sustainability of BTC-centric treasury models. The ripple effects extended to other high-profile players including MSTR and SMLR, highlighting growing skepticism toward firms aggressively intertwining equity capital with crypto volatility.

This divergence between the crypto price index and equity sentiment has stirred renewed debate about the prudence of Bitcoin-heavy treasury strategies. While Strategy’s position has yielded substantial unrealized gains and played a role in driving institutional BTC adoption, investor confidence in the equity instruments backing those positions appears increasingly fragile. Equity analysts have expressed caution, noting that shareholders may not be fully aligned with executive leadership’s high-conviction Bitcoin thesis—even amid record crypto price levels.

This article has been refined and enhanced by ChatGPT.