Better late than never: Strategy restarts large-scale Bitcoin accumulation, purchasing 4048 BTC in a single week! Metaplanet receives shareholder approval to raise $3.7 billion to increase the position in BTC.

The largest institutional holder of Bitcoin, Strategy (formerly MicroStrategy), announced its latest accumulation after a one-day delay, purchasing 4,048 BTC between August 26 and September 1, demonstrating its strong financing and confidence in stacking sats. Although its accumulation strategy has raised concerns about stock dilution and liquidity, the company's average holding cost remains at a low level. Coincidentally, Japanese giant Metaplanet also received shareholder approval on September 1 to raise up to $3.7 billion through the issuance of a new type of preferred stock to achieve its grand goal of holding 210,000 BTC by 2027, marking a new phase in the global competition among publicly listed companies for Bitcoin reserves.

Strategy Postponed announcement but increased holdings, diversified financing methods

Strategy announced its weekly Bitcoin accumulation results this Tuesday (24 hours later than usual). During the period from August 26 to September 1, the company purchased 4,048 BTC, marking a return to large-scale purchases after several weeks of smaller accumulations. The delay in the announcement was due to the company waiting for the decision on whether it would be included in the S&P 500 index constituents (a new round of announcements will be made on September 5), although the company has stated that it is ready to meet all requirements. To finance this round of accumulation, Strategy primarily raised $425.3 million through the issuance of MSTR common stock, while STRK and STRD preferred stocks contributed only $20 million. It is noteworthy that the company has broken its previous practice of issuing new common stock only when the price-to-net-asset-value (mNAV ratio) is not less than 2.5; the current ratio is approximately 1.58, which may exacerbate stock dilution but also underscores its firm belief in the long-term value of Bitcoin.

The advantages of holding coins are significant, short-term fluctuations do not hinder long-term strategy

After this increase, the average acquisition cost of Bitcoin for Strategy remains at a relatively low level of $73,765 per coin. Even though the current Bitcoin price has fallen from its historical high to around $107,000, the company still has a significant long-term holding safety margin. According to the new regulations, when the MSTR stock price is below $600 (currently $331.17), the issued common stock will primarily be used to pay debt interest and preferred stock dividends, rather than being fully used to purchase BTC. Over the past three months, while the company's investment book value has lost 10%, the annualized return rate still reaches as high as 152%. Its debt size accounts for only 12% of the total value of current Bitcoin holdings.

Metaplanet Secures Shareholder Approval for Huge Capital Expansion, Accelerating Japanese Version "Strategy"

On the other side of the Atlantic, Japan's Bitcoin sovereign bond leader Metaplanet has also made significant progress. At a special shareholders' meeting held on September 1, shareholders approved amendments to the company's articles of incorporation aimed at fundamentally reforming its capital structure. The revisions include increasing the number of authorized shares to 2.7 billion and introducing a dual-class share structure with Class A and Class B preferred shares. Class A shares offer a fixed annual return of up to 6% but do not have voting rights; Class B shares can be converted into common stock under certain conditions, offering higher risk and return. This "defensive mechanism" is designed to protect the control of existing shareholders while raising up to $370 million (55.5 billion yen) entirely to achieve its ambition of accumulating 210,000 BTC by the end of 2027 (currently holding 20,000 BTC, worth about $2.2 billion). However, the company's stock price has currently fallen 54% from its peak in June, and it still needs approval from Japanese regulators to issue new shares, so challenges remain ahead.

The Bitcoin reserve competition has intensified, with small-scale treasury accumulation becoming active.

Despite concerns about the accumulation model of Strategy, the trend of global listed companies treating Bitcoin as a treasury reserve asset has not weakened. In addition to the giants, routine and weekly expansion purchases by small and medium-sized enterprises remain active. In the past week, the threshold for entering the top 100 global listed companies by Bitcoin Holdings has significantly increased from 55 BTC to 77 BTC, reflecting intensified competition. The proactive measures taken by companies like Metaplanet indicate that the "listed company Bitcoin treasury" model pioneered by Strategy is being replicated and pursued globally.

Conclusion

Strategy showcases its near-obsessive commitment to Bitcoin through its unconventional financing methods, while Metaplanet's massive financing plan marks the acceleration of Bitcoin's globalization as a corporate asset allocation. The contrasting strategies of the two companies (MSTR focusing on financing in the US stock market, while META targets international capital) point to a shared belief: Bitcoin is an important store of value. For the market, the sustained buying behavior of these giants provides significant bottom demand for Bitcoin, but investors must also be wary of the dilution effects and market liquidity pressures brought about by financing through the stock market. Whether Bitcoin can reach new highs driven by these "whales" will be the biggest highlight in the future.