A growing chorus of Bitcoin commentators is raising the alarm over the recent boom in publicly traded companies adopting Bitcoin-centric treasury strategies. The debate ignited this week after pseudonymous investor Stack Hodler (@stackhodler) described the trend as a speculative mania disguised in corporate form, writing on X that “Bitcoin treasury companies are this cycle’s shitcoins.” His argument: these companies are “creating shares out of thin air to sell to people hoping to outperform Bitcoin,” with little more than exposure to BTC as their core product. “It’s just TradFi shitcoinery,” he warned. “And many will get rekt.” Stack Hodler allowed that these companies are currently soaking up speculative liquidity that might otherwise chase illiquid altcoins. “But the bad news is that many of these businesses will inevitably be forced to dump their stacks one day,” he added, pointing to the moment when short-term investors realize that holding equity in a Bitcoin proxy may be less efficient than self-custody. “Fiat shenanigans with the potential to unwind” was how he framed the model. In contrast, he celebrated companies that generate real economic value and use their profits to accumulate Bitcoin—something he views as a sustainable force in Bitcoin’s monetization arc. Related Reading: Bitcoin Faces Key Resistance After 10% Weekly Rally – Confirmation Or Rejection Next? Bitcoin podcaster Stephan Livera entered the conversation by referencing MicroStrategy’s Q1 2025 earnings call, where Michael Saylor laid out the rationale for the company’s persistent premium to net asset value. “Saylor outlined some reasons for MSTR being at a multiple to NAV,” Livera said. While acknowledging the cyclical nature of that premium—comparing it to the GBTC discount blowout in the previous cycle—he argued there’s a broader structural context. “Bitcoin is a $2 trillion asset in a world of $1,000 trillion in assets,” Livera noted, emphasizing that many large capital allocators remain unable to directly hold Bitcoin due to regulatory, tax, or mandate-related restrictions. “There’s a case for some treasury companies to exist long-term, so long as they’re managed prudently.” The Bitcoin Treasury Copy-Cat Surge But Stack Hodler wasn’t referring to MicroStrategy. “I’m talking about the copycats that are popping up at an accelerating pace,” he responded. “They’re trying to draft off MSTR’s success, similar to how shitcoins drafted off of BTC’s success.” He said he doesn’t deny that regulatory arbitrage might support a few of these firms in the short to medium term, but questioned the viability of companies whose primary activity appears to be printing shares and using the proceeds to buy Bitcoin. “I love seeing companies with real profitable businesses stack BTC. Fiat engineering seems shakier to me long-term.” Scott Melker, host of “The Wolf of All Streets” podcast, added to the discussion: “I hate to even think this, because I’m a huge fan—but Bitcoin treasury companies raising debt to buy Bitcoin could be the next bubble.” Market structure analyst Dave Weisberger agreed that risk is present, but took a more measured stance. “Sure. But bubbles have to inflate before we worry about them… spoiler, Bitcoin is NOT near bubble territory.” Technical analyst FiboSwanny, a 25-year market veteran, focused on leverage and market structure. “If there’s a bubble forming, it’s likely in the financial instruments and leverage around Bitcoin,” he said, citing debt-funded treasury purchases, ETFs, and derivatives. “Not in actual Bitcoin itself.” Lark Davis took a more bearish tone: “This is our GBTC leverage this cycle that will have a horrific unwind with devastating consequences later. Especially the companies buying altcoins.” Related Reading: Sovereigns Are Buying Billions Of Bitcoin, Says Anthony Scaramucci Swan CEO Cory Klippsten didn’t mince words either. “Already jumped the shark,” he wrote. “Have been predicting it for a year, but it’s inevitable now.” The current landscape includes dozens of public companies with direct Bitcoin holdings, some of which are drawing intense retail speculation. MicroStrategy remains the dominant force, with well over half a million Bitcoin on its books. Other names include Metaplanet in Japan, Semler Scientific, KULR Technology, and various new entrants who have reoriented their corporate missions entirely around Bitcoin accumulation. Many of these firms are now trading at multi-billion-dollar valuations, far above what their underlying business models would suggest. But the sustainability of the model remains in question. Most of these companies rely on issuing new equity at inflated valuations to finance further Bitcoin purchases, creating a reflexive cycle where rising BTC prices inflate share prices, which in turn enable more buying. That dynamic works beautifully in a bull market but can reverse quickly in a downturn. The debate over how institutional exposure is structured becomes increasingly relevant. Stack Hodler framed it simply: “Bitcoin is and always will be the best risk-return asset to hold in this space. Part of successfully holding Bitcoin is being able to resist all the ‘better Bitcoins’ that inevitably arise during your journey.” Whether the new class of treasury companies represents innovation, opportunism, or simply a bubble waiting to burst, remains one of the key questions of this cycle. At press time, BTC traded at $103,709. Featured image created with DALL.E, chart from TradingView.com
Bitcoin’s steady rise amid easing macroeconomic pressures is drawing renewed interest from institutional giants. On May 12, Japan’s Metaplanet and US-based Strategy (formerly MicroStrategy) each confirmed large Bitcoin purchases, signaling deepening institutional confidence in the digital asset. Together, the two firms added nearly 15,000 BTC to their treasuries, reinforcing Bitcoin’s appeal as a hedge in […]
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Japan’s Metaplanet said Monday it had purchased another 1,241 bitcoin (BTC), bringing total holdings to nearly 6,800.
Metaplanet has the largest BTC stash among publicly-traded companies outside North America
The Tokyo-based company earmarked the entire offering for EVO FUND only days after previously selling $25 million in bonds to the same buyer.
The bonds, redeemable in 2025, will be repaid through capital raised from stock acquisition rights.
Yesterday, the firm announced that it plans to establish a U.S. subsidiary in Florida this month to further support its bitcoin strategy.
Japanese Bitcoin investment firm Metaplanet is entering the US market with the launch of Metaplanet Treasury Corp., a wholly-owned arm based in Florida. According to a May 1 statement, the firm said the move signals a major step in its strategy to grow its global presence and deepen its role in the Bitcoin ecosystem. Metaplanet […]
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The firm plans to invest as much as $250 million in the Florida-based treasury vehicle.
Japanese firm Metaplanet adds 145 BTC to treasury, achieving a 121.1% BTC Yield Year-to-Date in 2025.
Bitcoin’s rally past $87,000 comes amid reignited aggressive buying from institutional players. On April 21, Japan-based Metaplanet and US firm Strategy (formerly MicroStrategy) both disclosed major Bitcoin acquisitions, adding a combined total of nearly 7,000 BTC to their corporate reserves. This move signals their continued confidence in Bitcoin as a hedge against inflation and monetary […]
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The purchase has brought Metaplanet’s total holdings to over 4,855 BTC.
Major bitcoin buyer Strategy also added 4,855 BTC to its reserve earlier this month despite ongoing market uncertainty.
Company adds 319 BTC, bringing total holdings to 4,525 as part of aggressive treasury expansion backed by capital market activity.
Strategy’s cushion is narrowing, with an average bitcoin cost basis of $67,458.
Bitcoin continues to trade above the $85,000 mark, signaling a slight upward movement after weeks of price consolidation. As of today, the asset is up 2.2% on the daily chart, giving some traders a reason to anticipate a stronger rally ahead. However, broader timeframes paint a different picture. Over the last month, Bitcoin is down over 8%, and from its January 2025 all-time high above $109,000, the decline stands at more than 20%. Related Reading: Will Bitcoin Downtrend Continue? This Metric Suggests Yes Public Companies Accumulate BTC While Long-Term Holders Sell Despite this underperformance, blockchain data provider CryptoQuant has published a breakdown of corporate Bitcoin accumulation in the first quarter of 2025. The data highlights an aggressive accumulation trend among public companies. In total, these firms added 91,781 BTC to their balance sheets between January and March, suggesting continued confidence in Bitcoin’s long-term value proposition. Among the most notable buyers, Tether added 8,888 BTC in Q1 2025, bringing its total holdings to 92,646 BTC. MicroStrategy remained the most aggressive acquirer, purchasing 81,785 BTC worth over $8 billion. Other participants included Semler Scientific (+1,108 BTC), Metaplanet (+2,285 BTC), and The Blockchain Company (+605 BTC). CryptoQuant also mentioned that Marathon Digital is planning a $2 billion stock sale to fund future Bitcoin purchases, while GameStop is exploring a $1.3 billion convertible note offering to support its entry into Bitcoin investing. However, this strong demand was not enough to sustain Bitcoin’s price. CryptoQuant reported that long-term holders offloaded around 178,000 BTC during the same period, adding significant sell pressure. The situation was exacerbated by outflows of approximately $4.8 billion from spot Bitcoin ETFs, which further weighed on price action. Adding to the sell pressure: $4.8 billion flowed out of Bitcoin ETFs in Q1. Despite corporate buying, this wave of outflows likely weighed heavily on price. pic.twitter.com/gZZz5RJxdK — CryptoQuant.com (@cryptoquant_com) April 2, 2025 Key Support Levels for Bitcoin Identified by Analyst Meanwhile, CryptoQuant analyst BorisVest identified an important support zone between $65,000 and $71,000. This range is derived from two specific metrics: the Active Realized Price and the True Market Mean Price. The Active Realized Price, currently around $71,000, filters out long-dormant coins to better reflect the behavior of more active market participants. On the other hand, the True Market Mean Price at $65,000 represents a broader average based on recent transaction history. Related Reading: Bitcoin Stays Down, But Whale Wallets Quietly Climb to 4-Month High BorisVest noted that if Bitcoin’s price falls into this zone, it could see strong demand from long-term holders and institutional buyers alike. He suggested that this area may serve as a foundation for further accumulation and potentially act as a springboard for a new upward phase. Regardless, while some market participants continue to exit their positions, others appear to be taking advantage of the consolidation to accumulate. Featured image created with DALL-E, Chart from TradingView
Japanese hotel firm deepens bitcoin strategy with new BTC purchase and impressive Q1 performance
Metaplanet cemented its position among the top corporate Bitcoin holders globally following the acquisition of 696 BTC, valued at approximately $67.8 million (¥10.152 billion), on April 1. This move boosts the firm’s total Bitcoin holdings to 4,046 BTC, worth around ¥52.368 billion or $350 million. According to Bitcoin Treasuries data, Metaplanet’s growing BTC treasury now […]
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Metaplanet purchased the bitcoin for an average purchase price of around 14.6 million yen and has spent a total of 10.15 billion yen to buy bitcoin.
The Japanese hotel firm secures 15.5% weighting in crypto-focused exchange-traded fund.
Metaplanet issued $13.3 million in new debt to buy more bitcoin, though its stock and Japan's Nikkei dipped ahead of Trump's liberation day tariffs.
Japan-based Bitcoin investment firm Metaplanet has reported a record-breaking daily trading volume of ¥50.4 billion (around $337 million) following its latest BTC acquisition. The surge places the company 13th among Japanese firms in terms of trading activity, outpacing automotive giant Toyota, which has the country’s highest market capitalization. Metaplanet CEO Michael Gerovich confirmed the milestone […]
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The company has hit a BTC yield of 68% so far in 2025.
Tokyo-listed Bitcoin treasury firm Metaplanet has appointed Eric Trump, the son of US President Donald Trump, to its newly formed Strategic Board of Advisors. Metaplanet announced Trump’s appointment on March 21, confirming that he will join as the first official member of the new advisory board. The board aims to unite influential voices committed to […]
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Eric Trump, son of President Donald Trump, has recently emerged as a key figure in the crypto world
Eric Trump will assist the company in advancing its mission to expand its bitcoin treasury, Metaplanet CEO Simon Gerovich said.
Metaplanet has raised 2 billion yen ($13.4 million) through zero-interest bonds, allocated to Evo Fund and backed by stock acquisition rights, to purchase more BTC.
The Japanese hotel company has acquired more bitcoin and issues zero-interest bonds.
Metaplanet announced today that it has purchased an additional 162 BTC, bringing its total holdings to 3,050 BTC.
Metaplanet now holds 2,391 BTC, with an average cost basis of $82,100.